Latin America and the Caribbean: Steel Spring Market 2024

Steel Spring Market Size in Latin America and the Caribbean

The Latin American steel spring market contracted to $X in 2021, waning by -9.2% against the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Production in Latin America and the Caribbean

In value terms, steel spring production expanded slightly to $X in 2021 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.2% against 2018 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 28% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Steel Spring Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of steel springs and leaves for springs were exported in Latin America and the Caribbean; with an increase of 58% compared with the previous year's figure. In general, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports surged to $X in 2021. The total export value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico prevails in exports structure, amounting to X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Brazil (X tons), creating a 6.1% share of total exports.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of steel springs and leaves for springs. Brazil experienced a relatively flat trend pattern. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest steel spring supplier in Latin America and the Caribbean, comprising 89% of total exports. The second position in the ranking was held by Brazil ($X), with an 8% share of total exports.

In Mexico, steel spring exports expanded at an average annual rate of +2.7% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, falling by -24.2% against the previous year. Export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, steel spring export price decreased by -32.5% against 2018 indices. The most prominent rate of growth was recorded in 2015 an increase of 49%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Mexico totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+3.6%).

Steel Spring Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of steel springs and leaves for springs increased by 5.9% to X tons for the first time since 2014, thus ending a six-year declining trend. In general, imports, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 34%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, steel spring imports soared to $X in 2021. Overall, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico dominates imports structure, amounting to X tons, which was near 68% of total imports in 2021. It was distantly followed by Brazil (X tons), generating an 8.1% share of total imports. Chile (X tons), Argentina (X tons), Peru (X tons), Colombia (X tons) and the Dominican Republic (X tons) followed a long way behind the leaders.

Imports into Mexico decreased at an average annual rate of -6.3% from 2012 to 2021. At the same time, the Dominican Republic (+25.1%), Chile (+10.4%), Peru (+6.3%), Argentina (+3.8%) and Colombia (+3.5%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +25.1% from 2012-2021. By contrast, Brazil (-4.1%) illustrated a downward trend over the same period. Chile (+3.2 p.p.), Argentina (+1.9 p.p.) and Peru (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -12.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported steel springs and leaves for springs in Latin America and the Caribbean, comprising 69% of total imports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total imports. It was followed by Argentina, with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Brazil (-1.0% per year) and Argentina (-1.6% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 20% against the previous year. In general, the import price showed a resilient expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Brazil ($X per ton), while Chile ($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 (+7.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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