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

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

The Finnish iron or steel leaf-spring market declined sharply to $X in 2022, shrinking by -20.3% against the previous year. Overall, consumption showed a mild descent. As a result, consumption attained the peak level of $X, and then reduced markedly in the following year.

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

In value terms, iron or steel leaf-spring production contracted markedly to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2013 when the production volume increased by 53%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Finland

Iron or steel leaf-spring exports from Finland declined sharply to X tons in 2022, which is down by -36.7% against 2021. Over the period under review, exports saw a abrupt downturn. The pace of growth was the most pronounced in 2017 with an increase of 18% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, iron or steel leaf-spring exports rose modestly to $X in 2022. In general, exports recorded a drastic downturn. The growth pace was the most rapid in 2019 with an increase of 23% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Estonia (X tons) was the main destination for iron or steel leaf-spring exports from Finland, with a 41% share of total exports. Moreover, iron or steel leaf-spring exports to Estonia exceeded the volume sent to the second major destination, Belgium (X tons), threefold. The third position in this ranking was held by China (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Estonia stood at -16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+7.2% per year) and China (+37.2% per year).

In value terms, China ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from Finland, comprising 56% of total exports. The second position in the ranking was held by Estonia ($X), with a 12% share of total exports. It was followed by Latvia, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +33.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-9.6% per year) and Latvia (-6.2% per year).

Export Prices by Country

The average iron or steel leaf-spring export price stood at $X per ton in 2022, rising by 63% against the previous year. Over the period under review, the export price enjoyed a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Belgium ($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 Estonia (+7.6%), 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 Finland

In 2022, approx. X tons of iron or steel leaf-springs and leaves were imported into Finland; declining by -16.3% compared with the previous year's figure. In general, imports saw a perceptible decline. The most prominent rate of growth was recorded in 2021 when imports increased by 28% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel leaf-spring imports fell notably to $X in 2022. Overall, imports recorded a slight decline. The most prominent rate of growth was recorded in 2021 when imports increased by 36% against the previous year. As a result, imports attained the peak of $X, and then contracted significantly in the following year.

Imports by Country

The Czech Republic (X tons), Turkey (X tons) and Belgium (X tons) were the main suppliers of iron or steel leaf-spring imports to Finland, with a combined 66% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +38.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Finland, comprising 32% of total imports. The second position in the ranking was held by Germany ($X), with a 16% share of total imports. It was followed by Turkey, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Czech Republic totaled -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-5.9% per year) and Turkey (+36.0% per year).

Import Prices by Country

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, approximately equating the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 26% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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