Eastern Asia: Steel Spring Market 2024

Steel Spring Market Size in Eastern Asia

The East Asian steel spring market contracted slightly to $X in 2022, stabilizing at the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Steel Spring Production in Eastern Asia

In value terms, steel spring production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Steel Spring Exports

Exports in Eastern Asia

After five years of growth, shipments abroad of steel springs and leaves for springs decreased by X% to X tons in 2022. Total exports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then contracted in the following year.

In value terms, steel spring exports contracted modestly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then dropped modestly in the following year.

Exports by Country

China prevails in exports structure, amounting to X tons, which was near X% of total exports in 2022. It was distantly followed by Japan (X tons), achieving a X% share of total exports. The following exporters - South Korea (X tons) and Taiwan (Chinese) (X tons) - together made up X% of total exports.

China was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of X% from 2012 to 2022. Taiwan (Chinese) and South Korea experienced a relatively flat trend pattern. Japan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel spring supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China stood at X%. In the other countries, the average annual rates were as follows: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, continues to indicate a slight decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in Eastern Asia

Steel spring imports declined to X tons in 2022, waning by X% compared with the year before. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, steel spring imports reduced to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Japan (X tons) and China (X tons) represented the major importers of steel springs and leaves for springs in Eastern Asia, together accounting for near X% of total imports. South Korea (X tons) ranks next in terms of the total imports with a X% share, followed by Taiwan (Chinese) (X%). The following importers - Democratic People's Republic of Korea (X tons) and Hong Kong SAR (X tons) - each finished at a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Democratic People's Republic of Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported steel springs and leaves for springs in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by South Korea, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Japan (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, which is down by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of X%. The level of import peaked at $X per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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