The global automotive composite leaf springs market is expected to grow from US$ 71.56 million in 2021 to US$ 115.24 million by 2028; it is estimated to grow at a CAGR of 7.0% during 2021-2028.

Leaf springs, a vital component of the suspension system of a vehicle, consists of several layers of leaves with graded sizes, the bigger layer being on the top of inter-joined leaves. These layers are attached directly to the frame, either at both ends or one end. Notably, composites are ideal for leaf spring applications owing to the high strength-to-weight ratio, natural frequency, and fatigue resistance. The composite material has the advantage of internal damping, leading to better vibration energy absorption, thereby reducing the transmission of vibration noise to adjoining structures. Additionally, the drastic reduction in mass offers a considerable advantage in designing and developing automobiles. The material is more durable than conventional steel spring, which provides strength to the suspension system. Implementation of flexible composite materials and high fatigue tolerance considerably enhance the life of lead spring. For instance, the collaboration of Henkel with Benteler-SGL to commercialize mass production of a lightweight, fiber-reinforced leaf spring using polyurethane-based HP-RTM process has reduced the weight of leaf spring by 65% compared to the conventional steel option. These lead springs also offer enhanced resistance to crack propagation which improves the toughness of the suspension. Currently, vehicle manufacturers are highly focusing on the use of lightweight components to reduce the vehicle's weight for improved performance and fuel efficiency. The considerable reduction in weight by replacing conventional steel springs with thinner and compact composite springs has led to a substantial rise in the demand for composite materials. Furthermore, the ongoing boom in SUVs and trucks sales worldwide has created an unprecedented need for composite spring leaves to improve vehicles' performance. For instance, China registered a 27% increase in year-on-year sales of SUVs.

Impact of COVID-19 Pandemic on Automotive Composite Leaf Springs Market

The emergence and rapid spread of SARS-CoV-2 paralyzed numerous countries. A continuous surge in the count of COVID-19 patients is threatening several industries worldwide. The COVID-19 pandemic affected economies and industries in various countries as they had to enact due to lockdowns, travel bans, and business shutdowns in 2020 to contain the spread. Since a majority of countries are exercising lockdowns, the demand for automotive composite leaf spring decreased at a prominent rate. This is due to the fact that the key automotive composite leaf spring purchasing countries have been restricting their investment in these components so that they can utilize a fair percentage of budget to combat the economic consequences of the pandemic. The temporary shutdown of manufacturing facilities also hindered the automotive composite leaf spring market growth in 2020. The continued spread of the novel coronavirus has majorly disrupted the business of the automotive composite leaf spring market players in 2021.

The automotive industry requires a significant number of human laborers. However, with the ongoing successful implementation of vaccination programs, the global automotive industry has started reopening its operations and the demand for automotive composite leaf springs is gradually rising. Thus, the overall declining trajectory in the automotive sector due to the COVID-19 pandemic is restraining the growth of the automotive composite leaf spring market. On the other hand, in current scenario, composite leaf springs are getting deployed in the premium vehicles for better performance. The development of the composite leaf spring for medium and heavy-duty vehicles is also increasing, which would create a positive outlook for the automotive composite leaf springs market in the coming years.

The overall automotive composite leaf springs market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the automotive composite leaf springs market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the automotive composite leaf springs market.

ARC Suspension; FLEX-FORM.; Heathcote Industrial Plastics; Hendrickson Holding LLC; KraussMaffei; M.W. Industries, Inc.; Muhr und Bender KG; OlgunCelik San. Tic. A.S; SGL Carbon; and Shandong Beiqi Haihua Automobile Parts Co., Ltd; and Arup are among the prominent automotive composite leaf spring market players profiled in the research study.