Southern Asia: Steel Spring Market 2024

Steel Spring Market Size in Southern Asia

The South Asian steel spring market declined slightly to $X in 2022, dropping by X% against the previous year. Over the period under review, consumption continues to indicate a abrupt curtailment. 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 Southern Asia

In value terms, steel spring production shrank to $X in 2022 estimated in export price. Overall, production continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Steel Spring Exports

Exports in Southern Asia

Steel spring exports contracted to X tons in 2022, which is down by X% compared with 2021 figures. In general, exports, however, showed a moderate expansion. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, steel spring exports declined modestly to $X in 2022. Total exports indicated a notable 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 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then fell slightly in the following year.

Exports by Country

In 2022, India (X tons) represented the key exporter of steel springs and leaves for springs in Southern Asia, making up X% of total export.

India was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest steel spring supplier in Southern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at X%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X%. 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 stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to X% per year.

Steel Spring Imports

Imports in Southern Asia

In 2022, approx. X tons of steel springs and leaves for springs were imported in Southern Asia; waning by X% compared with the previous year. The total import volume 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 most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, steel spring imports stood at $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 pace of growth was the most pronounced in 2021 with an increase of X%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India was the major importer of steel springs and leaves for springs in Southern Asia, with the volume of imports reaching X tons, which was near X% of total imports in 2022. It was distantly followed by Bangladesh (X tons) and Nepal (X tons), together mixing up a X% share of total imports. Pakistan (X tons), Sri Lanka (X tons) and Afghanistan (X tons) followed a long way behind the leaders.

India experienced a relatively flat trend pattern with regard to volume of imports of steel springs and leaves for springs. At the same time, Nepal (X%), Bangladesh (X%), Afghanistan (X%) and Sri Lanka (X%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of X% from 2012-2022. Pakistan experienced a relatively flat trend pattern. While the share of Nepal (X p.p.) and Bangladesh (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of India (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported steel springs and leaves for springs in Southern Asia, comprising X% of total imports. The second position in the ranking was held by Bangladesh ($X), with a X% share of total imports. It was followed by Pakistan, with a X% share.

In India, steel spring imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (X% per year) and Pakistan (X% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Nepal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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