Metal Bellows Market Share

APAC Market Forecast

Metal bellows market in Asia Pacific region is expected to hold largest revenue share of about 33% during the forecast period. Due to increased demand in a variety of end-use industries, such as aerospace, military and defense, petrochemical, automotive, and power and energy, the Asia-Pacific region now has a sizable market share. In India, the yearly production of automobiles India sold 3.89 million passenger cars overall in FY23, whereas 47,61,487 automobiles were exported during the same time period. The automobile industry employs about 19 million people directly and indirectly and contributes roughly 7.1% of the country's GDP, up from 2.77% in 1992–1993 to the present. The welded metal bellows market in the area is growing as a result of the revival of auto assembly factories in China and the rise of several industrial and automotive sectors in other nations.

European Market Statistics

Metal bellows market in Europe region is anticipated to hold second largest revenue share of about 28% during the forecast period. With crucial parts widely used in numerous applications across the European aerospace and military industries, including as aircraft engines, avionics, and fuel systems, metal bellows hold the second-largest market share in Europe. Europe's total military spending increased significantly, hitting USD 418 billion in 2021 a 3.0% increase from 2020 and a significant 19% increase from 2012.