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

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

After ten years of growth, the Vietnamese metal hot-worked helical spring market decreased by X% to $X in 2022. Overall, consumption, however, showed a strong increase. Over the period under review, the market hit record highs at $X in 2021, and then contracted slightly in the following year.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Vietnam

For the seventh year in a row, Vietnam recorded growth in shipments abroad of iron or steel hot-worked helical springs, which increased by X% to X tons in 2022. In general, exports posted a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, metal hot-worked helical spring exports surged to $X in 2022. Over the period under review, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Malaysia (X tons), Poland (X tons) and the United States (X tons) were the main destinations of metal hot-worked helical spring exports from Vietnam, with a combined X% share of total exports. Japan, Thailand, China, Indonesia, Brazil, India, Hong Kong SAR, Germany and the Philippines 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, the largest markets for metal hot-worked helical spring exported from Vietnam were Malaysia ($X), Poland ($X) and the United States ($X), with a combined X% share of total exports. Japan, Thailand, China, Indonesia, Brazil, India, Hong Kong SAR, Germany and the Philippines lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, India, 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

The average metal hot-worked helical spring export price 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%. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and Poland ($X per ton), while the average price for exports to Indonesia ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Vietnam

In 2022, the amount of iron or steel hot-worked helical springs imported into Vietnam dropped to X tons, with a decrease of X% on 2021 figures. Over the period under review, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, metal hot-worked helical spring imports contracted modestly to $X in 2022. Overall, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2018 when imports increased by X%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal hot-worked helical spring to Vietnam, 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, South Korea (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Thailand (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2022, the average metal hot-worked helical spring import price amounted to $X per ton, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2020 an increase of X% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Thailand ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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