This market report, from Stratview Research, studies the composite suspension components market in the global automotive industry over the trend period of 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Composite Suspension Components Market in the Global Automotive Industry: Highlights

Composite suspension components offer several benefits over steel components, such as lightweight, high durability, better vibration energy absorption, and excellent fatigue resistance. For example, composite leaf spring is up to five times more durable than that of a similarly sized steel leaf springs at just the 1/7th weight.

As per Stratview Research, the global composite suspension components market is still at a nascent stage but possesses significant growth potential over the next five years to reach US$ 100 million in 2023. Organic growth of automobile production, growing preference for composite components in passenger and light commercial vehicles, development of new composite suspension applications, advancement in the composites technology, and stringent government regulations regarding fuel efficiency and carbon emission reductions are the major factors that are burgeoning the demand for composite suspension components in the automotive industry.

Based on the component type, composite leaf spring is expected to remain the largest segment of the global automotive suspension components market during the forecast period. It is mainly used in passenger cars and light commercial vehicles. Pickup, Van, and SUVs are the major vehicle types that are using composite leaf springs on either transversal or longitudinal position depending on requirements, vehicle design, etc.

LCV currently dominates the global automotive composite suspension components market because of higher usage of composite leaf springs in LCVs. The passenger car segment is projected to witness the highest growth during the forecast period, driven by increasing usage of leaf springs and coil springs.


In terms of region, Europe is expected to remain the largest market for composite suspension components in the automotive industry over the next five years, driven by higher usage of composite leaf springs in LCVs. North America and Asia-Pacific are likely to witness higher growth rates in the same period, driven by a host of factors including a gradual shift of assembly plants of OEMs in these regions, increasing penetration of composite leaf springs, and market entry of local composite leaf spring manufacturers.


As per the study, the global automotive composite suspension components market is highly consolidated with the presence of less than a dozen global players. The key manufacturers are Liteflex LLC, IFC Composite GmbH, Benteler-SGL, and Sogefi Group. New product development, capacity expansion, and process optimization are the key strategies adopted by the major players to gain a competitive edge in the market.