Bulgaria: Steel Spring Market 2024

Steel Spring Market Size in Bulgaria

In 2021, the Bulgarian steel spring market decreased by -32.3% to $X, falling for the third year in a row after three years of growth. Over the period under review, consumption continues to indicate a deep contraction. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Steel Spring Production in Bulgaria

In value terms, steel spring production declined remarkably to $X in 2021 estimated in export price. Over the period under review, production saw a deep downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 17%. Steel spring production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Steel Spring Exports

Exports from Bulgaria

After two years of growth, shipments abroad of steel springs and leaves for springs decreased by -0.9% to X tons in 2021. In general, exports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 58% against the previous year. As a result, the exports reached the peak of X tons, leveling off in the following year.

In value terms, steel spring exports surged to $X in 2021. Over the period under review, total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +77.4% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 40% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the near future.

Exports by Country

Germany (X tons), the Czech Republic (X tons) and Kosovo (X tons) were the main destinations of steel spring exports from Bulgaria, together accounting for 46% of total exports. These countries were followed by Belgium, the United States, Romania, Hungary, Croatia, Italy, Serbia, France, North Macedonia and Bosnia and Herzegovina, which together accounted for a further 47%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +180.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for steel springs and leaves for springs exports from Bulgaria, comprising 34% of total exports. The second position in the ranking was held by Belgium ($X), with a 7.5% share of total exports. It was followed by the Czech Republic, with a 7.3% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+37.4% per year) and the Czech Republic (+80.3% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, with an increase of 28% against the previous year. Over the period under review, the export price, however, showed a pronounced shrinkage. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the Czech Republic ($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 Hungary (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Bulgaria

In 2021, imports of steel springs and leaves for springs into Bulgaria was estimated at X tons, with an increase of 8.6% against the previous year. In general, imports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 54%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, steel spring imports surged to $X in 2021. Overall, imports recorded resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), Turkey (X tons) and Italy (X tons) were the main suppliers of steel spring imports to Bulgaria, with a combined 71% share of total imports. Poland, China, Romania and Hungary lagged somewhat behind, together comprising a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +43.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of steel springs and leaves for springs to Bulgaria, comprising 43% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by Poland, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +21.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.5% per year) and Poland (+40.9% per year).

Import Prices by Country

In 2021, the average steel spring import price amounted to $X per ton, picking up by 24% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2021: its price 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. Based on 2021 figures, steel spring import price increased by +22.8% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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