Automotive Composite Leaf Springs Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The automotive composite leaf springs market size is projected to reach US$ 151.4 million by 2031 from US$ 80.43 million in 2023. The market is expected to register a CAGR of 8.2% during 2023–2031. Continuous improvement in composite materials is likely to remain a key trend in the market.

Automotive Composite Leaf Springs Market Analysis

The rise in demand for composite materials in the manufacturing of components in automotive sector is expected to propel the market growth during the analyzed timeframe. In addition, increasing sales of commercial and passenger vehicles such as SUVs and light-duty trucks across the globe are projected to boost the automotive composite leaf springs market growth during the analyzed timeframe. Moreover, integration and rising adoption of composite material in electric vehicles is expected to create opportunities for the companies operating in the automotive composite leaf springs market from 2023 to 2031.

Automotive Composite Leaf Springs Market Overview

The automotive composite leaf spring market ecosystem comprises the following stakeholders – raw material suppliers, composite leaf spring manufacturers, OEMs, and end users. The raw material suppliers provide the composite material, such as Polymer Matrix Composite, Carbon Fiber Reinforced Plastic, and epoxy-based composite, required to manufacture the composite leaf spring for automobiles. The expansion of the auto industry has led to various composites suppliers, such as TPI Composites, collaborating with automakers and automotive component manufacturers. The automotive composite lead spring manufacturers are engaged in various processes, such as designing, assembling, and production, to transform the raw composite material into finished products. Muhr und Bender KG, KraussMaffei, and SGL Carbon are some of the leading automotive composite leaf spring manufacturers. These companies are offering high-quality composite leaf springs to OEMs, such as BMW, Daimler, Volvo, and Ford Motor Company, which finally install the product during the production of vehicles. The end-users are a large number of customers, ranging from personal vehicle buyers to large fleet operators.

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Automotive Composite Leaf Springs Market Drivers and Opportunities

Rising Demand for Composite Materials in the Automotive Sector to Favor Market

The advantages of composite leaf springs over traditional leaf springs are driving their adoption in the automotive industry. They are approximately 70% lighter than steel springs, thinner and more compact, as well as durable and load resistant. In addition, they allow greater flexibility in design and have excellent driving characteristics. Composite leaf springs also provide improved shock absorber performance in vehicles, driving their adoption among vehicle manufacturers focused on effective load-balancing solutions. For example, Hexcel has developed advanced composite-based leaf springs that help pickup trucks manage cargo effectively. The new composite leaf springs offered by the company help reduce the overall weight of pickup trucks by approximately 45 pounds per vehicle. Increasing focus on the use of lightweight composite materials in automotive applications is expected to drive market growth during the forecast period. In addition, a rise in focus towards improving the performance and efficiency of vehicles by minimizing the weight is anticipated to boost the market growth from 2023 to 2031.

Integration of Composite Materials in Electric Vehicles

Electric vehicles represent an emerging trend in the automotive industry, as consumers and governments are strongly leaning towards green energy consumption in various applications. Electric vehicles account for a smaller share of the overall vehicle market but are experiencing a higher growth rate than fuel-based vehicles. Electric vehicle manufacturers are using composite materials to reduce vehicle weight as batteries. This helps them compensate for the additional weight of the batteries, which become bulkier over time, to increase the vehicle's range. Aura, a new all-electric two-seater concept sports car unveiled in September 2021, was developed using natural fiber composite materials that help reduce vehicle weight and make manufacturing processes more sustainable. Additionally, a group of researchers in India published a study on composite leaf springs for electric vehicles to reduce noise, vibration and harshness. Accordingly, the composite leaf springs are characterized by a 40% lower weight, a 76.39% lower stress concentration, and a 50% lower deformation than steel stepped leaf springs.

Automotive Composite Leaf Springs Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive composite leaf springs market analysis are installation type, location type, process type, and vehicle type

• Based on installation type, the automotive composite leaf springs market is divided into transversal and longitudinal. The transversal segment held the largest market share in 2023.
• By location type, the market is segmented into front leaf springs and rear leaf springs. The rear leaf spring segment held the largest share of the market in 2023.
• In terms of process type, the market is bifurcated into high-pressure resin transfer molding process, prepreg layup process, and others. The high-pressure resin transfer molding segments held a significant share of the market in 2023.
• By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and medium and heavy-duty vehicles. The passenger car segment held the largest share of the market in 2023.

Automotive Composite Leaf Springs Market Share Analysis by Geography

The geographic scope of the automotive composite leaf springs market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The scope of the automotive composite leaf springs market report encompasses North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, Spain, the UK, and Rest of Europe), Asia Pacific (China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South America (Brazil, Argentina, and the Rest of South America). In terms of revenue, Europe dominated the automotive composite leaf springs market share in 2023. Asia Pacific was the second-largest revenue contributor to the global automotive composite leaf springs market, followed by North America.

Automotive Composite Leaf Springs Market Regional Insights

The regional trends and factors influencing the Automotive Composite Leaf Springs Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Composite Leaf Springs Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Composite Leaf Springs Market Report Scope

Automotive Composite Leaf Springs Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Composite Leaf Springs Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Composite Leaf Springs Market are:

1. Hendrickson Holding LLC
2. Flex-Form
3. KraussMaffei
4. Muhr und Bender KG
5. Olgun Celik A.S.
6. SGL Carbon S.E.

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Composite Leaf Springs Market News and Recent Developments

The automotive composite leaf springs market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive composite leaf springs market are listed below:

• Bcomp (sustainable lightweight company) announced the application of natural fiber composite technology named ampliTex in the new Volvo EX30. (Source: Bcomp, Press Release, June 2023)
• Hexion, Inc. partnered with Rassini. This partnership aimed at the use of the EPIKOTE epoxy resin system for composite leaf spring application in the new Ford F-150 model. (Source: Hexion, Inc., Press Release, June 2021)

Automotive Composite Leaf Springs Market Report Coverage and Deliverables

The “Automotive Composite Leaf Springs Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive composite leaf springs market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive composite leaf springs market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Automotive composite leaf springs market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive composite leaf springs market
• Detailed company profiles