Asia: Steel Spring Market 2022

Steel Spring Market Size in Asia

The Asian steel spring market reached $X in 2021, approximately reflecting the previous year. The market value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Production in Asia

In value terms, steel spring production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2016 with an increase of 14% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Steel Spring Exports

Exports in Asia

In 2021, after two years of decline, there was significant growth in shipments abroad of steel springs and leaves for springs, when their volume increased by 31% to X tons. The total export volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring exports surged to $X in 2021. The total export value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, finishing at X tons, which was near 54% of total exports in 2021. Turkey (X tons) held the second position in the ranking, followed by Indonesia (X tons), India (X tons) and Japan (X tons). All these countries together held near 32% share of total exports. The following exporters - Thailand (X tons) and South Korea (X tons) - each amounted to a 5.6% share of total exports.

China was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of +8.2% from 2012 to 2021. At the same time, Indonesia (+6.1%), India (+5.6%) and Turkey (+1.1%) displayed positive paces of growth. By contrast, Thailand (-2.5%), Japan (-2.8%) and South Korea (-2.9%) illustrated a downward trend over the same period. China (+15 p.p.) significantly strengthened its position in terms of the total exports, while South Korea, Thailand, Turkey and Japan saw its share reduced by -2.3%, -2.5%, -3.2% and -5.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest steel spring supplying countries in Asia were China ($X), Japan ($X) and Turkey ($X), together comprising 68% of total exports.

China, with a CAGR of +10.0%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, stabilizing at the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 5.6% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Japan ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.5%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in Asia

In 2021, purchases abroad of steel springs and leaves for springs increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of steel spring imports in 2021 were China (X tons), Thailand (X tons) and Japan (X tons), together recording 35% of total import. India (X tons) took a 6.1% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (6%), Malaysia (5.6%), Vietnam (5.4%), the United Arab Emirates (4.8%) and Turkey (4.7%). The following importers - Singapore (X tons), Saudi Arabia (X tons), Kazakhstan (X tons) and Taiwan (Chinese) (X tons) - together made up 12% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +12.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported steel springs and leaves for springs in Asia, comprising 32% of total imports. The second position in the ranking was held by Thailand ($X), with a 9.4% share of total imports. It was followed by India, with a 7.5% share.

In China, steel spring imports increased at an average annual rate of +1.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+0.5% per year) and India (+8.9% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, surging by 5.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 8.7% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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