Belgium: Steel Spring Market 2024

Steel Spring Market Size in Belgium

In 2021, the Belgian steel spring market increased by 21% to $X, rising for the fourth consecutive year after five years of decline. Over the period under review, consumption, however, continues to indicate a slight decline. Steel spring consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Steel Spring Production in Belgium

In value terms, steel spring production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, recorded a mild slump. Steel spring production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Steel Spring Exports

Exports from Belgium

In 2021, overseas shipments of steel springs and leaves for springs increased by 15% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when exports increased by 17% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports expanded significantly to $X in 2021. The total export value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by 21% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Brazil (X tons), Russia (X tons) and France (X tons) were the main destinations of steel spring exports from Belgium, together accounting for 39% of total exports. These countries were followed by Poland, the Netherlands, the UK, Indonesia, India, Spain, South Korea, Germany, China and the Czech Republic, which together accounted for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +40.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel spring exported from Belgium were France ($X), Brazil ($X) and Poland ($X), together comprising 29% of total exports. These countries were followed by the Netherlands, the UK, Russia, Germany, Spain, China, Indonesia, India, the Czech Republic and South Korea, which together accounted for a further 38%.

Indonesia, with a CAGR of +42.3%, saw the highest growth rate of the value of exports, among 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 steel spring export price stood at $X per ton in 2021, reducing by -1.5% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 12% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Russia ($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 France (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Belgium

In 2021, purchases abroad of steel springs and leaves for springs increased by 17% to X tons, rising for the fourth year in a row after four years of decline. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 28%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, steel spring imports totaled $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 25%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X tons), France (X tons) and Spain (X tons) were the main suppliers of steel spring imports to Belgium, together accounting for 57% of total imports. These countries were followed by the Netherlands, India, Turkey, the UK, Croatia, Romania, the Czech Republic, Sweden, China and Italy, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +17.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and Spain ($X) constituted the largest steel spring suppliers to Belgium, with a combined 47% share of total imports. Romania, the Netherlands, the UK, Sweden, India, the Czech Republic, China, Turkey, Croatia and Italy lagged somewhat behind, together comprising a further 37%.

Among the main suppliers, Romania, with a CAGR of +12.7%, 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 steel spring import price stood at $X per ton in 2021, reducing by -4.7% against the previous year. Over the period under review, the import price continues to indicate a mild setback. The growth pace was the most rapid in 2017 when the average import price increased by 27%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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 Romania ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+16.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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