Tag: Mongolia

Nitrobenzene Market Worth $14.3 Billion By 2027

The global nitrobenzene market size is projected to reach USD 14.3 billion by 2027, registering a revenue based CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The demand is anticipated to grow significantly owing to rising consumption of nitrobenzene in the production of synthetic rubber.

The automotive sector is considered to be the largest end-user of rubber manufactured from nitrobenzene. It is used to produce automotive tires, tubes, covers, belts, mats, steering wheel covers, and other accessories. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the global vehicle production grew from 90.8 million units in 2015 to 95.6 million units in 2018. Rising automotive sales is also expected to boost its aftermarket, in turn, propelling the demand for synthetic rubber.

Consumption of nitrobenzene across the globe is largely affected by fluctuating raw material prices. This is due to the fact that major raw materials used in manufacturing are petrochemical derivatives and are obtained by the synthesis of crude oil. Besides, the prices are largely affected by currency fluctuations, as the global production of the product is concentrated in China.

North America is the third-largest market after Asia Pacific and Europe. The growing demand of aniline for methyl diisocyanate (MDI) in the region is anticipated to drive the nitrobenzene market over the forecast period. Bayer acquired the aniline production facility of DuPont, in Baytown, Texas, in 2014, in order to support the growing demand and strengthen its position in North America. The facility also produces MDI, toluene diisocyanate (TDI), and polycarbonate, thus having a forward integration.

BASF expanded the production capacity of its Verbund site in Geismar, Louisiana, in 2016, owring rising demand for MDI in North America. The facility initially produced 300,000 tons of MDI annually and currently has a capacity of 600,000 tons. These factors are anticipated to drive the production of aniline, in turn boosting the demand for nitrobenzene in the region.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/nitrobenzene-market

Further key findings from the report suggest:

  • Aniline production was the dominant application segment in 2019 and is expected to witness a revenue based CAGR of 5.7% from 2020 to 2027
  • Synthetic rubber manufacturing is anticipated to lead the market in China with a revenue-based CAGR of 6.5% from 2020 to 2027 due to its wide usage in the automotive Original Equipment Manufacturer (OEM) and aftermarket sectors
  • Construction and automotive industries are the major end-use markets for nitrobenzene due to high demand for aniline in different applications. These industries consumed 82% of the total nitrobenzene volume globally in 2019
  • The demand for MDI in Europe has led to companies investing in the production of aniline, thus driving the nitrobenzene market in the region with a revenue-based CAGR of 4.6% from 2020 to 2027
  • Nitrobenzene manufacturers are focusing on forward integration in order to strengthen their market position.

Unsaturated Polyester Resin Market Size Worth $18.9 Billion By 2027

The global unsaturated polyester resin market size is anticipated to reach USD 18.9 billion by 2027, expanding at a CAGR of 6.3%, according to a new report by Grand View Research, Inc. Developments in the building and construction and tank and pipes are likely to drive the demand for the isophthalic in these end-use segments. Increasing use of environment-friendly and energy saving products is also expected to influence the market, positively.

Favorable government regulations and initiatives to develop the infrastructure, such as the provisions for subsidy, increasing foreign investments and trade promotion are projected to augment product demand over the forecast period. Some of the initiatives are LaGuardia and O’Hare airport construction project in U.S., Beijing Airport expansion in China, and Make in India initiative by the government of India.

Increased demand for the products which are capable of working in high-temperatures and corrosive environment is anticipated to foster usage in the building and construction end-use industry. Unsaturated polyester resin (UPR) composite has enabled consumers to pick end-use specific product from a wide range of options. The widening of product distribution channels has also made these products readily available to the users, thus acting as a driving force for the growth of the market for UPR.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/unsaturated-polyester-resin-upr-market

Further key findings from the repot suggest:

  • Orthophthalic occupied the largest revenue share on account of its higher price and increasing usage in construction, electronics, and automotive sectors
  • DCPD emerged as the fastest growing product segment in Europe and North America as it exhibits properties such as high deflection temperature, high resistance to chemical corrosion, and high impact resistance
  • Rising demand for environment-friendly and energy saving products and solutions is expected to drive the unsaturated polyester resin (UPR) market
  • The marine end-use segment is projected to exhibit the highest CAGR over forecast period
  • Stringent environmental rules and regulations and focus on indoor air quality is anticipated to drive the market
  • Increasing investment from government and private institutions in the building and construction sector is projected to contribute to the demand for these resins
  • Key players include INEOS, BASF SE, Polynt, Koninklijke DSM N.V., U-PICA Company. Ltd., Eternal Materials Co., Ltd., Satyen Polymers Pvt. Ltd., Dow, UPC Group, Scott Bader Company Ltd., Tianhe Resin Co., Ltd., and LERG SA.

