Finland: Steel Spring Market 2024

Steel Spring Market Size in Finland

In 2021, the Finnish steel spring market increased by 19% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a pronounced slump. Steel spring consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Steel Spring Production in Finland

In value terms, steel spring production skyrocketed to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. Steel spring production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports from Finland

In 2021, shipments abroad of steel springs and leaves for springs was finally on the rise to reach X tons after three years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 21% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports expanded markedly to $X in 2021. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when exports increased by 23%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Sweden (X tons) was the main destination for steel spring exports from Finland, accounting for a 47% share of total exports. Moreover, steel spring exports to Sweden exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Estonia (X tons), with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume to Sweden amounted to +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+2.8% per year) and Estonia (+0.3% per year).

In value terms, Sweden ($X), China ($X) and Estonia ($X) constituted the largest markets for steel spring exported from Finland worldwide, together accounting for 60% of total exports. Poland, Germany, the Netherlands, Russia, India, the Czech Republic and Belgium lagged somewhat behind, together accounting for a further 19%.

Among the main countries of destination, India, with a CAGR of +17.0%, saw 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

The average steel spring export price stood at $X per ton in 2021, rising by 4.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 an increase of 16% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to the Netherlands ($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 the Czech Republic (+22.2%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Finland

In 2021, after two years of decline, there was growth in supplies from abroad of steel springs and leaves for springs, when their volume increased by 5% to X tons. In general, imports, however, saw a slight downturn. The growth pace was the most rapid in 2017 when imports increased by 9.3%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, steel spring imports skyrocketed to $X in 2021. Overall, imports, however, showed a mild descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest steel spring supplier to Finland, accounting for a 35% share of total imports. Moreover, steel spring imports from Germany exceeded the figures recorded by the second-largest supplier, Denmark (X tons), threefold. The third position in this ranking was taken by the Czech Republic (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-0.4% per year) and the Czech Republic (-1.4% per year).

In value terms, Germany ($X), Sweden ($X) and the Czech Republic ($X) were the largest steel spring suppliers to Finland, with a combined 59% share of total imports. These countries were followed by Denmark, Belgium, China and Turkey, which together accounted for a further 14%.

In terms of the main suppliers, Belgium, with a CAGR of +10.8%, saw 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 2021, the average steel spring import price amounted to $X per ton, rising by 14% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Denmark ($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 (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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