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

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

The Hungarian iron or steel leaf-spring market declined rapidly to $X in 2022, which is down by -17.1% against the previous year. Over the period under review, consumption, however, recorded prominent growth. 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 Hungary

In value terms, iron or steel leaf-spring production shrank remarkably to $X in 2022 estimated in export price. In general, production showed a significant increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by 10,650% against the previous year. As a result, production reached the peak level of $X, and then declined significantly in the following year.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Hungary

In 2022, shipments abroad of iron or steel leaf-springs and leaves increased by 6.1% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 23% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, iron or steel leaf-spring exports fell to $X in 2022. The total export value increased at an average annual rate of +4.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 38%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons), Germany (X tons) and the UK (X tons) were the main destinations of iron or steel leaf-spring exports from Hungary, together comprising 53% of total exports. Austria, Spain, the United States, Romania, France, Italy, the Czech Republic, Turkey, Lithuania and China lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +94.1%), while the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from Hungary, comprising 32% of total exports. The second position in the ranking was held by the UK ($X), with a 12% share of total exports. It was followed by Spain, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value to Poland amounted to +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-0.5% per year) and Spain (+39.2% per year).

Export Prices by Country

The average iron or steel leaf-spring export price stood at $X per ton in 2022, reducing by -7.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 16%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Lithuania ($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 Spain (+10.3%), 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 Hungary

In 2022, approx. X tons of iron or steel leaf-springs and leaves were imported into Hungary; with a decrease of -19.9% compared with 2021 figures. Over the period under review, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 49% against the previous year. As a result, imports reached the peak of X tons, and then declined markedly in the following year.

In value terms, iron or steel leaf-spring imports fell to $X in 2022. The total import value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 56%. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Austria (X tons), Turkey (X tons) and Germany (X tons) were the main suppliers of iron or steel leaf-spring imports to Hungary, together comprising 76% of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +103.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Hungary, comprising 40% of total imports. The second position in the ranking was taken by Germany ($X), with an 18% share of total imports. It was followed by Turkey, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Austria amounted to +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-5.8% per year) and Turkey (+74.3% per year).

Import Prices by Country

The average iron or steel leaf-spring import price stood at $X per ton in 2022, growing by 13% against the previous year. Over the period under review, the import price, however, saw a slight reduction. The pace of growth was the most pronounced in 2018 when the average import price increased by 14%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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