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

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

In 2022, the Chinese iron or steel leaf-spring market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, continues to indicate a noticeable descent. The pace of growth was the most pronounced in 2018 when the market value increased by 6.7%. Iron or steel leaf-spring consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Iron or Steel Leaf-Springs and Leaves in China

In value terms, iron or steel leaf-spring production contracted modestly to $X in 2022 estimated in export price. Overall, production showed a perceptible curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 10%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from China

In 2022, after two years of growth, there was significant decline in shipments abroad of iron or steel leaf-springs and leaves, when their volume decreased by -14.6% to X tons. Over the period under review, exports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 46%. As a result, the exports reached the peak of X tons, and then contracted in the following year.

In value terms, iron or steel leaf-spring exports dropped to $X in 2022. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 64%. As a result, the exports attained the peak of $X, and then shrank slightly in the following year.

Exports by Country

The United States (X tons) was the main destination for iron or steel leaf-spring exports from China, accounting for a 19% share of total exports. Moreover, iron or steel leaf-spring exports to the United States exceeded the volume sent to the second major destination, Thailand (X tons), threefold. The third position in this ranking was held by Australia (X tons), with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+7.7% per year) and Australia (+3.0% per year).

In value terms, the largest markets for iron or steel leaf-spring exported from China were the United States ($X), Vietnam ($X) and Thailand ($X), with a combined 33% share of total exports. Australia, Mexico, Indonesia, South Korea, the United Arab Emirates, Russia, the Philippines, Nigeria, France and Mongolia lagged somewhat behind, together comprising a further 27%.

In terms of the main countries of destination, Nigeria, with a CAGR of +31.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, increasing by 13% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2018 when the average export price increased by 18%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Mongolia ($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 Vietnam (+9.2%), 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 China

After two years of growth, overseas purchases of iron or steel leaf-springs and leaves decreased by -24.5% to X tons in 2022. In general, total imports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 28%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, iron or steel leaf-spring imports declined dramatically to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 12%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest iron or steel leaf-spring supplier to China, accounting for a 52% share of total imports. Moreover, iron or steel leaf-spring imports from Germany exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.4% per year) and South Korea (-3.8% per year).

In value terms, the largest iron or steel leaf-spring suppliers to China were Germany ($X), Japan ($X) and the United States ($X), with a combined 65% share of total imports. South Korea, Italy, France, Austria and Romania lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Romania, with a CAGR of +51.7%, recorded the highest growth rate of 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

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, with an increase of 12% against the previous year. In general, the import price, however, saw a mild decrease. The most prominent rate of growth was recorded in 2019 when the average import price increased by 20%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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