Compression Gas Spring Market Market Trends

Growth Drivers

• Growing Demand in the Automotive Industry- The gas spring market has a considerable opportunity because of the automobile sector. Gas springs are widely used in a variety of vehicle applications, such as the tailgate, hood, and trunk lid. Gas springs are increasingly in demand as the production and sales of automobiles increase globally to improve the convenience and functionality of automotive components. As per the data provided by International Trade Administration, China is one of the largest vehicles industries in terms of production and annual sales. Also, the production is predicted to account 35 million vehicles by 2025. 
• Rising Demand in emerging economies - As emerging countries such as China, India, Brazil, and Mexico continue to experience rapid industrialization and urbanization, the demand for machinery and equipment is also growing. This increase in the need for equipment is positively impacting the market for gas springs, providing numerous opportunities for market players to capitalize on this trend.
• Focus on Sustainability- Consumers and organizations alike are placing more and more value on sustainability, and the market for gas springs is no exception. Manufacturers are now concentrating on creating recyclable, eco-friendly items that use sustainable materials. Market participants can stand out from their rivals and attract customers who are looking for ecologically friendly items by concentrating on sustainability. Increased sales and brand loyalty may result from this, hence leading to market growth.
• Demand in Aerospace and Defense- Gas springs are used in various aerospace & defense applications, such as aircraft seats, cockpit canopies, weapon systems, and cargo compartments. The aerospace industry is expanding due to rising air travel and defense investments, creating opportunities for manufacturers of gas springs. The Saudi Ministry of Finance revealed its 2023 budget in December 2022. It states that the Kingdom will invest USD 69 billion on defense in 2023, or roughly 23% of its overall budget, which climbed by 50% over the previous year. This rising spending the on defense sector is estimated to contribute to market growth in the upcoming years.  

Challenges

• Competition from Alternate Technologies- Gas springs face competition from alternative technologies that offer similar functionality. For example, tension springs or torsion springs, hydraulic systems, mechanical springs, and electric actuators can sometimes be viable alternatives depending on the application requirements. These alternatives can be deployed for several applications that need force and motion. Furthermore, technological advancements are being made to develop more efficient mechanism and alternative solutions that can replace the gas springs. The availability of alternative technologies can pose a challenge to the gas spring market, especially if they offer cost advantages or better performance in specific applications.
• Limited time range capacity.
• Impact of the pandemic disrupting the supply chain.