Israel: Steel Spring Market 2024

Steel Spring Market Size in Israel

In 2021, the Israeli steel spring market increased by 23% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, continues to indicate a pronounced contraction. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Steel Spring Production in Israel

In value terms, steel spring production surged to $X in 2021 estimated in export price. In general, production, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 when the production volume increased by 44% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Steel Spring Exports

Exports from Israel

In 2021, the amount of steel springs and leaves for springs exported from Israel dropped to X tons, which is down by -2.1% on 2020 figures. Overall, exports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 29% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, steel spring exports rose modestly to $X in 2021. In general, exports continue to indicate a perceptible decline. The pace of growth appeared the most rapid in 2018 with an increase of 13% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X tons), China (X tons) and the Czech Republic (X tons) were the main destinations of steel spring exports from Israel, with a combined 46% share of total exports. These countries were followed by Hungary, the United States, Romania, Belgium, Poland, India, Mexico and Slovenia, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +75.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel spring exported from Israel were Germany ($X), China ($X) and the Czech Republic ($X), together comprising 49% of total exports. These countries were followed by the United States, Hungary, Belgium, Romania, Poland, India, Mexico and Slovenia, which together accounted for a further 39%.

Belgium, with a CAGR of +83.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, surging by 3.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2017 an increase of 24%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Hungary ($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 Belgium (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Israel

In 2021, approx. X tons of steel springs and leaves for springs were imported into Israel; picking up by 15% on 2020 figures. The total import volume increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 16%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, steel spring imports soared to $X in 2021. The total import value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey (X tons), China (X tons) and Germany (X tons) were the main suppliers of steel spring imports to Israel, together accounting for 45% of total imports. These countries were followed by the United States, Sweden, Italy, the UK, Spain, Australia, Japan, Hong Kong SAR and Slovenia, which together accounted for a further 45%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +32.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steel spring suppliers to Israel were Turkey ($X), the United States ($X) and Germany ($X), together accounting for 49% of total imports. China, Italy, the UK, Spain, Sweden, Hong Kong SAR, Australia, Japan and Slovenia lagged somewhat behind, together comprising a further 40%.

Spain, with a CAGR of +33.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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, increasing by 3.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 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 Spain ($X per ton), while the price for Sweden ($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 UK (+1.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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