Asia-Pacific: Steel Spring Market 2024

Steel Spring Market Size in Asia-Pacific

The Asia-Pacific steel spring market totaled $X in 2021, remaining constant against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Production in Asia-Pacific

In value terms, steel spring production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 12% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports in Asia-Pacific

In 2021, approx. X tons of steel springs and leaves for springs were exported in Asia-Pacific; rising by 32% compared with 2020. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +62.0% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel spring exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, amounting to X tons, which was approx. 75% of total exports in 2021. It was distantly followed by Indonesia (X tons) and India (X tons), together making up an 11% share of total exports. The following exporters - Japan (X tons), Thailand (X tons) and South Korea (X tons) - together made up 9.8% of total exports.

China was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of +8.3% from 2012 to 2021. At the same time, Indonesia (+6.0%) and India (+5.9%) displayed positive paces of growth. By contrast, South Korea (-2.6%), Japan (-2.7%) and Thailand (-3.0%) illustrated a downward trend over the same period. While the share of China (+14 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-2 p.p.), Japan (-4.5 p.p.) and Thailand (-4.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel spring supplier in Asia-Pacific, comprising 63% of total exports. The second position in the ranking was held by Japan ($X), with a 16% share of total exports. It was followed by South Korea, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +10.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-3.1% per year) and South Korea (-1.4% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, standing approx. at the previous year. Over the period under review, the export price saw a mild decrease. The most prominent rate of growth was recorded in 2018 when the export price increased by 6.2%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 Japan ($X per ton), while Indonesia ($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 Asia-Pacific

In 2021, purchases abroad of steel springs and leaves for springs increased by 16% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, steel spring imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons), distantly followed by Japan (X tons), Thailand (X tons), Australia (X tons), Vietnam (X tons), India (X tons), South Korea (X tons) and Malaysia (X tons) were the key importers of steel springs and leaves for springs, together committing 81% of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of steel springs and leaves for springs. At the same time, Vietnam (+14.4%), South Korea (+6.3%), Malaysia (+4.6%) and Australia (+1.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +14.4% from 2012-2021. By contrast, India (-1.1%), Japan (-1.4%) and Thailand (-5.5%) illustrated a downward trend over the same period. While the share of Vietnam (+4.4 p.p.), South Korea (+2.3 p.p.) and Malaysia (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-2.7 p.p.) and Thailand (-8.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported steel springs and leaves for springs in Asia-Pacific, comprising 54% of total imports. The second position in the ranking was held by India ($X), with a 6.7% share of total imports. It was followed by Japan, with a 5.7% share.

In China, steel spring imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: India (+1.7% per year) and Japan (-1.2% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 2.3% against the previous year. Over the period under review, the import price, however, showed a slight decrease. The pace of growth was the most pronounced in 2017 an increase of 7.5% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 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 China ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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