Cyclohexanone Market Size Worth $9.8 Billion By 2027

The global cyclohexanone market is projected to reach USD 9.8 billion by 2027, expanding at a revenue-based CAGR of 3.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing automobile production, especially in Asia Pacific is anticipated to have a positive impact on the product demand.

Cyclohexanone is typically manufactured as an intermediate in the cyclohexane to caprolactam process. Apart from the traditional manufacturing processes, manufacturers have developed a novel and sustainable production process. The hydrogenation of a feed stream comprising phenol to produce cyclohexanone and cyclohexylbenzene was one such successful process developed and patented by ExxonMobil in June 2016.

In recent years, the automobile industry has witnessed robust growth, especially in Asia Pacific. Infrastructure development, improving socio-economic trends, growing disposable income, and rapid urbanization are the major factors contributing to the growth of the automobile industry. Raw materials account for over 45% of the overall manufacturing cost of the vehicles. nylon 6 and nylon 66 find application as films and coatings in the automotive industry to prevent raw materials from corrosion. Also, it is used in the production of different parts such as gears, bushes, cams, bearings, and weatherproof coatings due to its lightweight and versatile properties.

According to Organisation Internationale des Constructeurs d’Automobiles (OICA), global automotive production grew from 89.8 million units in 2014 to 95.6 million units in 2018 with the growth dominated by Asian countries. Growing production of different types of vehicles and their components due to increasing R&D activities is expected to drive the demand for nylon, in turn propelling the consumption of cyclohexanone.

The cyclohexanone demand in Europe is anticipated to grow at a sluggish rate due to low nylon demand from the downstream automotive industry. There was a price drop of nylon 66 from May 2019 to July 2019, owing to the constant supply and decreased demand. In 2016, around 16% of the nylon consumed in the region was either recycled or refurbished, which decreased the demand for new nylon, further affecting the prices.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cyclohexanone-market

Further key findings from the report suggest:

  • Adipic acid application segment in cyclohexanone market is expected to expand at a CAGR of 3.1% from 2020 to 2027 on account of rising production of nylon 66 resin and fiber, polyurethanes, and plasticizers
  • Pharmaceutical industry, soap manufacturing, and film production consume 2.71% of the total cyclohexanone manufactured globally
  • U.S. was the second-largest consumer of cyclohexanone after China in 2019 and is anticipated to register a CAGR of 2.6%, from 2020 to 2027, owing to the rising production of caprolactam in the country
  • Europe and North America together consumed 24% of the total cyclohexanone in 2019, with the presence of major manufacturers such as BASF SE, Ascend Performance Materials, and Advansix Inc.
  • Production of cyclohexanone is anticipated to face hindrance from regulatory bodies, due to excessive Greenhouse Gas (GHG) emissions, leading to manufacturers investing in R&D activities to develop new environment compliant technologies for the chemical production
  • In 2016, the Japanese manufacturer Ube Industries Ltd, adopted a new manufacturing technology through selective hydrogenation of phenol. This process consumes less electricity and steam compared to the conventional cyclohexane process.

Aerospace Plastics Market Worth $1.2 Billion By 2027

The global aerospace plastics market size is anticipated to reach USD 1.2 billion by 2027, expanding at a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc. Recent developments in the manufacturing of fuel-efficient aircrafts are likely to drive the demand for aerospace plastics. Increasing use of environment-friendly and energy-saving products is also expected to influence the market growth positively.

Advancements in plastic composites and introduction of new designs maximizing the structural benefits have led to an increase in design flexibility and volume of plastics required in the manufacturing of a single aircraft. Weight is an important factor in the aerospace applications that determines the design and efficiency of any aircraft component.

