Wire & Spring Manufacturing in the US - Industry Market Research Report

Spring forward: Steady declines in new car sales will continue weighing on the industry and hampering growth

Wire and spring manufacturers produce various fabricated metal products, including heavy- and light-gauge springs, wire rope, wire mesh and chain link fencing. Springs and wires are integral for manufacturing and building various goods and structures, including general construction work, automobiles, furniture, toys, electronics and other consumer products that contain wire and spring components. Since the industry relies on the overall production output of the economy, any fluctuation in the unemployment rate or consumer spending significantly impacts performance. Revenue plummeted amid the pandemic as the unemployment rate skyrocketed and consumer spending dipped. Also, nonessential business closures hampered the industry's ability to generate revenue through downstream markets since the industry provides an intermediary good. The industry has contracted at an expected CAGR of 2.0% to $10.9 billion through 2023, while profit recovered to 6.5%. Operators in the Wire and Spring Manufacturing industry manufacture heavy- and light-gauge springs using steel and drawn wire. Operators may also manufacture other wire-based products, such as wire rope, wire mesh and chain link fencing. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.