Eastern Asia: Steel Spring Market 2024

Steel Spring Market Size in Eastern Asia

In 2021, the East Asian steel spring market decreased by -0.6% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Production in Eastern Asia

In value terms, steel spring production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 13% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports in Eastern Asia

In 2021, shipments abroad of steel springs and leaves for springs increased by 31% to X tons, rising for the fifth year in a row after two years of decline. Total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +74.9% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +5.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, resulting at X tons, which was approx. 91% of total exports in 2021. It was distantly followed by Japan (X tons), mixing up a 4.9% share of total exports. South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of +8.3% from 2012 to 2021. South Korea (-2.6%) and Japan (-2.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +10 percentage points.

In value terms, China ($X) remains the largest steel spring supplier in Eastern Asia, comprising 72% of total exports. The second position in the ranking was taken by Japan ($X), with an 18% share of total exports.

In China, steel spring exports expanded at an average annual rate of +10.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-3.1% per year) and South Korea (-1.4% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, which is down by -1.9% against the previous year. Over the period under review, the export price continues to indicate a slight slump. The most prominent rate of growth was recorded in 2018 an increase of 4.8%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($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 (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Steel Spring Imports

Imports in Eastern Asia

In 2021, after four years of decline, there was significant growth in supplies from abroad of steel springs and leaves for springs, when their volume increased by 12% to X tons. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 17%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, steel spring imports surged to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, imports attained the peak figure at $X in 2014; afterwards, it flattened through to 2021.

Imports by Country

China was the main importer of steel springs and leaves for springs in Eastern Asia, with the volume of imports resulting at X tons, which was approx. 53% of total imports in 2021. It was distantly followed by Japan (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons), together committing a 43% share of total imports. The following importers - Hong Kong SAR (X tons) and Democratic People's Republic of Korea (X tons) - each recorded a 3.8% share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of steel springs and leaves for springs. At the same time, Democratic People's Republic of Korea (+9.3%), South Korea (+6.3%) and Taiwan (Chinese) (+5.8%) displayed positive paces of growth. Moreover, Democratic People's Republic of Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +9.3% from 2012-2021. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Japan (-1.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Korea and Taiwan (Chinese) increased by +4.8 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported steel springs and leaves for springs in Eastern Asia, comprising 78% of total imports. The second position in the ranking was taken by Japan ($X), with an 8.2% share of total imports. It was followed by South Korea, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.2% per year) and South Korea (+4.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 2.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 12% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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