Plastics possess excellent strength to density ratio and help in reducing the overall weight of the aircraft. Freight and large passenger aircraft is one of the major application areas of these plastics in the industry. Using plastics in an aircraft not only helps in reducing the operating costs by lowering the weight, but also keeping a check on maintenance issues. This is expected to drive the demand for aerospace plastics over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/aerospace-plastics-market

Further key findings from the study suggest:

  • On the basis of application, cabin interiors emerged as the fastest growing segment in Asia Pacific, Europe, and North America owing to its widespread usage in both aircrafts and helicopters
  • Based on end use, commercial and freighter aircrafts accounted for over 68.0% share of the overall revenue in 2019 and is projected to witness the fastest growth over the forecast period
  • Increasing investment by the government and private institutions in the aerospace and defense sector is projected to fuel the demand for these plastics
  • Some of the major players operating in the aerospace plastics market are Hyosung Corporation; BASF SE; Kaman Corporation; Mitsubishi Heavy Industries Limited (MHI); Premium Aerotec GmbH; SABIC; SGL Carbon SE; Tech-Tool Plastics, Inc.; Evonik Industries AG; Victrex plc; Hexcel Corporation; Holding Company Composite; Solvay; Ensinger; and others.

Scaffold Technology Market Worth $1.94 Billion By 2027

The global scaffold technology market size is expected to reach USD 1.94 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.05% from 2020 to 2027. Constant technological advancements in scaffold technology, such as the advent of micropatterned surface microplates and nanofiber-based scaffolds, to facilitate wound repair and soft tissue repair applications boost the revenue generation in the market. A recently developed next-generation injectable microporous scaffold enables organ-on-a-chip technology for the enhancement of in vivo wound healing procedures.

The commercial success of 3D cell culture over the 2D culture system for histological analysis and drug screening purposes has provided lucrative growth avenues for scaffold technology used during 3D cell culturing. This technology minimizes the usage of animal models as it reiterates tissue architectures, thus providing physiologically relevant cellular models for disease investigation.

The broadening horizon of scaffold technology in drug development procedures fuels the market progression. The continual attrition rate in drug development caused due to the inability of monolayer cell culture paves a path for the adoption of scaffold-based cultures that efficiently mimic the disease-causing microenvironment. The rise in demand for novel scaffold-based cultures also reduces the loss of enormous costs involved in the failure of drug development.

The use of biomatrix with incorporated nanoparticles for drug delivery and tissue repair is expected to have a high success rate in the near future. The stem cell therapy, regenerative medicine, and tissue engineering application dominated the market in 2019. The combination of biomaterials and stem cells is an emerging concept useful in cell delivery and tissue construction, which positively impacts the revenue generation in this application. In addition, the presence of supportive organizations, such as the International Society for Stem Cell Research, boosts the demand for 3D scaffolds in this application.

For instance, in May 2019, InVivo Therapeutics introduced a new trial for its neuro-spinal scaffold device, INSPIRE 2.0 study, which widened the scope of a biodegradable device in the treatment of thoracic spinal cord injury. A rise in the number of drug approvals and growth in R&D funding prompt the biotechnology and pharmaceutical companies to widely employ 3D culturing techniques. These techniques act as a robust tool in toxicology and metabolic profiling of drug moieties during the drug development processes.

Asia Pacific is anticipated to expand at the fastest CAGR over the forecast period. Tianjin Municipal Science and Technology Commission and Administrative Commission of the Tianjin Economic-Technological Development Area are China-based funding bodies that boost cell-based research projects in China. For instance, in October 2019, Corning launched Elplasia and Matrigel matrix for organoid culture to support organoid and spheroid culture models, thereby expanding its cell culture portfolio.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/scaffold-technology-market

Further key findings from the report suggest:

  • By type, nanofiber-based scaffolds are expected to register the fastest growth rate during the forecast period with the expansion of nanoscience and nanotechnology technologies
  • The stem cell therapy, regenerative medicine, and tissue engineering application segment accounted for the largest revenue share in 2019 and is expected to grow at a lucrative pace in the near future
  • Stem cell therapy and regenerative medicine are transforming the treatment of neurodegenerative disorders, resulting in the fastest CAGR of the neurology segment
  • The Asia Pacific is anticipated to witness the fastest growth over the forecast period due to the rise in the number of research grants for cell-based research and tissue engineering projects in this region
  • Key players such as Merck, Thermo Fisher, Corning, Avacta, Medtronic, Pelobiotech, and Matricel GmbH, have adopted several strategic initiatives to reinforce their market presence

Neurovascular Devices Market Worth $4.12 Billion By 2027

The global neurovascular devices market size is anticipated to reach USD 4.12 billion by 2027, registering a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for minimally invasive procedures, increasing incidence of neurological disorders, and introduction of technologically advanced products are driving the growth of neurovascular devices.

