Spring And Wire Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Spring And Wire Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021 •
  • 300 pages •
  • Report ID: 6009806 •
  • Format: PDF
Major companies in the spring and wire products market include All-Rite Spring Company; Bridon International Ltd; National Spring; Siddal & Hilton Products Ltd and Wire Products Company.

The global spring and wire products market is expected to grow from $56.81 billion in 2020 to $68.17 billion in 2021 at a compound annual growth rate (CAGR) of 20%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $90.96 billion in 2025 at a CAGR of 7%.

The spring and wire products market consists of sales of spring and wire products by entities (organizations, sole traders or partnerships) that produce steel springs by forming, such as cutting, bending, and heat winding metal rod or strip stock and/or produce wire springs and fabricated wire products from wire drawn elsewhere (except watch and clock springs). The spring and wire products market is segmented into springs and other fabricated wire products.

Asia Pacific was the largest region in the global spring and wire products market, accounting for 32% of the market in 2020. North America was the second largest region accounting for 23% of the global spring and wire products market. Africa was the smallest region in the global spring and wire products market.

The usage of Wafios FMU 25 CNC spring and wire forming machine is increasing in this market due to its efficient production process and higher output producing capabilities. Wafios FMU 25 CNC is a high quality machine that requires low maintenance and is capable of producing wires of very complex bends and ends. The machine has been pre-configured such that very less data has to be entered during the programming thereby speeding up the process. The machine has been designed by Wafios, for companies dealing with the production of springs and wires.