The Automotive Composite Leaf Springs Market was valued at around USD 71.6 million in 2021, with a projected CAGR of 6.1% over the next decade, reaching nearly USD 138 million by 2032.
Automotive composite leaf springs play an essential role in the automotive sector, focusing on lightweight, durable suspension components crafted from advanced composite materials.
Overview and Functionality:
Automotive composite leaf springs are suspension parts that support a vehicle’s weight and offer flexibility to absorb road shocks and vibrations. Made from materials like fiberglass, carbon fiber, or a blend of both, these composite springs present numerous advantages over traditional steel springs, such as reduced weight, better corrosion resistance, and enhanced ride comfort. These qualities are driving increased usage in the automotive sector, especially in applications where weight reduction and performance are prioritized.
Comprehensive Market Insights: Full Report Overview
Key Takeaways: Automotive Composite Leaf Springs Market
- Steady Market Growth: The market is set to grow steadily due to rising demand for lightweight, high-performance vehicle components.
- Weight Efficiency: Composite leaf springs deliver substantial weight savings compared to steel springs, enhancing fuel efficiency and vehicle performance.
- Improved Durability: Composite materials offer greater resistance to corrosion, fatigue, and wear, resulting in a longer lifespan and lower maintenance costs.
- Increased EV Applications: The popularity of electric vehicles (EVs) is boosting demand for composite leaf springs, as manufacturers aim to reduce weight and improve energy efficiency.
- Advancements in Technology: Continuous innovation in composite materials and manufacturing techniques is enhancing the performance and cost-effectiveness of composite leaf springs.
- Emissions Regulations: Toughening global emissions standards are pushing automakers to use lightweight composites, further supporting market growth.
Competitive Landscape
At present, Automotive Composite Leaf Spring manufacturers are largely aiming at product innovation and commercialization. Also focusing on strategic mergers for better brand recognition.
The key companies operating in the Automotive Composite Leaf Springs Market include Benteler SGL, Hendrickson International, HyperCo, IFC Composite GmbH, LiteFlex, LLC, Mubea Fahrwerkstechnologien GmbH, ARC Suspension, FLEX-FORM, Heathcote Industrial Plastics, Hendrickson Holding LLC, KraussMaffei, Jamna Auto Industries Ltd, Standens, NHK Spring, Mitsubishi Steel, Owen Spring, Beijer Alma, Fangda, Dongfeng, Rassini International.
Some of the recent developments by key providers of the Automotive Composite Leaf Springs Market are as follows:
- In Oct 2021, AOC AG developed TUCANA, a new sheet molding compound under the UK government-funded research project, along with Astar. It is based on Daron polyurethane hybrid technology that enables the production of chopped carbon fiber molded parts on an industrial scale. It has the manufacturing ease of unsaturated polyester resin and vinyl ester resin SMC and the mechanical performance of epoxy resin CF-SMC.
- In Jul 2021, Hexcel’s HexPly M901 prepreg system has been selected by Rassini, to speed up a prototype and new product development cycles. The company aims to reduce overall time to market with the easy-to-process material that enables effective early-stage design screening and cost-effective production.
- In Jun 2021, Rassini specified the use of an EPIKOTE epoxy resin system from Hexion Inc. for the rear suspension system installed in Ford Motor Co’s new pickup truck model.
- In October 2019, Hendrickson completed the acquisition of Dayton, Ohio-based Liteflex Composite Springs. Under the name Hendrickson Composites, the company will operate as a branch of Hendrickson. Hendrickson’s product folio is bolstered with more composite spring technology.
Key Segments Covered In Automotive Composite Leaf Springs Market Survey
Automotive Composite Leaf Springs Market by Installation Type:
- Transversal
- Longitudinal
Automotive Composite Leaf Springs Market by Process Type:
- High-Pressure Resin Transfer Molding Process
- Prepreg Layup Process
- Others
Automotive Composite Leaf Springs Market by Location Type:
- Front Leaf Spring
- Rear Leaf Spring
Automotive Composite Leaf Springs Market by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy-Duty Vehicles
Automotive Composite Leaf Springs Market by Region:
- North America Automotive Composite Leaf Springs Market
- Latin America Automotive Composite Leaf Springs Market
- Europe Automotive Composite Leaf Springs Market
- Asia Pacific Automotive Composite Leaf Springs Market
- Middle East & Africa Automotive Composite Leaf Springs Market
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