Aerospace and Defense Springs Market Key Players, Competitive Strategies and COVID-19 Impact Insights

Felton, Calif., USA, Jan 12, 2022 — /EPR Network/ —

The global aerospace and defense springs market size is projected to reach USD 377.7 million by 2025, according to Million Insights. The demand for commercial aircraft is increasing which is expected to be a major factor to drive market growth. Further, the demand for fighter jets has increased for security purposes and rising border clashes in Asia Pacific region is another major factor anticipated to augment the market growth during the forecast period, 2019 to 2025.

Though spring used in the aerospace and defense sector is small but consider as a major component while aircraft manufacturing. These springs are used for aircraft windows and frames, landing mechanisms, engine control and more. By types, the market is bifurcated into flat spiral/power, clutch, torque coil, and torsion. These springs have their own design as well as applications. For instance, flat springs are majorly used to retract the stairs, cargo doors and main doors whereas torsion springs are used in the aircraft rocker switches.

Springs in aircraft improves the efficiency of equipment as well as reduce tear & wear of the system. They are responsible to improve the performance of equipment as they save the fuel and enables ease of operation for many components. These advantages of springs are anticipated to propel the market growth.

The components used in the aerospace & defense sector must have the ability to tolerate harsh environments. Hence, the manufacturers need the components that are sturdy, durable, and require low maintenance. Springs play an important role to resist high pressure and have a longer life. Hence, they are used in aerospace radar, antennas, satellites, and probes which helps for navigation and ground service teams.

Aerospace and Defense Springs Market Share Insights

The major companies operating in the market are M. Coil Spring Manufacturing Company; Ace Wire Spring & Form Co., Inc., Myers Spring Co. Inc., and Argo Spring Manufacturing Co., Inc.; These market players are majorly focusing on strategic alliances as well as long term agreements and OEM to reduce the risk and cost related to the development of aerospace products. Other players involved in this market are Myers Spring Co. Inc.; MW Industries Inc.; Vulcan Spring & Mfg. Co.; John Evans’ Sons Inc. and Nordia Springs Ltd. These players are investing in R&D to develop lightweight springs along with the high-pressure resistant capacity to reduce aircraft weight.

The market is highly competitive due to increasing demand from the aircraft manufacturing industry. The market has a low entry barrier owing to the requirement for product certification. Even though Europe and North America have more well-established companies, new players in the developing region are offering a low-cost solution to consumers, which is projected to drive intense competition in this market.

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Impact of COVID-19

The COVID-19 outbreak has impacted the aerospace and defense industry adversely, as several commercial aircraft manufacturers have temporarily shut down their operations. In commercial aviation, companies are experiencing disruption in production as well as slow demand as passengers are not traveling due to government restrictions across the globe. Therefore, the demand for springs has been decreased to some extent in the pandemic situation.

In the defense sector, demand for the product should not be affected over the next two years due to COVID-19. Production may slow due to the current situation, as budgets for these projects had been allocated before the pandemic. Hence, the demand for springs in the defense sector is projected to surge with a significant growth rate during pandemic situations. 

Further key findings from the report suggest:

  • The aerospace and defense springs market is estimated to reach USD 377.7 million by 2025 and projected to grow at 5.2% CAGR from 2019 to 2025 due to rising demand for fighter jet and commercial aircraft.
  • Coil spring is projected to grow at the fastest CAGR over the forecast period due to its wide range of application in aerospace & defense industry.
  • Asia Pacific is projected to grow with highest CAGR from 2019 to 2025 due to expansion of MRO facilities and aerospace sector.
  • Argo Spring Manufacturing Co., Inc.; Ace Wire Spring & Form Co., Inc.; M. Coil Spring Manufacturing Company; and Myers Spring Co. Inc. are major companies operating in this market.

Regional Insights:

In 2018, Asia Pacific led the market and expected to grow with the highest CAGR during the forecast period. This growth is attributed to an improvement in manufacturing services in the aerospace sector. China has the major production of this product due to the high presence of raw material.

Europe held a market share of more than 22.0% in terms of revenue and is estimated to grow with a significant CAGR from 2019 to 2025. This growth is characterized by the presence of a large number of aircraft OEM and parts manufactures. Rising demand for advanced aircraft is anticipated to boost the regional market growth. In addition, the emergence of new technologies like drones and inspection robots for maintenance purposes is projected to propel regional market growth.

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