Japan: Steel Spring Market 2022

Steel Spring Market Size in Japan

The Japanese steel spring market reached $X in 2021, approximately reflecting the previous year. In general, consumption, however, recorded a noticeable descent. The growth pace was the most rapid in 2016 with an increase of 7.2% against the previous year. Steel spring consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Steel Spring Production in Japan

In value terms, steel spring production stood at $X in 2021 estimated in export price. Overall, production, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 9.2% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Steel Spring Exports

Exports from Japan

In 2021, overseas shipments of steel springs and leaves for springs were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a pronounced decrease. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, steel spring exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a mild downturn. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from Japan, accounting for a 32% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, China (X tons), twofold. Thailand (X tons) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-0.8% per year) and Thailand (-5.2% per year).

In value terms, China ($X), the United States ($X) and Thailand ($X) constituted the largest markets for steel spring exported from Japan worldwide, together comprising 58% of total exports. These countries were followed by Indonesia, Mexico, South Korea, the Philippines, India, Taiwan (Chinese), Russia, Australia, Malaysia and Brazil, which together accounted for a further 24%.

Australia, with a CAGR of +4.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel spring export price stood at $X per ton in 2021, declining by -6.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2013 when the average export price increased by 16%. The export price peaked at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Russia ($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 (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Japan

In 2021, approx. X tons of steel springs and leaves for springs were imported into Japan; rising by 26% compared with 2020 figures. Over the period under review, imports, however, saw a mild setback. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, steel spring imports soared to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 25%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest steel spring supplier to Japan, accounting for a 73% share of total imports. Moreover, steel spring imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was taken by South Korea (X tons), with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.9% per year) and South Korea (+18.2% per year).

In value terms, Indonesia ($X), China ($X) and South Korea ($X) were the largest steel spring suppliers to Japan, with a combined 70% share of total imports.

In terms of the main suppliers, China, with a CAGR of +10.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average steel spring import price amounted to $X per ton, waning by -2.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 11% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Mexico ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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