India: Steel Spring Market 2024

Steel Spring Market Size in India

The Indian steel spring market was finally on the rise to reach $X in 2022, after six years of decline. Overall, consumption, however, showed a drastic downturn. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Steel Spring Production in India

In value terms, steel spring production shrank to $X in 2022 estimated in export price. Over the period under review, production saw a deep slump. The growth pace was the most rapid in 2015 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Steel Spring Exports

Exports from India

Steel spring exports from India shrank to X tons in 2022, waning by X% compared with 2021 figures. Overall, exports, however, continue to indicate a perceptible increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, steel spring exports fell slightly to $X in 2022. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its value 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 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then reduced slightly in the following year.

Exports by Country

The United States (X tons), the Netherlands (X tons) and the United Arab Emirates (X tons) were the main destinations of steel spring exports from India, with a combined X% share of total exports. Australia, the UK, Poland, Germany, Nepal, Belgium, Saudi Arabia, Canada, South Africa and Italy lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nepal (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for steel springs and leaves for springs exports from India, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average steel spring export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into India

In 2022, overseas purchases of steel springs and leaves for springs increased by X% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, steel spring imports reached $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Germany (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of steel spring imports to India, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel spring suppliers to India were Germany ($X), China ($X) and the United States ($X), with a combined X% share of total imports. Japan, South Korea, the UK, Thailand, Italy, France, Sweden, Indonesia, Belgium and Spain lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Indonesia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel spring import price amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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