Indonesia: Steel Spring Market 2022

Steel Spring Market Size in Indonesia

The Indonesian steel spring market rose remarkably to $X in 2021, with an increase of 6.5% against the previous year. Over the period under review, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -14.9% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Steel Spring Production in Indonesia

In value terms, steel spring production reached $X in 2021 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.5% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 21%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Steel Spring Exports

Exports from Indonesia

In 2021, after two years of decline, there was significant growth in overseas shipments of steel springs and leaves for springs, when their volume increased by 51% to X tons. In general, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached 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 +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for steel spring exports from Indonesia, accounting for a 45% share of total exports. Moreover, steel spring exports to Japan exceeded the volume sent to the second major destination, Thailand (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+28.2% per year) and the United States (+29.6% per year).

In value terms, Japan ($X) remains the key foreign market for steel spring exports from Indonesia, comprising 45% of total exports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total exports. It was followed by the United States, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+18.0% per year) and the United States (+30.8% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price, however, continues to indicate a noticeable reduction. The growth pace was the most rapid in 2016 when the average export price increased by 7.7%. Over the period under review, the average export prices attained the peak figure 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 for the major foreign markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+0.9%), while the prices for the other major destinations experienced mixed trend patterns.

Steel Spring Imports

Imports into Indonesia

In 2021, purchases abroad of steel springs and leaves for springs increased by 33% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, continue to indicate a abrupt curtailment. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, steel spring imports soared to $X in 2021. Over the period under review, imports, however, showed a perceptible setback. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and Thailand (X tons) were the main suppliers of steel spring imports to Indonesia, with a combined 74% share of total imports. These countries were followed by India, Australia, Malaysia, France, Italy, Romania and Singapore, which together accounted for a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +51.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel spring suppliers to Indonesia were Japan ($X), Thailand ($X) and China ($X), with a combined 74% share of total imports. These countries were followed by Australia, India, Singapore, Malaysia, Romania, Italy and France, which together accounted for a further 10%.

Romania, with a CAGR of +41.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, growing by 42% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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