Springs are a common part of everyday life: They are found in construction equipment, sporting goods, toys, cars, electronics, bikes, and even pens.
It’s this wide-reaching demand that makes them so unique. Instead of being tied to the ups and downs of a single industry or sector, springs transcend boundaries, and they are a common part of just about everyone’s daily life.
That’s why we found this Wire Spring Industry Snap Shot from HighBeam Business so interesting. As the report notes, “The output of the wire springs industry is widely dispersed across industry and sector lines,” and it’s this versatility that makes the demand for spring manufacturing an excellent barometer for just how well the economy is performing
If you need some convincing, check out some of these statistics:
In 2008, the wire springs industry shipped $2.48 billion in products
In 2009, as the economy took a downturn, the totally number of wire springs products shipped dipped to $2.38 billion
In 2010, that number continued its free fall, falling to $1.79 billion
In 2012, according to Spring Manufacturing Institute, the industry saw an average growth in sales of 7.2% from the year before.
In the above example, it can be concluded that the drop in demand for wire springs is tied to a drop in production across many of the nation’s top industries. People were consuming less: They weren’t building homes, buying cars, or purchasing non-essential items. And because all those industries used springs, the demand for springs was also reduced. It was not until the economy started to see an upward swing in 2012 when this trend was reversed.
Now as the economy continues to rebound, with the housing and automobile industries experiencing tons of positive momentum, the demand for springs is reflecting this growth. In fact, here at Master Spring, we’ve been so busy, it’s hard to predict anything but a bright future.