Increasing incidence of neurological conditions such as stroke and brain aneurysm, cerebral artery stenosis, and stroke are fueling the market growth. For instance, according to the Stroke Association, more than 100,000 people suffer from stroke every year in U.K. and stroke costs are up to USD 33.7 billion per year.

Decreased postoperative pain and speedy recovery are leading to increasing adoption of minimally invasive surgeries and triggering growth of R&D in this field. Several key players are investing in R&D for the launch of innovative minimally invasive surgical instruments, especially got the neurovascular diseases. The endovascular coiling used for the treatment of intracranial aneurysm is one of the minimally invasive procedures widely recommended by the physicians.

Furthermore, increasing number of technologically advanced product launches by the key market players are also contributing to the market growth. For instance, in January 2018, CERENOVUS, launched Galaxy G3 mini coil, the softest and smallest embolic finishing coil used in the treatment of hemorrhagic stroke and intracranial aneurysm.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/neurovascular-devices-market

Further key findings from the report suggest:

  • The cerebral embolization and aneurysm coiling devices segment dominated the neurovascular devices market in 2019 owing to increasing demand for minimally invasive procedures and rising incidence of cerebral artery stenosis
  • Based on therapeutic application, the stroke segment dominated the market in 2019 owing to increasing prevalence of stroke worldwide, awareness initiatives by various government and non-government organizations, and introduction of technologically advanced products
  • North America dominated the market with the highest revenue share in 2019 owing to increasing prevalence of stroke and brain aneurysm, increasing disposable income, and presence of key players in the region
  • Some of the major players operating in the market are Medtronic; Microport Scientific Corporation; Penumbra, Inc.; Stryker; Johnson and Johnson Services Inc.; Microvention Inc.; and Codman Neuro

Bone Graft And Substitutes Market Size Worth $3.9 Billion By 2027

The global bone graft and substitutes market size is expected to reach USD 3.9 billion by 2027 registering a CAGR of 5.1%, according to a new report by Grand View Research, Inc. The synthetic product segment is anticipated to have the fastest growth over the forecast period due to the products’ better biocompatibility, lesser risk of disease transmission, and better acceptance among patients as compared to allografts. However, due to the postponement of elective surgeries during the Covid-19 pandemic, the demand for orthopedic devices, including bone graft & substitutes witnessed a drastic decrease.

Increasing incidences of spinal deformities are the key growth-driving factor of the market. According to the CDC 2017 report, in the U.S., about 32% of the adult population and 60% of the aged population is affected by spinal deformities. Moreover, the advent of biocompatible synthetic grafts is expected to drive the market growth. In addition, technological advancements and the growing geriatric population are boosting product demand.

According to the Population Reference Bureau’s 2018 statistics, from 13 countries to around 82 countries across the globe are expected to have more than 20% of the geriatric population by 2050. Thus, perpetual growth in the geriatric population is anticipated to result in an increased prevalence of arthritis and joint disorders, which, in turn, will boost product demand. Key players in the market are investing in new product development and product approvals.

For instance, in March 2019, AlloSource announced ProChondrix CR would have 2 years of shelf life based on the results of real-time testing. ProChondrix CR helps in cartilage healing and is intended to match biochemical & biomechanical properties of normal hyaline cartilage, improve patient symptoms, and restore a smooth articular cartilage surface.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/bone-grafts-substitutes-market

Further key findings from the study suggest:

  • The allograft product segment accounted for the largest revenues share in 2019 and is projected to expand further at a steady CAGR of over 4% from 2020 to 2027
  • The adoption of allografts is increasing due to the product properties, such as immediate structural support and osteoconductivity
  • Led by the U.S., North America was the dominant regional market in 2019 and is estimated to retain its leading position over the forecast years
  • This growth is mainly due to the growing awareness regarding the commercially available advanced products, higher healthcare expenditure, and well-developed healthcare structure in the region
  • The Asia Pacific is anticipated to be the fastest-growing regional market from 2020 to 2027 owing to the rising medical tourism and favorable government initiatives
  • The industry participants are focusing on product launches, partnerships, and acquisitions to sustain the competition
  • However, the synthetic product segment, which includes ceramics, composites, polymers, and BMPs, is expected to exhibit the fastest CAGR over the forecast period
  • Spinal fusion was the largest application segment in 2019 and accounted for over 60% of the overall revenue share

