Australia: Steel Spring Market 2024

Steel Spring Market Size in Australia

The Australian steel spring market soared to $X in 2021, growing by 36% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +43.8% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Steel Spring Exports

Exports from Australia

After three years of decline, overseas shipments of steel springs and leaves for springs increased by 87% to X tons in 2021. In general, total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports skyrocketed to $X in 2021. Overall, exports saw prominent growth. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from Australia, accounting for a 38% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, New Zealand (X tons), fourfold. The third position in this ranking was taken by Indonesia (X tons), with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+10.8% per year) and Indonesia (+14.5% per year).

In value terms, the United States ($X) remains the key foreign market for steel springs and leaves for springs exports from Australia, comprising 42% of total exports. The second position in the ranking was held by New Zealand ($X), with a 7.7% share of total exports. It was followed by Spain, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+6.7% per year) and Spain (+4.0% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, which is down by -9.5% against the previous year. In general, the export price, however, recorded tangible growth. The pace of growth was the most pronounced in 2018 when the average export price increased by 63%. The export price peaked at $X per ton in 2020, and then contracted in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Australia

In 2021, overseas purchases of steel springs and leaves for springs increased by 46% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports surged to $X in 2021. Overall, total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable 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, China (X tons) constituted the largest steel spring supplier to Australia, accounting for a 24% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+102.0% per year) and Malaysia (-1.8% per year).

In value terms, China ($X) constituted the largest supplier of steel springs and leaves for springs to Australia, comprising 25% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by Germany, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.3% per year) and Germany (+3.0% per year).

Import Prices by Country

In 2021, the average steel spring import price amounted to $X per ton, dropping by -4.4% against the previous year. Over the last nine years, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2018 an increase of 39% against the previous year. The import price peaked at $X per ton in 2020, and then fell in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :