Canada: Steel Spring Market 2024

Steel Spring Market Size in Canada

After two years of growth, the Canadian steel spring market decreased by -13.9% to $X in 2021. Overall, the total consumption indicated a notable 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. Based on 2021 figures, consumption increased by +42.6% against 2012 indices. As a result, consumption reached the peak level of $X, and then declined in the following year.

Steel Spring Production in Canada

In value terms, steel spring production shrank rapidly to $X in 2021 estimated in export price. In general, production, however, continues to indicate significant growth. The growth pace was the most rapid in 2020 with an increase of 175%. As a result, production reached the peak level of $X, and then contracted sharply in the following year.

Steel Spring Exports

Exports from Canada

In 2021, steel spring exports from Canada skyrocketed to X tons, picking up by 28% on 2020 figures. Overall, exports, however, recorded a noticeable downturn. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, steel spring exports surged to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from Canada, accounting for a 88% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+6.6% per year) and Germany (+4.1% per year).

In value terms, the United States ($X) remains the key foreign market for steel springs and leaves for springs exports from Canada, comprising 79% of total exports. The second position in the ranking was taken by Germany ($X), with a 6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+10.8% per year) and China (+9.5% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, reducing by -4.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2016 an increase of 11% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 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 Germany ($X per ton), while the average price for exports to the United States ($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 Germany (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Canada

After two years of decline, overseas purchases of steel springs and leaves for springs increased by 1.5% to X tons in 2021. Overall, imports, however, continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 13% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, steel spring imports rose notably to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Mexico (X tons) were the main suppliers of steel spring imports to Canada, together accounting for 91% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +10.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of steel springs and leaves for springs to Canada, comprising 53% of total imports. The second position in the ranking was held by China ($X), with a 24% share of total imports. It was followed by Mexico, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.2% per year) and Mexico (+4.3% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, surging by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, import price reached 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 the United States ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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