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

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

For the third year in a row, the Australian iron or steel leaf-spring market recorded growth in sales value, which increased by 7.6% to $X in 2022. Overall, consumption, however, recorded a resilient increase. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Australia

Iron or steel leaf-spring exports from Australia shrank remarkably to X tons in 2022, reducing by -32.5% on 2021 figures. Over the period under review, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 156% against the previous year. The exports peaked at X tons in 2021, and then shrank rapidly in the following year.

In value terms, iron or steel leaf-spring exports fell to $X in 2022. Overall, exports, however, showed a measured expansion. The pace of growth was the most pronounced in 2021 with an increase of 97% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

Indonesia (X tons), New Zealand (X tons) and South Africa (X tons) were the main destinations of iron or steel leaf-spring exports from Australia, with a combined 62% share of total exports. Qatar, Papua New Guinea, the United States, Namibia, Thailand, Peru, the UK, India, Mongolia and the United Arab Emirates lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Mongolia (with a CAGR of +157.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel leaf-spring exported from Australia were Indonesia ($X), New Zealand ($X) and South Africa ($X), together accounting for 61% of total exports. Qatar, Papua New Guinea, the United States, Namibia, Thailand, Peru, the UK, India, Mongolia and the United Arab Emirates lagged somewhat behind, together accounting for a further 26%.

Mongolia, with a CAGR of +140.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron or steel leaf-spring export price stood at $X per ton in 2022, picking up by 33% against the previous year. Overall, the export price, however, recorded a abrupt contraction. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Australia

After two years of growth, overseas purchases of iron or steel leaf-springs and leaves decreased by -6.3% to X tons in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 55% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, iron or steel leaf-spring imports rose rapidly to $X in 2022. Over the period under review, imports, however, posted a prominent increase. The growth pace was the most rapid in 2021 when imports increased by 51% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of iron or steel leaf-spring imports to Australia, with a combined 45% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +121.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Malaysia ($X) and Indonesia ($X) appeared to be the largest iron or steel leaf-spring suppliers to Australia, with a combined 46% share of total imports.

In terms of the main suppliers, Indonesia, with a CAGR of +120.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron or steel leaf-spring import price stood at $X per ton in 2022, with an increase of 17% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 34%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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