Norway: Steel Spring Market 2025

Steel Spring Market Size in Norway

In 2021, the Norwegian steel spring market increased by 7.6% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, saw a abrupt curtailment. Steel spring consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Steel Spring Exports

Exports from Norway

In 2021, the amount of steel springs and leaves for springs exported from Norway was estimated at X tons, standing approx. at 2020. Over the period under review, exports, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2014 when exports increased by 31% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports soared to $X in 2021. The total export value increased at an average annual rate of +2.6% over the period 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 2019 with an increase of 31% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Sweden (X tons) was the main destination for steel spring exports from Norway, accounting for a 24% share of total exports. Moreover, steel spring exports to Sweden exceeded the volume sent to the second major destination, Poland (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Sweden totaled -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-7.9% per year) and Germany (+16.1% per year).

In value terms, the United States ($X), the UK ($X) and Sweden ($X) were the largest markets for steel spring exported from Norway worldwide, with a combined 26% share of total exports. Germany, the Netherlands, Denmark, Russia, Poland, Hungary, China, Turkey, Latvia and Belgium lagged somewhat behind, together accounting for a further 38%.

In terms of the main countries of destination, Hungary, with a CAGR of +89.7%, recorded the highest growth rate of the value of exports, 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 17% against the previous year. Over the period under review, the export price continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 48%. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Belgium ($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 Turkey (+22.0%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Norway

Steel spring imports into Norway totaled X tons in 2021, picking up by 4.1% against the year before. Overall, imports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2018 when imports increased by 16% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, steel spring imports amounted to $X in 2021. In general, imports, however, showed a pronounced curtailment. The pace of growth was the most pronounced in 2018 with an increase of 12% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Sweden (X tons) constituted the largest steel spring supplier to Norway, accounting for a 34% share of total imports. Moreover, steel spring imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Denmark (X tons), with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden totaled -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-9.3% per year) and Denmark (-29.6% per year).

In value terms, Sweden ($X), Germany ($X) and the UK ($X) appeared to be the largest steel spring suppliers to Norway, with a combined 58% share of total imports. Denmark, the United States, France, the Netherlands, Latvia, Poland, China, Spain, Belgium and Japan lagged somewhat behind, together comprising a further 31%.

Latvia, with a CAGR of +74.8%, 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

In 2021, the average steel spring import price amounted to $X per ton, increasing by 4.2% against the previous year. Overall, the import price enjoyed a prominent increase. The pace of growth was the most pronounced in 2016 when the average import price increased by 46% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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 ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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