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

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

In 2022, the Indian 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. The market value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

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

In value terms, iron or steel leaf-spring production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 14%. Iron or steel leaf-spring production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from India

In 2022, the amount of iron or steel leaf-springs and leaves exported from India reduced to X tons, with a decrease of -5% on 2021 figures. Over the period under review, exports, however, showed noticeable growth. The pace of growth appeared the most rapid in 2021 when exports increased by 117% against the previous year. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, iron or steel leaf-spring exports dropped to $X in 2022. Overall, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2021 when exports increased by 45% against the previous year. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Australia (X tons) were the main destinations of iron or steel leaf-spring exports from India, with a combined 45% share of total exports. The UK, Germany, Poland, Nepal, Belgium, Saudi Arabia, South Africa, Italy, Russia and Bangladesh lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +43.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from India, comprising 23% of total exports. The second position in the ranking was held by Australia ($X), with a 10% share of total exports. It was followed by the United Arab Emirates, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+3.1% per year) and the United Arab Emirates (+5.5% per year).

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, declining by -2.1% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to the United Arab Emirates ($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 Bangladesh (+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 India

In 2022, approx. X tons of iron or steel leaf-springs and leaves were imported into India; with an increase of 3.4% compared with the previous year. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 44%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, iron or steel leaf-spring imports expanded notably to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 21%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Indonesia (X tons), China (X tons) and Spain (X tons) were the main suppliers of iron or steel leaf-spring imports to India, with a combined 59% share of total imports. Germany, Thailand, Sweden, Belgium, South Korea and Japan lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +101.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel leaf-spring suppliers to India were China ($X), Indonesia ($X) and Germany ($X), with a combined 45% share of total imports. Spain, Thailand, Japan, Sweden, Belgium and South Korea lagged somewhat behind, together comprising a further 35%.

In terms of the main suppliers, Sweden, with a CAGR of +92.0%, 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

The average iron or steel leaf-spring import price stood at $X per ton in 2022, growing by 4.1% against the previous year. In general, the import price, however, recorded a mild setback. The pace of growth appeared the most rapid in 2016 when the average import price increased by 34%. The import price peaked at $X per ton in 2013; however, from 2014 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 Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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