The Global Air Springs Market Is Anticipated To Grow At A CAGR Of 5% By The End Of Forecast Period 2021-2031

Posted on 2022-11-07 by Fact.MR in Automotive // 0 Comments

The global paper dyes market is poised to surpass US$ 1 billion, expanding at a little over 2% in terms of value CAGR across the 2021-2031 forecast period, concludes Fact.MR’s recently published report. Demand is expected to remain sustained amidst growing adoption of paper-based packaging solutions across various industries.

Historically, the market performed moderately, expanding at under 2% CAGR to surpass US$ 950 million in 2020. This moderate outlook is an outcome of the recessionary impacts ushered in by the COVID-19 pandemic on industrial production, particularly regarding chemicals & materials. Growth is expected to remain sustained amidst the surging need for disposable hygiene products.

According to the World Health Organization, mortality rates from communicable diseases have registered a significant decline in the past 20 years. While pneumonia and other lower respiratory infections claimed many lives in 2019, it was much lesser compared to 2000. Also, tuberculosis-related deaths have also fallen drastically. This is mostly an outcome of increased consciousness regarding personal hygiene, prompting consumers to purchase tissue papers, toilet papers and other paper products, driving demand for paper dyes.

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Key Takeaways from Market Study

By application, paper dyes for packaging & boards to expand at nearly 5% CAGR through 2031
Prominent end users to largely prefer basic dyes, with the segment expanding at a CAGR of nearly 3%
Sales of direct dyes and sulphur dyes to jointly expand at over 4% CAGR through 2031
By form, liquid paper dyes to hold sway, expanding at nearly 4% CAGR in the long run
The U.S. paper dyes market was valued at above US$ 250 million in 2020, amid high uptake across e-Commerce
Prospects likely to appear highly optimistic across China, expanding at 4% CAGR to surpass US$ 400 million

“As demand for flexible and lightweight packaging increases, industries are incorporating paper-based packaging solutions, inclining demand for paper dyes across key regions,” says a Fact.MR analyst.

Country-wise Analysis

How Attractive are the Growth Prospects for Paper Dye Suppliers across the U.S.?

The market for paper dyes is expected to post substantial gains across the U.S. As per Fact.MR’s analysis, a valuation exceeding US$ 250 Mn was estimated for 2020. Extensive uptake of paper packaging in the e-commerce industry is primarily driving growth.

Furthermore, paper usage is high in the manufacturing of tissues to further personal hygiene requirements, particularly for production of toilet paper. However, rising sustainability concerns are prompting consumers to reduce dependence, total purchases declining by a quarter in June 2020.

The global air springs market will generate incremental revenue opportunities at an impressive 5% CAGR.

during the forecast period. An evolving world economy and developments in road infrastructure have ramped up production and sales of commercial vehicles across the globe, which is one of the leading growth engines for air springs components. Suspension of non-essential import/export to contain the spread of COVID-19 has limited the growth potential of the market during the first quarter of 2020. Market players are targeting demand from low impact countries such as Singapore, Indonesia and Australia.

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Key Takeaways of Air Springs Market

3300-7300 force segment holds the majority share in global market and is anticipated to expand at a CAGR of 4% during the long-term forecast period
Rolling lobes shall expand 1.7x by 2030, and are expected to witness a healthy CAGR, owing to high deployment in commercial vehicles
Buses are set to hold the dominating share in the global air springs market. Proliferation of public transport in developing countries escalates the production of public buses which has fueled the demand for air springs
Owing to early adoption of air springs in developed regions, North America holds a share of more than 20% of the total market value
High growth can be seen in economies of Asia Pacific (East Asia, South Asia, and Oceania) attributed to heavy investments in electric vehicles. This boom shall generate increased demand for air springs. These economies collectively account for 35% share of the total market value.
Middle East & Africa offers the most lucrative growth prospects, with a growth rate of over 7% during the forecast period. Developing automotive infrastructure with high penetration of automotive manufacturing units are major indicators of growth potential.

Air Springs Market Application Insights

The production of commercial vehicles has been steadily increasing across the globe. This growth is mainly fuelled by increasing trading activities which involve transportation of goods and growing preference for local transport such as buses.

The increase in the production of commercial vehicles especially in emerging economies and few countries in Eastern Europe are expected to drive the demand for air springs. Air springs for trucks are very high in demand. Truck racing has gained wide popularity with huge companies investing in truck racing championships and organizing events.

For such events, highly tuned trucks are being used with enhanced safety features, which includes the incorporation of air spring suspensions (typically convoluted bellows). Manufacturers are also developing advanced air springs for facilitating enhanced air suspension for racing trucks. Truck racing championships that use advanced air springs in air suspension systems are expected to have a positive influence on the growth of the global air springs market.

Air Springs Market Regional Insights

North America holds more than 20% share of the total market value. Technologically advanced mobility solutions, such as electric vehicles are gaining traction, especially in developed countries thus escalating demand for airs spring assemblies in the foreseeable future. However, the most financially rewarding opportunities are offered by Middle East & Africa.

Developing healthcare infrastructure coupled with increasing disposable incomes of consumers is set to drive demand from this region. The air springs market in the Middle East & Africa region will continue to grow at a stupendous 7% CAGR through 2030. Investments by developing countries in railways and transportation to enhance connectivity make air springs a high growth category. South Asia & Oceania will witness an impressive 6% CAGR during the forecast period.

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Product Innovation to Garner Higher Profits Post COVID-19 Pandemic

The rapid spread of COVID-19 and lockdown impositions has had a significant impact on commercial vehicle sales. Many organizations have stopped operations and a few are running on bare minimum capacity. However, since air springs are capable of handling varied levels of load for LCVs and HCVs, market players are focused on development of intelligent air springs that promise to deliver enhanced operational efficiency using advanced sensor technology. This innovation is expected to trigger sales post COVID-19 However, trade suspension due to the COVID-19 pandemic adversely impacts growth. Prioritizing the safety of employees, many organizations have suspended production. In a bid to contribute to the fight against COVID-19, many air springs manufacturers are employing their technical expertise in developing medical equipment for COVID-19 treatments.

Air Springs Market Manufacturer Strategies

Manufacturers of air springs have introduced various enhancements in the design of air springs used in heavy and medium commercial vehicles. Air spring manufacturers have been concentrating upon enhancement of the air spring functionality in air suspensions used in vehicles.

Increasing heavy vehicle requirements for logistic, growing demand for electric vehicles and hybrids as well as the desire for enhanced ride comfort and optimized vehicle dynamics, all these factors are pushing the industry to deliver new lightweight innovations.

In Oct 2019, the Tier 1 player, Continental has unveiled its latest technological breakthrough; a lightweight air spring to reduce CV weight by 15kg

Global Air Springs Market: In-Depth Assessment on Key Segments

The global air springs market is segmented on the basis of product type, sales channel, application, forces and region.

· By Product Type :

- Single Convolute
- Multi Convolute
- Sleeve
- Rolling Lobe

· By Sales Channel :

- OEM
- Aftermarket

· By Application :

- Passenger Cars
- Buses
- Trailer & Trucks
- Light Commercial Vehicle
- Railways
- Industrial Lifts & Earthmovers

· By Force :

- Less than 1500
- 1500-2100
- 2100-3300
- 3300-7300
- 7300-8800
- 8800-10000
- Above 10000

· By Region :

- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa

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