Republic of Korea: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in Republic of Korea

The South Korean metal hot-worked helical spring market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, saw a perceptible decline. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Iron or Steel Hot-Worked Helical Springs in Republic of Korea

In value terms, metal hot-worked helical spring production rose sharply to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a deep contraction. The growth pace was the most rapid in 2015 when the production volume increased by 14% against the previous year. Metal hot-worked helical spring production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Republic of Korea

In 2021, the amount of iron or steel hot-worked helical springs exported from South Korea amounted to X tons, surging by 4.2% compared with the year before. Overall, exports, however, recorded a perceptible contraction. The pace of growth appeared the most rapid in 2016 with an increase of 21%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, metal hot-worked helical spring exports expanded significantly to $X in 2021. In general, exports, however, continue to indicate a noticeable contraction. The pace of growth was the most pronounced in 2016 when exports increased by 18%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Mexico (X tons) and India (X tons) were the main destinations of metal hot-worked helical spring exports from South Korea, together accounting for 52% of total exports. These countries were followed by the United States, Canada, Vietnam, Turkey, Japan, Cambodia, Thailand, Russia and Poland, which together accounted for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +46.3%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for iron or steel hot-worked helical springs exports from South Korea, comprising 35% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by Vietnam, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-2.2% per year) and Vietnam (+34.6% per year).

Export Prices by Country

In 2021, the average metal hot-worked helical spring export price amounted to $X per ton, with an increase of 6.2% against the previous year. Overall, the export price, however, showed a mild curtailment. The pace of growth appeared the most rapid in 2013 an increase of 8.3%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

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 Vietnam ($X per ton), while the average price for exports to Cambodia ($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 India (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Republic of Korea

After two years of decline, purchases abroad of iron or steel hot-worked helical springs increased by 13% to X tons in 2021. The total import volume increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 35% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, metal hot-worked helical spring imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest metal hot-worked helical spring supplier to South Korea, accounting for a 62% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was held by Mexico (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+7.6% per year) and Mexico (+7.3% per year).

In value terms, China ($X), Japan ($X) and Germany ($X) constituted the largest metal hot-worked helical spring suppliers to South Korea, with a combined 72% share of total imports. The United States, the Czech Republic and Mexico lagged somewhat behind, together accounting for a further 18%.

In terms of the main suppliers, the Czech Republic, with a CAGR of +27.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average metal hot-worked helical spring import price stood at $X per ton in 2021, increasing by 3.1% against the previous year. Overall, the import price, however, saw a noticeable setback. The pace of growth was the most pronounced in 2018 when the average import price increased by 6.7%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($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 United States (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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