Medical Billing Outsourcing Market Size Worth $23.1 Billion By 2027

The global medical billing outsourcing market size is projected to reach USD 23.1 billion by 2027, expanding at a CAGR of 12.3%, based on a new report by Grand View Research, Inc. A large amount of clinical code representation for diagnosis and treatment coupled with the presence of multiple payers, renders medical billing an intricate part of any clinical practice, posing significant challenges. Currently, the healthcare system is witnessing a subsequent rise in the outsourcing of clinical billing services by hospitals and physicians due to obligatory implementation of complex ICD-10 coding systems, increasing healthcare costs, and a federal mandate to implement electronic medical records (EMR) to maintain reimbursement levels.

Furthermore, clinics/physician offices are gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effective handling of in-house billing functions. In addition, multispecialty healthcare groups are implementing consolidation requiring EHR integration and building large healthcare networks. This integration creates a need for revenue cycle management (RCM), which, in turn, demands additional expertise and trained personnel to manage the same. Thus, the consolidation of large healthcare practices is also expected to be one of the factors fueling market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/medical-billing-outsourcing-market

Further key findings from the study suggest:

  • The outsourced segment accounted for the largest market share in the component segment in 2019 and is expected to witness a high CAGR attributed to rising preference of hospitals, physician office, and startups opting for outsourced medical billing services for hassle-free claim management at low cost
  • Front-end services led the market in 2019. However, the middle-end services segment is expected to register the highest CAGR over the forecast period due to the growing demand for revenue cycle management (RCM) services offering electronic health records (HER) software
  • Hospitals, possessing higher claim volumes, accounted for the largest revenue share in the market in 2019 and is estimated to maintain the dominance even during the forecast years
  • North America held the largest share of the global medical billing outsourcing market. It is projected to expand further as U.S. has witnessed a change in the healthcare system with the implementation of ICD-10 coding and pressure from the government to incorporate the EMR management system
  • Some of the key firms in this industry include R1 RCM, Inc.; Allscripts Healthcare Solutions, Inc.; Cerner Corporation; eClinicalWorks, LLC; Experian Information Solutions, Inc.; GE Healthcare; Genpact; HCL; Kareo, Inc.; McKesson Corporation; Quest Diagnostics; and The SSI Group, LLC.
  • Medical billing and revenue cycle management (RCM) companies such as AetnaHealth, are offering successful implementation of EMR at the practice level and are expected to transform the market.

Monitor Arm Market Size Worth $1.6 Billion By 2027

The global monitor arm market size is anticipated to reach USD 1.6 billion by 2027, expanding at a revenue-based CAGR of 2.7% over the forecast period, according to a new report by Grandview Research, Inc. Monitor arms are designed to support display screens such as computer monitors, TV, and notebooks. Monitor arm allows the user to move the monitor screen as per their convenience. Rising demand for computers for residential use is driving the market growth. According to the International Telecommunication Union (ITU), around 48% of the households across the world had computers in 2018, as compared to 46% in 2015. This upsurge is due to increasing adoption of computers for residential purpose in developing countries such as China and India. The demand for computers is anticipated to rise over the coming years owing to growing adoption of curved monitors.

Televisions are mounted on wall and ceiling using monitor arms in various commercial and residential locations. Increasing demand for television sets is also expected to fuel the demand for monitor arms. For instance, as per the data published by India Brand Equity Foundation (IBEF) in December 2019, the market size for televisions in India was USD 10.2 billion in 2019 and is expected to reach USD 14.7 billion by 2022. Furthermore, rising disposable income coupled with increasing number of internet users, is also anticipated to boost the demand for desktop computers and laptops, thereby resulting in the market growth.

Rising investments in healthcare infrastructure is also projected to positively impact the demand for monitor arms. In the healthcare sector, wall mount and ceiling mount monitor arms are preferred as they ensure enhanced performance and efficiency. Several manufacturers are focusing on providing superior quality products to reduce efforts during installations to enable smooth handling. Added features such as hidden cable arrangement and attached facility for keyboard and mouse with monitor arms are an essential factor for product differentiation.

