Asia: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Asia

The Asian iron or steel leaf-spring market fell modestly to $X in 2022, which is down by -3.7% against the previous year. Overall, consumption, however, recorded a noticeable contraction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in Asia

In value terms, iron or steel leaf-spring production declined to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 46%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports in Asia

In 2022, after two years of growth, there was significant decline in shipments abroad of iron or steel leaf-springs and leaves, when their volume decreased by -8.2% to X tons. Total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 +23.4% against 2018 indices. The growth pace was the most rapid in 2021 when exports increased by 38%. As a result, the exports reached the peak of X tons, and then contracted in the following year.

In value terms, iron or steel leaf-spring exports fell to $X in 2022. Total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +39.6% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 40%. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

China was the main exporting country with an export of about X tons, which reached 49% of total exports. It was distantly followed by Indonesia (X tons), Turkey (X tons) and India (X tons), together generating a 38% share of total exports. The following exporters - Japan (X tons), Thailand (X tons) and Malaysia (X tons) - together made up 7.9% of total exports.

From 2012 to 2022, average annual rates of growth with regard to iron or steel leaf-spring exports from China stood at +6.9%. At the same time, Turkey (+13.2%), Indonesia (+5.9%) and India (+4.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +13.2% from 2012-2022. By contrast, Malaysia (-5.2%), Japan (-5.6%) and Thailand (-5.9%) illustrated a downward trend over the same period. China (+10 p.p.), Turkey (+6.2 p.p.) and Indonesia (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia, Thailand and Japan saw its share reduced by -3.9%, -4.5% and -5.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron or steel leaf-spring supplier in Asia, comprising 42% of total exports. The second position in the ranking was held by Indonesia ($X), with a 15% share of total exports. It was followed by Turkey, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +8.8%. In the other countries, the average annual rates were as follows: Indonesia (+5.5% per year) and Turkey (+14.6% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, rising by 8.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 10% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Japan ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.9%), while the other leaders experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports in Asia

In 2022, purchases abroad of iron or steel leaf-springs and leaves increased by 1.4% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 17% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, iron or steel leaf-spring imports contracted to $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 18%. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

Japan (X tons) and Thailand (X tons) were the main importers of iron or steel leaf-springs and leaves in 2022, reaching near 20% and 17% of total imports, respectively. South Korea (X tons) took the next position in the ranking, followed by Vietnam (X tons), Uzbekistan (X tons) and the United Arab Emirates (X tons). All these countries together took near 22% share of total imports. The following importers - Indonesia (X tons), China (X tons), India (X tons), Taiwan (Chinese) (X tons), Iraq (X tons), Malaysia (X tons) and the Philippines (X tons) - together made up 22% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Uzbekistan (with a CAGR of +52.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported iron or steel leaf-springs and leaves in Asia, comprising 30% of total imports. The second position in the ranking was taken by Japan ($X), with a 15% share of total imports. It was followed by Thailand, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. In the other countries, the average annual rates were as follows: Japan (-1.4% per year) and Thailand (+7.7% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, with a decrease of -4.4% against the previous year. In general, the import price saw a slight shrinkage. The growth pace was the most rapid in 2016 an increase of 7.1% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Uzbekistan ($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 (+14.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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