Global Nitrogen Gas Springs Market: Executive Summary on Trends, Latest Developments, Growth Drivers & Risks, Favourite Brands, and Regional Leaders Overview (Includes Business Impact of COVID-19)

                                          
The global nitrogen gas springs market was valued at approximately US$ 6.4 Bn in 2017 and is expected to register a CAGR of 5.8%. The report offers in-depth insights, revenue details, and other vital information regarding the global nitrogen gas springs market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global nitrogen gas springs market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global nitrogen gas springs market is segmented on the basis of form type, application, and region.


Nitrogen gas spring is a type of spring comprising a precision rod/shaft attached to a piston moving within a sealed cylinder, in which nitrogen gas is filled at high pressure. The gas pressure acts on the piston inside the cylinder and provides resistant force.


Standard of living and growing aging population is on the rise. The global geriatric populace is increasing at a relatively rapid pace, and demand for movement supported/assisted and automated systems in vehicles and other aspects of daily life such as for automatic opening and closing cabinets, doors, positioning beds, recliners, seats etc. is expected to increase, in turn boosting growth of the global nitrogen gas springs market to a significant extent in future. In addition, motor vehicle production, demand, and technological advancements have been witnessing steady and rapid growth over the past few years, which is anticipated to drive demand for nitrogen gas springs to a significant extent in future. Moreover, nitrogen is abundantly available, low cost, and exhibits various usable properties for use in gas springs, which cannot ideally be realized when using other types and materials for this application. These are other factors expected to fuel the global market growth over forecast period.

Nitrogen gas spring find application across various industries such as automotive, manufacturing, and healthcare sectors. Nitrogen gas springs can be used in vehicles, furniture such as in office chairs, beds, cabinets, kitchen shelves, etc. in order to provide ease of handling and are efficient for lifting, supporting, and motion control of bonnets, hatches, doors, lids etc. However, prime application areas include automotive and industrial. Large tools are used for manufacturing complex parts, and such tasks require springs in order to deliver consistent pressure and repeatable force. Hence, nitrogen gas springs find wide application in metal stamping machines, drilling machines, push-and-pull vehicles, railcars etc. In addition, nitrogen gas spring are used in robot arms for smooth lifting and motion control during tasks performed by robots or automated equipment and systems.

However, vast amount of energy is discharged if not used efficiently which could restrain market growth. There is approx. 300 bar pressure inside a nitrogen gas spring system. Misusing or mishandling of nitrogen gas springs can lead to potentially dangerous bursts that can cause the rod to eject up to 1,500 feet, reaching more than 200 miles per hour and cause serious injuries.

With the increasing e-commerce acceptance rising in Asia Pacific market, various vendors are increasingly focusing on introducing online platform to boost sales, and cater to rising demand for various products in countries in the region. Various players are increasing focus on countries in Asia Pacific market, primarily to meet the growing demand for nitrogen gas spring driven by increasing usage and production of motor vehicles and industrialization, besides availability of comparatively lower raw materials and labor costs in the region. Benefits such as easy access online to product information and catalogs to gain insights and awareness regarding product specifications and performance and other properties, as well as discounts and no need to physically visit an outlet for purchases clubbed with door delivery are factors giving rise to this trend. Moreover, use of various base materials -apart from steel and alloys -such as Titanium in order to expand application areas and enter into more niche markets such as healthcare, racing yachts, motorsports, and defense categories, will create more potential revenue opportunities for players in the target market. Titanium compression gas springs weigh approximately a third less than a stainless steel counterpart, and also offer significantly higher strength and durability. This can represent lucrative opportunities for various manufacturers operating in the global nitrogen gas springs market in future.

Market Analysis by Type:


On the basis of type, super compact segment is expected to contribute major revenue share in the global nitrogen gas springs market. The micro segment is expected to witness highest CAGR of over 6%, in terms of revenue over the forecast period, owing to its various advantages such as small size and low force. The small size reduces the surface area required, as well as reduces the height of end product.

Super compact gas springs are ideal for applications that require high force and short stroke lengths, including absorbing break through and flanging q Factors contributing to rising demand is due to the fact that the super compact gas spring combines the convenience of a self-contained gas spring with the increased on-contact force and shorter body height of a bore seal cylinder.

Market Analysis by Application:

Among the application segments, electronics segment is expected to register highest CAGR of over 8%, owing to variety of applications in the electronics industry. They are used in semi-conductor manufacturing, gaming machines, ATM machines, printing industries or printing equipment, communications equipment, broadband equipment, electronic sensors, lift assist for electrical components etc.

The automotive segment dominates the global nitrogen gas spring market in terms of revenue contribution, and is expected to continue its dominance during the forecast period. A key factor contributing to this growth is wide and growing application of nitrogen gas spring in the automotive industry.

Market Analysis by Region/Country:

The US market is expected to dominate the global nitrogen gas springs market, and is expected to account for largest market revenue share of approximately US$ 3 Bn in 2020, as compared to that of markets in other regions. Dominance by the US market is expected to continue over the forecast period. Driving factors for growth of this market include presence of key players in the region such as Barnes Group Inc. (Hyson & Kaller), and DADCO, Inc.
China market is expected to witness the highest CAGR growth of over 6% in the global nitrogen gas springs market during the forecast period, owing to availability of a large number of suppliers in the country. In addition, nitrogen gas springs are widely used in various sectors such as automotive, die industry etc., and also adoption of nitrogen gas springs for stamping applications has been increasing significantly.

Europe is also expected to register significant growth in the global nitrogen gas springs market, and is expected to grow at a CAGR of around 5% owing to growing automobile industry in countries in the region.
Market Segmentation of Global Nitrogen Gas Springs Market:

Segmentation by type:

  
Standard
  
Compact
  
Super Compact
  
Micro

Segmentation by application:

  
Automotive
  
Die Industry
  
Electronics
  
Others (Furniture, medical, ships etc.)

Key Market Players included in the report: Global Nitrogen Gas Springs Market

  
Shanxi Hongte Coal Chemical Co. Ltd.
  
Fangda Carbon New Material Co., Ltd.
  
Shanxi Meijin Energy Co., Ltd.
  
Jinzhou Petrochemical Co., Ltd.
  
Baotailong New Materials Co., Ltd.
  
Sinosteel Corporation
  
Indian Oil Corporation Limited
  
ConocoPhillips Company
  
C-Chem Co., Ltd.
  
Seadrift Coke, L.P.
  
JXTG Holdings, Inc.
  
Sumitomo Corporation
  
Mitsubishi Chemical Holdings Corporation

Key Insights Covered: Global Nitrogen Gas Springs Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Nitrogen Gas Springs industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Nitrogen Gas Springs industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Nitrogen Gas Springs industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Nitrogen Gas Springs industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Nitrogen Gas Springs industry.

Research Methodology: Global Nitrogen Gas Springs Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.