ASEAN: Steel Spring Market 2024

Steel Spring Market Size in ASEAN

The ASEAN steel spring market expanded markedly to $X in 2021, rising by 7.5% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Production in ASEAN

In value terms, steel spring production skyrocketed to $X in 2021 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -24.1% against 2019 indices. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Steel Spring Exports

Exports in ASEAN

Steel spring exports skyrocketed to X tons in 2021, growing by 21% compared with 2020 figures. In general, exports showed a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, steel spring exports surged to $X in 2021. Overall, exports, however, recorded a abrupt slump. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia was the largest exporter of steel springs and leaves for springs in ASEAN, with the volume of exports accounting for X tons, which was approx. 50% of total exports in 2021. It was distantly followed by Thailand (X tons), Malaysia (X tons) and Vietnam (X tons), together achieving a 47% share of total exports. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +6.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest steel spring supplying countries in ASEAN were Indonesia ($X), Singapore ($X) and Malaysia ($X), with a combined 88% share of total exports. Vietnam lagged somewhat behind, comprising a further 8.3%.

Among the main exporting countries, Vietnam, with a CAGR of +7.3%, 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 export price in ASEAN stood at $X per ton in 2021, growing by 13% against the previous year. Overall, the export price, however, showed a deep reduction. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

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 Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+6.6%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in ASEAN

In 2021, after two years of decline, there was significant growth in overseas purchases of steel springs and leaves for springs, when their volume increased by 11% to X tons. Overall, imports continue to indicate a relatively flat trend pattern. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, steel spring imports surged to $X in 2021. Over the period under review, imports, however, showed a deep reduction. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Thailand (X tons), distantly followed by Vietnam (X tons), Malaysia (X tons), Singapore (X tons), Indonesia (X tons) and the Philippines (X tons) represented the main importers of steel springs and leaves for springs, together generating 97% of total imports. Myanmar (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +14.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Malaysia ($X) and Indonesia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 73% share of total imports. These countries were followed by Singapore, the Philippines and Myanmar, which together accounted for a further 25%.

The Philippines, with a CAGR of +22.2%, saw 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

In 2021, the import price in ASEAN amounted to $X per ton, increasing by 7.2% against the previous year. Over the period under review, the import price, however, saw a abrupt decline. The pace of growth appeared the most rapid in 2017 an increase of 10% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+14.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform