Japan: Steel Spring Market 2024

Steel Spring Market Size in Japan

The Japanese steel spring market reached $X in 2021, approximately reflecting the previous year. Over the period under review, consumption, however, showed a mild descent. The most prominent rate of growth was recorded in 2016 when the market value increased by 7.3% against the previous year. Steel spring consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Production in Japan

In value terms, steel spring production reached $X in 2021 estimated in export price. In general, production, however, showed a mild descent. The most prominent rate of growth was recorded in 2016 when the production volume increased by 9.2% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports from Japan

In 2021, shipments abroad of steel springs and leaves for springs was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, showed a perceptible downturn. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, steel spring exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a noticeable setback. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from Japan, with a 32% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, China (X tons), twofold. Thailand (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-0.4% per year) and Thailand (-5.6% per year).

In value terms, the largest markets for steel spring exported from Japan were China ($X), the United States ($X) and Thailand ($X), together comprising 58% of total exports. Indonesia, Mexico, South Korea, the Philippines, India, Taiwan (Chinese), Russia, Australia, Malaysia and Brazil lagged somewhat behind, together accounting for a further 24%.

Australia, with a CAGR of +3.2%, 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 mixed trend patterns.

Export Prices by Country

The average steel spring export price stood at $X per ton in 2021, which is down by -6% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 9.9% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

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 China ($X per ton), while the average price for exports to Russia ($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 Mexico (+10.3%), while the prices for the other major destinations experienced mixed trend patterns.

Steel Spring Imports

Imports into Japan

In 2021, approx. X tons of steel springs and leaves for springs were imported into Japan; surging by 25% compared with the previous year. In general, imports, however, saw a slight reduction. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, steel spring imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a slight decrease. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest steel spring supplier to Japan, with a 73% share of total imports. Moreover, steel spring imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was held by South Korea (X tons), with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.4% per year) and South Korea (+15.9% per year).

In value terms, the largest steel spring suppliers to Japan were Indonesia ($X), China ($X) and South Korea ($X), with a combined 70% share of total imports.

China, with a CAGR of +6.0%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average steel spring import price amounted to $X per ton, dropping by -2.4% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 13%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average 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 Mexico ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+18.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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