India: Steel Spring Market 2025

Steel Spring Market Size in India

The Indian steel spring market shrank markedly to $X in 2021, waning by -16% against the previous year. In general, consumption showed a abrupt descent. Steel spring consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Steel Spring Production in India

In value terms, steel spring production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 8.8%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Steel Spring Exports

Exports from India

Steel spring exports from India surged to X tons in 2021, jumping by 90% against 2020. Over the period under review, total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% 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 +79.2% against 2018 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. In general, total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), the Netherlands (X tons) and the United Arab Emirates (X tons) were the main destinations of steel spring exports from India, together comprising 38% of total exports. Nepal, Poland, the UK, Australia, Germany, Belgium, South Africa, Canada, Bangladesh and Sudan lagged somewhat behind, together accounting for a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nepal (with a CAGR of +37.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for steel springs and leaves for springs exports from India, comprising 21% of total exports. The second position in the ranking was held by Germany ($X), with a 7.7% share of total exports. It was followed by the United Arab Emirates, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.9% per year) and the United Arab Emirates (+6.8% per year).

Export Prices by Country

The average steel spring export price stood at $X per ton in 2021, with a decrease of -20.1% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the Netherlands ($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 Bangladesh (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into India

After three years of decline, overseas purchases of steel springs and leaves for springs increased by 19% to X tons in 2021. In general, imports, however, showed a mild downturn. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, steel spring imports soared to $X in 2021. The total import value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Germany (X tons) and Japan (X tons) were the main suppliers of steel spring imports to India, with a combined 66% share of total imports. Indonesia, South Korea, the United States, France, Thailand, Spain, the UK and Italy lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +26.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), China ($X) and Japan ($X) appeared to be the largest steel spring suppliers to India, together comprising 48% of total imports. These countries were followed by the United States, South Korea, the UK, Thailand, Italy, France, Indonesia and Spain, which together accounted for a further 34%.

In terms of the main suppliers, Indonesia, with a CAGR of +16.2%, 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

The average steel spring import price stood at $X per ton in 2021, surging by 7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2018 an increase of 19%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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