China: Steel Spring Market 2022

Steel Spring Market Size in China

In 2021, after three years of growth, there was decline in the Chinese steel spring market, when its value decreased by -4.8% to $X. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Steel spring consumption peaked at $X in 2020, and then reduced slightly in the following year.

Steel Spring Production in China

In value terms, steel spring production declined modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +3.5% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 21% against the previous year. Steel spring production peaked at $X in 2020, and then fell in the following year.

Steel Spring Exports

Exports from China

In 2021, overseas shipments of steel springs and leaves for springs increased by 32% to X tons, rising for the fifth consecutive year after two years of decline. Overall, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +83.9% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel spring exports skyrocketed to $X in 2021. Over the period under review, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +10.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +93.8% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from China, accounting for a 22% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. The third position in this ranking was taken by Thailand (X tons), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+19.3% per year) and Thailand (+5.7% per year).

In value terms, the United States ($X) remains the key foreign market for steel spring exports from China, comprising 17% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 8% share of total exports. It was followed by Malaysia, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+25.2% per year) and Malaysia (+14.6% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, picking up by 1.9% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2014 an increase of 12% against the previous year. The export price peaked at $X per ton in 2015; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Nigeria ($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 Malaysia (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into China

In 2021, purchases abroad of steel springs and leaves for springs increased by 8.7% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 16%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, steel spring imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of steel spring imports to China, together comprising 57% of total imports. South Africa, the United States, Taiwan (Chinese), Hungary, the UK, Romania, Canada, France, Italy and Spain lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were in Romania (with a CAGR of +48.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and the United States ($X) constituted the largest steel spring suppliers to China, with a combined 63% share of total imports. These countries were followed by South Korea, Taiwan (Chinese), France, the UK, Italy, Spain, Canada, Hungary, Romania and South Africa, which together accounted for a further 26%.

Romania, with a CAGR of +40.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average steel spring import price amounted to $X per ton, growing by 10% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 14%. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

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 ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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