The global automotive industry is undergoing significant transformations driven by economic and technological changes.

Despite challenges like inflation, raw material price hikes, and semiconductor shortages, the market remains resilient. Valued at USD 4070.19 billion in 2023, it is expected to exceed USD 6678.28 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.66%.

 

An overview of the automotive industry: opportunities and challenges worldwide

Growth Drivers

• Public Transport Investment: Enhancing infrastructure boosts vehicle use.
• Emerging Market Demand: Rising middle-income groups in India, China, and Africa increase demand for affordable cars.

Constraints

• Environmental Impact: Pressure to reduce environmental footprint.
• Component Price Fluctuations: Volatile raw material prices affect production.

Opportunities

• Electric Vehicles: Growing interest due to environmental awareness and rising fuel prices.

Challenges

• Raw Material Prices: Increasing costs of steel, rubber, glass, and plastic.
• Economic Uncertainty: Fluctuations in consumer income and economic health.
• Innovation Costs: Technological advancements increase production costs.

Regional Insights

• North America: U.S. growth driven by safety technology and government initiatives.
• Asia-Pacific: China leads, with significant growth in India and Japan. India’s market, valued at USD 108.10 billion in 2022, is expected to reach USD 217.90 billion by 2031, driven by urbanization and a growing middle class.

Vehicle Suspension and Valve Springs Market

The global automotive suspension market, estimated at USD 47.2 billion in 2023, is expected to reach USD 65.2 billion by 2030, growing at a CAGR of 4.7%. The U.S. market is significant at USD 12.5 billion, while China is forecast to grow at a CAGR of 6.9%.

The valve springs market, crucial for internal combustion engines (ICEs), is poised for growth, driven by ongoing use in ICEs, hybrids, and hydrogen engines. The market must adapt by focusing on high-performance and specialized applications.

While the shift to electric vehicles may reduce long-term demand for traditional valve springs, ongoing advancements in ICE technology and the rise of hybrid and hydrogen engines will sustain demand.

The induction tempering process in suspensions and valve springs production

Induction tempering is a vital process in manufacturing vehicle suspensions and valve springs, as it precisely controls heating and cooling, resulting in components with optimal mechanical properties, such as strength and durability. Even in electric vehicles, where suspensions are still essential, the need to incorporate more electronics has driven the demand for components that are lighter and more compact. Induction treatment ensures that suspension springs can withstand high stress and fatigue, even with new, lighter designs.

The IT line from Mario Frigerio is renowned among spring wire and automotive wire manufacturers for its exceptional capacity, flexibility, and efficiency during the austenitizing, holding, tempering, active holding, and quenching processes.

In the past, MFL Group partnered with furnace manufacturers for oil-tempered wire production. However, the company has since advanced its technology by integrating induction processing into its state-of-the-art lines. This environmentally friendly technology eliminates the need for oil tanks, all while upholding consistent quality standards and enhancing productivity levels.

In these production lines, MFL Group collaborates with shot blasting suppliers, Eddy current testing manufacturers, and induction furnace manufacturers. While the core of the line comprises furnaces and quenching, MFL Group supplies all necessary machinery for preparing the defect-free rod and handling the wire throughout the entire process.

With an impressive productivity range of 500 kg/h to 3000 kg/h and a wire range from 6.00 up to 21.00 mm, MFL Group induction tempering lines are ideal for different wire sizes. The computerized setup allows for easy adjustments for each diameter, providing high flexibility and fast set-up. Additionally, the line ensures top-quality wire thanks to automatic line threading and minimization of scratches. The first section of line can adjust incoming wire that is out of tolerance, 100% controlled by in-line wire defect control systems.
We have operating lines in China, India, the US, and Italy, with additional lines under discussion in recent months.

Final considerations about future developments

While concerns persist about the future of the valve springs market, the latest trends, as indicated in the report above, continue to justify investment in valve spring production lines.

For instance, solutions like Nissan E-Power, which incorporate combustion engines in hybrid cars, suggest that gasoline will remain relevant for the foreseeable future.

In light of this, the MFL Group is actively exploring the feasibility of implementing induction technology for the production of fine, multiple wire valve spring lines. This strategic initiative aims to uphold the continued relevance and efficiency of these components within the dynamic automotive industry.

 

Author: Martino Castelli, Area Manager (Wire and Rope Division)

Sources

Automotive Industry Size Projected to Exceed USD 6678.28 Billion by 2032 with a Notable CAGR of Over 5.66% (towardsautomotive.com)

Global Automotive Industry Outlook, Size & Share, 2024 (marketsandmarkets.com)

India Automotive Market Share | Industry Report, 2030 (skyquestt.com)

Automotive Engine Valve Spring Market Size, Share, Trends, Growth, Outlook, and Insights Report, 2023- Industry Forecasts by Type, Application, Segments, Countries, and Companies, 2018- 2030 (marketresearch.com)

Automotive Suspension (marketresearch.com)