Global Precision Spring Market: Introduction
A precision spring is an elastic mechanical object that stores mechanical energy. Generally, a precision spring is shaped in the form a coil. A compression spring is a type of precision spring. A compression spring is used in application, where a load is applied to the spring resulting in the shortening of the spring. Hence the name compression spring. An extension spring is also a type of compression spring. When an extension spring is used in an application, where the load applied results in the stretching of the spring. Hence the name extension spring. A torsion spring is used when a torque load is applied to a spring resulting a torque rotation of the spring
Global Precision Spring Market: Competition Landscape
Myers Spring Co. Inc.
Myers Spring is a spring manufacturing company that was formed in 1946 by Walter L. Myers and Donald Lindley in Logansport, Indiana, U.S. The company’s products include compression springs, single & double torsion springs, extension springs, wire forms, and hose guards. The company is a member of Institute of Spring Technology.
Wire Products Company
Wire Products Company is a family-owned company that was established in 1951, in Cleveland, Ohio, U.S. The company’s products include compression springs in barrel forms, hour glass, conical and helical shape; double-bodied and single-bodied torsion spring; tension and extendable extension spring. It also manufacturers customized non-metallic stamping and metallic stamping, and wire forms. The company caters to diverse industries such as automotive, aerospace, transport, military or defense, consumer products, marine, and healthcare.
MW Industries Inc. (MWI)
MW Industries Inc. is a leading global company that manufactures precision springs, fasteners, and electronic hardware. It was founded in Logansport, Indiana, U.S in 1861. The company caters to more than 23,000 customers across 35 countries. Its headquarters are located in Rosemont, Illinois, the U.S. MW Industries’ products include compression springs, extension springs, torsion springs, and barrel springs. It also manufactures fasteners, metal stamping products, and wire forms. The company sells precision springs under the brands Atlantic Spring, Capital Spring, and Century Spring.
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Xiamen Xinshunyan Industry Co. Ltd
Xiamen Xinshunyan Industry Co., Ltd is a leading manufacturer of precision springs based in China. The company’s products include compression spring, torsion spring, tension spring, and wire forms.
Global Precision Spring Market: Dynamics
Rise in demand from end-use industry boosts demand for precision springs
Sales of automobiles and aircrafts have increased across the globe. Compression springs are extensively employed in aerospace, automotive, general industrial, and healthcare sectors. Extension springs are utilized in oil rigs, landing gears in an aircraft, and heavy trucks. Expansion of automotive, aerospace and other end-use industries is boosting the demand for precision springs.
Rise in penetration of carbon composite springs drives demand for precision springs
Increase in penetration of light-weight, thermally insulated carbon composite springs made from carbon fiber reinforced polymer (CFRP) is driving the demand for precision springs across the globe. Search for innovative, lightweight precision springs among engineers is fueling the demand for precision springs across the globe. According to MW Industries Inc., carbon composite springs are about 60% lighter than traditional springs.
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Global Precision Spring Market: Segmentation
The global precision spring market can be segmented based on:
- Product Type
Global Precision Spring Market, by Product Type
- Torsion spring
- Compression spring
- Extension spring
- Others (Barrel Spring, Clock Spring, Damper Springs,
Global Precision Spring Market, by Material
- Carbon steel
- Stainless steel
- Spring steel
- Beryllium Copper
- Alloy Steel
- Others (Chrome silicone, Copper, Titanium, etc.)
Global Precision Spring Market, by End-use
- Power and Energy
- Electronics & Communication
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