Africa: Steel Spring Market 2024

Steel Spring Market Size in Africa

In 2021, after three years of growth, there was significant decline in the African steel spring market, when its value decreased by -6.8% to $X. Overall, consumption, however, recorded a significant increase. The level of consumption peaked at $X in 2020, and then declined in the following year.

Steel Spring Production in Africa

In value terms, steel spring production fell to $X in 2021 estimated in export price. Overall, production, however, posted a significant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 206% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then contracted in the following year.

Steel Spring Exports

Exports in Africa

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. The total export volume increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports rose rapidly to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 12%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Tunisia (X tons) represented the main exporter of steel springs and leaves for springs, creating 81% of total exports. It was distantly followed by South Africa (X tons), comprising a 13% share of total exports. Kenya (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to steel spring exports from Tunisia stood at +1.2%. At the same time, Kenya (+4.7%) displayed positive paces of growth. Moreover, Kenya emerged as the fastest-growing exporter exported in Africa, with a CAGR of +4.7% from 2012-2021. South Africa experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) remains the largest steel spring supplier in Africa, comprising 78% of total exports. The second position in the ranking was held by South Africa ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Tunisia was relatively modest. In the other countries, the average annual rates were as follows: South Africa (-0.3% per year) and Kenya (+2.8% per year).

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 6.2% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Kenya ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tunisia (-0.5%), while the other leaders experienced a decline in the export price figures.

Steel Spring Imports

Imports in Africa

In 2021, steel spring imports in Africa skyrocketed to X tons, jumping by 25% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Africa (X tons) represented the major importer of steel springs and leaves for springs, constituting 24% of total imports. It was distantly followed by Kenya (X tons), Algeria (X tons), Ghana (X tons), Tunisia (X tons), Ethiopia (X tons) and Morocco (X tons), together constituting a 33% share of total imports. The following importers - Angola (X tons), Egypt (X tons), Sudan (X tons), Tanzania (X tons), Libya (X tons) and Somalia (X tons) - together made up 20% of total imports.

Imports into South Africa increased at an average annual rate of +3.7% from 2012 to 2021. At the same time, Angola (+14.2%), Somalia (+12.1%), Tunisia (+11.2%), Ghana (+8.1%), Kenya (+7.1%), Algeria (+4.4%) and Morocco (+4.0%) displayed positive paces of growth. Moreover, Angola emerged as the fastest-growing importer imported in Africa, with a CAGR of +14.2% from 2012-2021. Ethiopia, Libya and Tanzania experienced a relatively flat trend pattern. By contrast, Sudan (-8.1%) and Egypt (-15.3%) illustrated a downward trend over the same period. While the share of South Africa (+3.7 p.p.), Tunisia (+2.8 p.p.), Angola (+2.8 p.p.), Kenya (+2.7 p.p.) and Ghana (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sudan (-5.6 p.p.) and Egypt (-16.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported steel springs and leaves for springs in Africa, comprising 25% of total imports. The second position in the ranking was held by Tunisia ($X), with a 12% share of total imports. It was followed by Algeria, with a 7.7% share.

In South Africa, steel spring imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Tunisia (+11.0% per year) and Algeria (+4.8% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2021, surging by 9.9% against the previous year. Overall, the import price saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Tunisia ($X per ton), while Somalia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+12.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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