Canada: Steel Spring Market 2022

Steel Spring Market Size in Canada

The Canadian steel spring market stood at $X in 2021, surging by 5.7% against the previous year. Overall, the total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +11.5% against 2019 indices. Steel spring consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Steel Spring Production in Canada

In value terms, steel spring production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed buoyant growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 247% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports from Canada

In 2021, shipments abroad of steel springs and leaves for springs was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 26% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, steel spring exports rose sharply to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 29% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from Canada, with a 91% share of total exports. It was followed by Germany (X tons), with a 2.2% share of total exports. China (X tons) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+11.4% per year) and China (+15.1% per year).

In value terms, the United States ($X) remains the key foreign market for steel spring exports from Canada, comprising 80% of total exports. The second position in the ranking was held by Germany ($X), with a 6% share of total exports. It was followed by China, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+13.1% per year) and China (+16.3% per year).

Export Prices by Country

The average steel spring export price stood at $X per ton in 2021, waning by -5.8% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 4.9% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Canada

After three years of decline, purchases abroad of steel springs and leaves for springs increased by 26% to X tons in 2021. Overall, imports, however, continue to indicate a perceptible decline. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, steel spring imports soared to $X in 2021. Over the period under review, imports, however, saw a mild shrinkage. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Mexico (X tons) were the main suppliers of steel spring imports to Canada, together comprising 92% of total imports.

From 2012 to 2021, the biggest increases were in Mexico (with a CAGR of +26.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) constituted the largest supplier of steel spring to Canada, comprising 53% of total imports. The second position in the ranking was held by China ($X), with a 24% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.7% per year) and Mexico (+18.8% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, growing by 1.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2015 an increase of 28%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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