Spring and Wire Products Global Market Report 2024

The spring and wire products market size has grown strongly in recent years. It will grow from $58.77 billion in 2023 to $62.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to the manufacturing of industrial machinery, consumer electronics, construction and infrastructure development, production of medical devices, and manufacturing of consumer goods.

The spring and wire products market size is expected to see strong growth in the next few years. It will grow to $76.64 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The forecasted growth in the upcoming period can be credited to the increasing demand for electric vehicles, the emergence of Industry 4.0 and automation, electronic miniaturization, advancements in medical technology, the integration of smart manufacturing and IoT. Prominent trends anticipated in the forecast period include the utilization of high-strength alloys for springs, emphasis on miniaturization and lightweight design, a focus on customization and tailored solutions, adoption of advanced coating technologies, and the integration of digitalization and Industry 4.0.

The spring and wire products market is anticipated to experience growth, driven by the increasing sales of electric vehicles. Electric vehicles (EVs) rely on various components, including springs and wires, for essential functions such as suspension systems, brake systems, battery connections, and wiring harnesses. According to a March 2022 report from the US Department of Energy, EV sales surged by 85% between 2020 and 2021, with new light-duty plug-in electric vehicle sales nearly doubling from 308,000 in 2020 to 608,000 in 2021. This growing demand for electric vehicles is expected to propel the spring and wire products market.

The expansion of the construction industry is poised to contribute to the growth of the spring and wire products market. The construction industry encompasses various activities related to the planning, design, development, and maintenance of physical structures and infrastructure. Springs and wire products find applications in critical structural components, such as reinforcement bars, suspension systems, and support mechanisms. As the construction industry experiences growth, there is an increased demand for these components, consequently driving the demand for springs and wire products. In 2021, the UK's construction industry witnessed a record increase of 12.7% compared to the previous year, with monthly construction output rising by 2.0% in December 2021. This growth is attributed to both new work and repair and maintenance activities, highlighting the positive impact on the spring and wire product market.

The adoption of the Wafios FMU 25 CNC spring and wire forming machine is gaining traction in the market due to its efficient production process and high output capabilities. This machine, known for its quality and low maintenance requirements, is capable of producing wires with complex bends and ends. Specifically designed by Wafios for companies involved in spring and wire production, the Wafios FMU 25 CNC machine streamlines programming processes by requiring minimal data input, resulting in faster production.

Leading companies in the spring wire products market are actively innovating, introducing products such as barbed wire joiners to cater to broader customer bases, boost sales, and enhance overall revenue. Barbed wire joiners are devices designed to connect two segments of barbed wire. Gripple, a UK-based manufacturer specializing in wire joining and tensioning systems, exemplifies this trend. In April 2023, Gripple unveiled the High Tensile joiner, specifically crafted for use with high-tension barbed wire. Distinguishing itself with proprietary corrosion-resistant ceramic wedge technology, this product boasts a 16% increase in strength compared to regular wire knots. The innovation ensures that barbed wire joints maintain durability throughout the entire lifespan of the fence. Gripple's new barbed range comprises both a Mild Steel joiner and a High Tensile joiner, strategically designed to grasp the distinct shape of barbed wire and deliver long-lasting joins for installation or repair purposes.


Major companies operating in the spring and wire products market report are Mitsubishi Steel Mfg. Co. Ltd., Usha Martin Limited, Optimum Spring Manufacturing, Voestalpine AG, NHK Spring Co. Ltd., MISUMI Group Inc., Finolex Cables Ltd., Peterson Spring, Associated Spring Inc., John Evans' Sons Inc., Lee Spring Company LLC, Vulcan Spring & Mfg. Co., Hoosier Spring Co. Inc., Hardware Products Company, All-Rite Spring Company, Jackson Spring & Mfg. Company Inc., Myers Spring Co. Inc., Katy Spring & Mfg. Inc., Argo Spring Manufacturing Co. Inc., Master Spring & Wire Form Co., Gilbert Spring Co., Murphy & Read Spring Mfg. Co. Inc., Gardner Spring Inc., Badger Precision Spring Inc., Acxess Spring, W.B. Jones Spring Co. Inc., C & J Metal Products Inc., Royal Coil Inc., Diversified Spring Technologies Inc.

The Asia-Pacific was the largest region in the spring and wire products market in 2023. North America was the second-largest region in the spring and wire products market. The regions covered in the spring and wire products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the spring and wire products market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa. The spring and wire products market consists of sales of compression, torsion, coil, extension, garter, antenna, and assembly springs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary categories of spring and wire products are categorized as springs and other related types. Springs, in this context, denote mechanisms crafted from coiled wire designed to release and store energy. These products find applications in various sectors, including heavy machinery and construction equipment, electronic products, military equipment, and commercial appliances. They are utilized across diverse industries such as automotive, aerospace, medical and healthcare, as well as in commercial and industrial settings.


The spring and wire products market research report is one of a series of new reports that provides spring and wire products market statistics, including spring and wire products industry global market size, regional shares, competitors with a spring and wire products market share, detailed spring and wire products market segments, market trends and opportunities, and any further data you may need to thrive in the spring and wire products industry. This spring and wire products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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