The spring coiling machine market is anticipated to show steady growth during the forecast period.
A spring coiling machine is specialized equipment that automates the process of winding metal wires into the desired spring shapes. The machine typically consists of a precision feeding system and features multiple axes of movement to produce different types of springs, such as torsion springs, compression springs, and tension springs. Its high precision, speed, and repeatability make it an indispensable tool in industries such as automotive, aerospace, electronics, and medical. The increasing number of manufacturing facilities, coupled with growth in end-users, is driving the spring coiling machine market growth.
Electronic manufacturing frequently involves the production of a wide range of devices, from small components to complex circuit boards, and a spring coiling machine plays an essential tool in this process. These machines help to efficiently produce springs used in electronics and can create springs of varying shapes and sizes using their precise coiling capability, reaching the precise requirements of electronic devices. The rising demand for electronic devices created a need for more production facilities, thus increasing the establishment of new electronics manufacturing facilities, which positively accelerated the spring coiling machine market growth. For instance, according to the United States Bureau of Labor Statistics data, there were 25,366 establishments of electronic manufacturing in the 2nd quarter of 2023, an increase of 1,032 units compared to the 3rd quarter of 2022.
The spring coiling machine is essential in automotive manufacturing plants as it allows manufacturers to create high-quality springs that are used in various vehicle components. The machine can generate a variety of springs, including compression, extension, and torsion springs, ensuring accurate formation and consistency. The rising global demand for vehicles, driven by increasing population and urbanization, accelerated the spring coiling machine market growth. For instance, in June 2023, Ford announced the launch of the Cologne Electric Vehicle Center, a high-tech production facility in Germany with a $2 billion investment to produce the company's next generation of electric passenger vehicles for millions of European customers. Additionally, in March 2023, Stellantis announced the investment of more than €130 million in the Eisenach Assembly Plant in Germany, which manufactures the Opel Grandland compact SUV, to expand production of the BEV successor vehicle.
Spring coiling machines are widely utilized in medical equipment manufacturing, such as ventilators and autoinjectors, as these machines are designed to efficiently and precisely coil springs, which are essential components in autoinjectors. Springs play a crucial role in autoinjectors as they provide the necessary force to activate the device and inject medication into a patient's body. The increasing investments in new medical equipment manufacturing units drive the spring coiling machine market growth. For instance, in July 2022, SHL Medical announced its plans for a new manufacturing site in the United States, with an initial investment of $90 million, in response to growing consumer demand for its autoinjector product line.
Asia Pacific is projected to account for a significant share of the spring coiling machine market due to the favorable investments in the establishment of manufacturing units in the region. For instance, in May 2023, Terumo Corporation announced the building of a new manufacturing facility for the Medical Care Solutions Company on the premises of the Kofu Factory in Yamanashi, Japan, with a total investment of 52.2 billion JPY, and construction will be completed by fiscal year 2025. Additionally, in March 2022, Hyundai Motor Company opened Hyundai Motor Manufacturing Indonesia, its first factory in Southeast Asia, at the Deltamas industrial complex in Indonesia, with a USD 1.55 billion investment and a production capacity of 250,000 units.
Overheating can occur in spring coiling machines when the machine is used for an extended period of time or when the cooling system collapses. Heating issues may affect their productivity and longevity, and a rise in temperature during the coiling process can result in material defects. This may limit the adoption of spring coiling machines in numerous sectors, affecting the market growth.
| Report Metric | Details |
|---|---|
| Growth Rate | CAGR during the forecast period |
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Segmentation | Type, Spring Type, End-User, Geography |
| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies |
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