Spring and Wire Products Market Report 2025

The spring and wire products market size has grown strongly in recent years. It will grow from $63.1 billion in 2024 to $66.8 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to industrial machinery manufacturing, consumer electronics manufacturing, construction and infrastructure development, medical devices manufacturing, consumer goods manufacturing.

The spring and wire products market size is expected to see steady growth in the next few years. It will grow to $80.17 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to growing demand for electric vehicles, rise of industry 4 and automation, miniaturization in electronics, medical advancements, smart manufacturing and iot integration. Major trends in the forecast period include high-strength alloys for springs, miniaturization and lightweight design, customization and tailored solution, advanced coating technologies, digitalization and industry 4 integration.

An increase in electric vehicle (EV) sales is anticipated to drive the growth of the spring and wire products market in the future. Electric vehicles, which are powered entirely or partially by electricity, depend significantly on various components, including springs and wires, for their functionality. These components are utilized in multiple areas of an EV, such as suspension systems, brake systems, battery connections, and wiring harnesses. For example, in January 2024, the International Council on Clean Transportation, a non-profit organization based in the U.S., reported that since the third quarter of 2021, quarterly EV sales have consistently increased, with their share of total light-duty vehicle sales rising from approximately 3% in the first quarter of 2021 to over 10% by the third quarter of 2023. Thus, the growing demand for electric vehicles is propelling the growth of the spring and wire products market moving forward.

The expanding construction industry is projected to enhance the growth of the spring and wire products market in the future. The construction sector encompasses a wide range of activities, including the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Springs and wire products play a vital role in various structural components of buildings, such as reinforcement bars, suspension systems, and support mechanisms. As the construction industry experiences growth, the demand for these components rises, consequently driving up the need for springs and wire products. For example, in February 2023, a report from the Office for National Statistics, a national statistical institute in the UK, indicated that monthly construction output is estimated to have increased by 2.4% in volume terms, following a 1.7% decline in January 2023. This increase in monthly construction output was attributed to growth in both repair and maintenance (4.5%) and new work (1.1%). Therefore, the expanding construction industry is a significant driver of growth for the spring and wire products 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.

In June 2023, MW Components, a precision components and spare parts manufacturing company based in the US, acquired Western Wire Products Co. for an undisclosed amount. This acquisition is intended to broaden MW Components' wire form manufacturing capabilities and improve its product offerings for a global clientele, focusing on stock, standard, and custom wire forms and springs. Western Wire Products Co., also located in the US, specializes in the wire-forming industry and offers a diverse range of industrial wire products and fasteners.

Major companies operating in the spring and wire products market include Mitsubishi Steel Mfg. Co. Ltd., Usha Martin Limited, Optimum Spring Manufacturing, Voestalpine AG, NHK Spring Co. Ltd., MISUMI Group Inc., 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 2024. 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.

Spring and wire products encompass items manufactured from steel springs through processes such as cutting, bending, and heat-winding metal rods or strip stock. They also include fabricated wire products and wire springs produced from wire drawn from external sources, excluding watch and clock springs. The manufacturing of these products aims to create stable, durable, and robust items.

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 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 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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