Singapore: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in Singapore

The Singaporean metal hot-worked helical spring market reduced to $X in 2022, dropping by X% against the previous year. In general, consumption continues to indicate a slight decrease. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Production of Iron or Steel Hot-Worked Helical Springs in Singapore

In value terms, metal hot-worked helical spring production declined to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt decline. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

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Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Singapore

In 2022, overseas shipments of iron or steel hot-worked helical springs decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, exports, however, continue to indicate a noticeable increase. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, metal hot-worked helical spring exports expanded sharply to $X in 2022. Overall, total exports indicated a resilient increase 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 2013 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Malaysia (X tons), Hong Kong SAR (X tons) and Indonesia (X tons) were the main destinations of metal hot-worked helical spring exports from Singapore, with a combined X% share of total exports. India, the United States, Thailand, China, Australia, the Philippines and South Korea 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 India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for iron or steel hot-worked helical springs exports from Singapore, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price posted a noticeable increase. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Hong Kong SAR ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Singapore

In 2022, the amount of iron or steel hot-worked helical springs imported into Singapore declined dramatically to X tons, which is down by X% on 2021 figures. In general, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, metal hot-worked helical spring imports expanded rapidly to $X in 2022. Overall, imports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal hot-worked helical spring to Singapore, accounting for a X% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Germany (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

In value terms, the United States ($X) constituted the largest supplier of iron or steel hot-worked helical springs to Singapore, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Mexico, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Mexico (X% per year).

Import Prices by Country

In 2022, the average metal hot-worked helical spring import price amounted to $X per ton, jumping by X% against the previous year. Overall, the import price, however, continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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