The rising number of internet users is expected to drive the monitor arm market during the forecast period. According to ITU, in 2017, 49.0% of the world’s population had access to the internet as compared to 41.5% in 2015. This number is projected to rise over the coming years considering various initiatives taken by the government of developing economies to promote digitalization. For instance, in 2015, the government of India launched Digital India campaign in which the government’s services are provided to the citizens through improved online infrastructure.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/monitor-arm-market

Further key findings from the study suggest:

  • The healthcare segment is projected to grow at the fastest rate over the forecast period owing to increasing adoption of display technology for providing better infrastructure and service to patients
  • The office segment held the largest market share in 2019 due to the adoption of multiscreen monitors to lower the effort and increase the productivity of employees
  • North America held a market share of over 35% in terms of revenue in 2019. However, Asia Pacific is anticipated to witness a considerable growth over the forecast period owing to rising demand for computers in China and Japan along with the initiative of Indian government to promote manufacturing of personal computers
  • The monitor arm market is fragmented and is characterized by high competition with the presence of major global players such as Atdec Pty Ltd.; Ergotron, Inc.; Herman Miller, Inc.; Highgrade Tech. Co., Ltd.; and Legrand AV Inc.
  • These players are engaged in collaborations, mergers, and acquisitions to enhance their market presence and expand their product portfolios.

Spring Market Size Worth $33.3 Billion By 2027

The global spring market size is expected to reach USD 33.3 billion by 2019, registering a CAGR of 4.5% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to gain prominence over the forecast period owing consistent growth in the demand of springs from the different end-use verticals such as automotive and transportation, agriculture and forestry, and construction. Also, the adoption of heavy industrial machinery in developing countries to optimize the manufacturing process is also expected to drive the market over the forecast period.

Industrialization and trade have strengthened each other. Trade has provided access to critical industrial inputs such as raw material and updated technologies such as robotics and Computer-aided manufacturing (CAM) for countries which are incapable of producing them. Increased demand for exports has spurred technological development and industrial production. In turn, the introduction of new industrial technologies such as use of 3D printers in manufacturing has shaped the pattern of manufacturing sector and hence increasing the demand for springs from robotics as well as from manufactured products. 

Europe accounted for more than 25.0% of the global revenue generated in the market in the year 2019. Rising government investments to boost electric vehicle production/sales is anticipated to promote regional growth over the coming years. In Asia Pacific, the market is expected to witness the fastest growth over the forecast period, owing to substantial growth of manufacturing sector in countries such as China and India.

However, the market is depended on demand from its end users such as automotive and manufacturing. Therefore, the onset of financial crisis is expected to adversely impact market growth. Also, prices of raw materials such as metal and alloy have rapidly fluctuated, hampering market growth. Furthermore, the presence of a large number of domestic and international market participants has made the market highly competitive. The competitive environment in the market has forced the vendors to sell the products at low prices. This has deeply impacted the profit margins of the market players and has also restricted further research and development in the market. However, frequent adoption of new manufacturing methods, and adoption of customized products is expected to accelerate the growth of the spring market over the coming years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/spring-market

Further key findings from the report suggest:

  • The market is anticipated to witness a substantial growth, registering a CAGR of 4.5%, on account of the growing demand for spring from end use industries such as automotive and transportation, agriculture and forestry, and construction
  • By type, the helical spring segment is expected to be a key segment, exhibiting the highest CAGR over the forecast period. The primarily factor for high growth is extensive use of these springs in products and machinery in several end-use industries such as automotive and manufacturing
  • Automotive and transportation segment is expected to witness highest growth by 2027. The growth is attributed to significant demand for springs from electric vehicle OEM manufacturers across the globe
  • In 2019, the global electric vehicle fleet exceeded more than 5.0 million units from 2.0 million in 2017. Being a crucial part of all electric vehicles, spring is expected to register a considerable growth over the forecast period
  • In Asia Pacific, the spring market is projected to expand at a CAGR of over 3.0% from 2020 to 2027 owing to increased demand for spring from manufacturing, automobile, and transportation sectors in the region
  • The spring market is fragmented in nature and is dominated by companies such as GALA GROUP; Ace Wire Spring and Form Co., Inc.; Bal Seal Engineering, Inc.; Barnes Group Inc.; Jamna Auto Industries Ltd.; Rassini SAB de CV; and Sogefi SpA.s.