South-Eastern Asia: Steel Spring Market 2024

Steel Spring Market Size in South-Eastern Asia

The Southeast Asian steel spring market contracted to $X in 2022, which is down by X% against the previous year. The total consumption indicated measured growth 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, consumption increased by X% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Steel Spring Production in South-Eastern Asia

In value terms, steel spring production fell to $X in 2022 estimated in export price. The total production indicated a noticeable 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, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Steel Spring Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of steel springs and leaves for springs increased by X% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, steel spring exports amounted to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Indonesia (X tons) represented the major exporter of steel springs and leaves for springs, achieving X% of total exports. Thailand (X tons) ranks second in terms of the total exports with an X% share, followed by Malaysia (X%) and Vietnam (X%). Singapore (X tons) held a relatively small share of total exports.

Exports from Indonesia increased at an average annual rate of X% from 2012 to 2022. At the same time, Vietnam (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of X% from 2012-2022. By contrast, Malaysia (X%), Thailand (X%) and Singapore (X%) illustrated a downward trend over the same period. Indonesia (X p.p.) and Vietnam (X p.p.) significantly strengthened its position in terms of the total exports, while Singapore, Malaysia and Thailand saw its share reduced by X%, X% and X% from 2012 to 2022, respectively.

In value terms, Indonesia ($X), Thailand ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports. Malaysia and Vietnam lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

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

Steel Spring Imports

Imports in South-Eastern Asia

After two years of growth, overseas purchases of steel springs and leaves for springs decreased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, steel spring imports declined slightly to $X in 2022. The total import 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 in certain years. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then shrank slightly in the following year.

Imports by Country

In 2022, Thailand (X tons) was the largest importer of steel springs and leaves for springs, constituting X% of total imports. It was distantly followed by Malaysia (X tons), Vietnam (X tons), Indonesia (X tons), Singapore (X tons) and the Philippines (X tons), together making up a X% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steel spring imports into Thailand stood at X%. At the same time, Myanmar (X%), Vietnam (X%), Malaysia (X%) and the Philippines (X%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of X% from 2012-2022. Singapore and Indonesia experienced a relatively flat trend pattern. Vietnam (X p.p.) and Myanmar (X p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Indonesia saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), Vietnam ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Indonesia, the Philippines, Singapore and Myanmar lagged somewhat behind, together accounting for a further X%.

The Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Myanmar ($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 Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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