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

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

In 2022, the Lithuanian iron or steel leaf-spring market decreased by -55% to $X, falling for the fifth year in a row after two years of growth. In general, consumption continues to indicate a abrupt descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

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

In value terms, iron or steel leaf-spring production contracted sharply to $X in 2022 estimated in export price. Overall, production saw a sharp downturn. The most prominent rate of growth was recorded in 2017 when the production volume increased by 41%. Iron or steel leaf-spring production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Lithuania

In 2022, approx. X tons of iron or steel leaf-springs and leaves were exported from Lithuania; waning by -9.8% against the year before. Overall, total exports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +10.8% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 36% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, iron or steel leaf-spring exports contracted significantly to $X in 2022. Over the period under review, total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +19.6% against 2020 indices. The growth pace was the most rapid in 2013 when exports increased by 76% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Kyrgyzstan (X tons), Kazakhstan (X tons) and Poland (X tons) were the main destinations of iron or steel leaf-spring exports from Lithuania, with a combined 50% share of total exports. Belarus, Russia, Estonia, Latvia, India, Hungary, Finland, Romania, Slovenia and the Czech Republic lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovenia (with a CAGR of +36.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel leaf-spring exported from Lithuania were Poland ($X), Russia ($X) and Latvia ($X), with a combined 41% share of total exports. Estonia, Finland, Hungary, Kyrgyzstan, Romania, Slovenia, Belarus, the Czech Republic, India and Kazakhstan lagged somewhat behind, together accounting for a further 45%.

Slovenia, with a CAGR of +38.6%, recorded the highest growth rate of the value of exports, in terms of 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 2022, the average iron or steel leaf-spring export price amounted to $X per ton, declining by -15.1% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 29%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Latvia ($X per ton), while the average price for exports to Kazakhstan ($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 Russia (+5.6%), 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 Lithuania

Iron or steel leaf-spring imports into Lithuania declined sharply to X tons in 2022, which is down by -30.4% on the year before. In general, imports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by 114%. As a result, imports reached the peak of X tons, and then contracted remarkably in the following year.

In value terms, iron or steel leaf-spring imports reduced to $X in 2022. Overall, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 108% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

The Netherlands (X tons), Poland (X tons) and Belgium (X tons) were the main suppliers of iron or steel leaf-spring imports to Lithuania, with a combined 53% share of total imports. Hungary, Germany, France, Sweden, Greece, Russia and Turkey lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +48.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Lithuania, comprising 38% of total imports. The second position in the ranking was held by Poland ($X), with a 15% share of total imports. It was followed by Belgium, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+6.3% per year) and Belgium (+9.9% per year).

Import Prices by Country

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, jumping by 32% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform