New Zealand: Steel Spring Market 2024

Steel Spring Market Size in New Zealand

The New Zealand steel spring market soared to $X in 2021, with an increase of 29% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +6.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Steel Spring Exports

Exports from New Zealand

In 2021, after two years of decline, there was significant growth in shipments abroad of steel springs and leaves for springs, when their volume increased by 41% to X tons. Over the period under review, total exports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel spring exports surged to $X in 2021. Overall, total exports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.1% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 54% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Australia (X tons), China (X tons) and the United States (X tons) were the main destinations of steel spring exports from New Zealand, with a combined 84% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +121.7%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) remains the key foreign market for steel springs and leaves for springs exports from New Zealand, comprising 60% of total exports. The second position in the ranking was held by China ($X), with a 13% share of total exports. It was followed by the United States, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Australia stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+54.9% per year) and the United States (+20.5% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, dropping by -6.6% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to China ($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 Nigeria (+29.7%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into New Zealand

In 2021, the amount of steel springs and leaves for springs imported into New Zealand skyrocketed to X tons, picking up by 33% on 2020. The total import volume increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak 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 +5.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Australia (X tons) and Italy (X tons) were the main suppliers of steel spring imports to New Zealand, together accounting for 55% of total imports. These countries were followed by the United States, Germany, India, Japan, Indonesia, Malaysia, Canada, the UK and Thailand, which together accounted for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +108.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Australia ($X) and the United States ($X) appeared to be the largest steel spring suppliers to New Zealand, with a combined 61% share of total imports. Germany, Italy, Japan, the UK, India, Indonesia, Malaysia, Canada and Thailand lagged somewhat behind, together accounting for a further 30%.

Indonesia, with a CAGR of +84.4%, recorded the highest growth rate of the value of imports, among 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, with a decrease of -2.9% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 12% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 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 the UK ($X per ton), while the price for Indonesia ($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 UK (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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