The Automotive Composite Leaf Springs Market was valued at approximately USD 71.6 million in 2021. With a projected compound annual growth rate (CAGR) of 6.1% over the next decade, the market is expected to reach nearly USD 138 million by 2032.
Automotive composite leaf springs represent a crucial segment within the automotive industry, focusing on the development of lightweight and durable suspension components made from advanced composite materials.
Overview and Functionality:
Automotive composite leaf springs are suspension components designed to support the vehicle’s weight while providing flexibility to absorb shocks and vibrations from the road. These springs are crafted from composite materials like fiberglass, carbon fiber, or a combination of both. Compared to traditional steel leaf springs, composite leaf springs offer several advantages, including significant weight reduction, enhanced corrosion resistance, and improved ride comfort. These benefits contribute to their growing adoption in the automotive sector, particularly in applications where weight savings and performance are critical.
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Key Takeaways: Automotive Composite Leaf Springs Market
- Market Growth: The automotive composite leaf springs market is expected to experience steady growth due to the increasing demand for lightweight and high-performance vehicle components.
- Weight Reduction: Composite leaf springs offer significant weight savings compared to traditional steel springs, contributing to improved fuel efficiency and overall vehicle performance.
- Enhanced Durability: Composite materials provide better resistance to corrosion, fatigue, and wear, leading to longer lifespan and reduced maintenance costs.
- Rising Adoption in EVs: The growing popularity of electric vehicles (EVs) is driving the adoption of composite leaf springs, as manufacturers seek to reduce weight and enhance energy efficiency.
- Technological Advancements: Ongoing innovations in composite materials and manufacturing processes are enhancing the performance and cost-effectiveness of composite leaf springs.
- Stringent Emissions Regulations: Increasingly stringent global emissions regulations are encouraging automakers to adopt lightweight materials like composites, further boosting 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.
Extensive Market Research: Complete Report and Findings
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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