Automotive sector across the globe is witnessing rapid development, with the changing government regulation, and rising passenger vehicle sale in developing countries demand for clutches is increasing which is further increasing demand for springs this is major factor expected to drive the growth of global clutch spring wires market.
In addition, increasing investment by major players for product development activities and manufacturers approach towards enhancing the driving experience are factors expected to support the growth of target market. Manufacturers are focused in enhanced transmission system; increasing R&D activities and deployment of dual clutch technology in the vehicles for better fuel efficiency is increasing the demand for springs. Factor such as high presence of manufacturers operating in developing countries and focus on development of product with different material this factor is responsible to support the revenue transaction of the market.
Major players approach towards strategic acquisition and partnership in order to increase the business presence and customer base is another factors expected to impact the growth of clutch spring wires market.
In 2020, Suzuki Garphyttan Group a leader in supplying advanced spring wire products in collaboration with Nippon Steel SG Wire extended the OTEVA SC and KD product portfolio. This is expected to help the company to enhance the business and increase the customer base.
In 2016, the company established a green field production plant in San José Iturbide in the state of Guanajuato, Mexico the plant size is 13,000 m2 with the possibility for future expansion. This is expected to help the company to enhance the business overseas.
In 2020, N.V. Bekaert S.A. a technology leader in steel wire transformation and coatings partnered with Almasa in order to cater the Columbia market. The partnership is focused on combining expertise and resources in offering existing and new steel wire products and solutions to the market. This is expected to help the company to increase the revenue.
Developing business policies by the government is resulting in emergence of small and mid-size enterprises with enhanced solution is expected to boost the growth of global market.
Factors such as increasing electric vehicle sale across the globe and fluctuating raw material prices are expected to hamper the growth of global clutch spring wires market. In addition, high competition and low profit margin is expected to challenge the growth of clutch spring wires market.
High investment for product development and increasing vehicle sale is expected to create new opportunities for players operating in the global market. In addition, players focus on shifting the manufacturing unit to developing countries due to easy availability of raw material and low cost labor is expected to support the future growth of clutch spring wires market.
Segment Analysis by Region
Asia Pacific is expected to witness faster growth in the clutch spring wires market due to increasing passenger vehicle sale in the country such as China and India. In addition, increasing partnership and agreement activities by major players in order to enhance the business presence is expected to support the growth of regional market.
The developing automotive regulatory scenario and government focus on enhancing the regional manufacturing capabilities is expected to augment the growth of target market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
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Market
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Global Clutch Spring Wires Market
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Analysis Period
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2016 – 2027
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Base Year
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2019
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Forecast Data
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2020 – 2027
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Market Stratification
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Material Type, Spring Type, Vehicle Type, and Geography
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Regional Scope
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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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Clutch Spring Wires Market Segment Analysis, 2019
The global clutch spring wires market is segmented into material type, spring type, and vehicle type. The material type segment is bifurcated into stainless steel, alloy steel, aluminium, and others. Among the material type the aluminium segment is expected to account for major revenue share in the target segment. The vehicle type segment is divided into passenger vehicle and commercial vehicle. Among the spring type the central spring segment is expected to account for moderate revenue share in target market.
The players profiled in the report are Suzuki Garphyttan, KIS Wire, Kobe Steel, Ltd., POSCO, Haina Special Steel, American Spring Wire Corporation, Pengg Austria GmbH, Nippon Steel SG Wire Co., Ltd., Neturen America Corporation, China Baowu Steel Group Corp., Ltd., Zhengzhou Sinosteel, and N.V. Bekaert S.A.
Market Segmentation
Market By Material Type
Stainless Steel
Alloy Steel
Aluminium
Others
Market By Spring Type
Diaphragm Spring
Central Spring
Others
Market By Vehicle Type
Passenger Car
Commercial Vehicle
Market By Region
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
