Republic of Korea: Market for Iron or Steel Flat Spiral or Discs Springs 2025

Market Size for Iron or Steel Flat Spiral or Discs Springs in Republic of Korea

The South Korean market for iron or steel flat spiral or discs springs was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Iron or Steel Flat Spiral or Discs Springs in Republic of Korea

In value terms, metal spiral or discs spring production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Iron or Steel Flat Spiral or Discs Springs

Exports from Republic of Korea

In 2021, shipments abroad of iron or steel flat spiral or discs springs increased by 6.1% to X tons, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.7% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2013 when exports increased by 15% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, metal spiral or discs spring exports soared to $X in 2021. The total export value increased at an average annual rate of +3.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons), the United States (X tons) and Mexico (X tons) were the main destinations of metal spiral or discs spring exports from South Korea, together accounting for 25% of total exports. These countries were followed by Uzbekistan, India, China, Russia, Thailand, Poland, Italy, Brazil, Hong Kong SAR and Germany, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Uzbekistan (with a CAGR of +195.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for iron or steel flat spiral or discs springs exports from South Korea, comprising 17% of total exports. The second position in the ranking was held by Italy ($X), with a 6% share of total exports. It was followed by India, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+55.8% per year) and India (-6.6% per year).

Export Prices by Country

In 2021, the average export price for iron or steel flat spiral or discs springs amounted to $X per ton, rising by 10% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Mexico ($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 Uzbekistan (+63.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Flat Spiral or Discs Springs

Imports into Republic of Korea

Metal spiral or discs spring imports into South Korea skyrocketed to X tons in 2021, with an increase of 23% on the year before. Over the period under review, imports, however, recorded a mild descent. The most prominent rate of growth was recorded in 2014 with an increase of 89%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, metal spiral or discs spring imports soared to $X in 2021. In general, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +42.5% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 56% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of metal spiral or discs spring to South Korea, with a 29% share of total imports. Moreover, metal spiral or discs spring imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Germany (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia stood at -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-6.4% per year) and Germany (-8.3% per year).

In value terms, Germany ($X), China ($X) and the United States ($X) appeared to be the largest metal spiral or discs spring suppliers to South Korea, with a combined 41% share of total imports. These countries were followed by Poland, Indonesia, Japan and the UK, which together accounted for a further 17%.

In terms of the main suppliers, Poland, with a CAGR of +127.1%, 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 import price for iron or steel flat spiral or discs springs stood at $X per ton in 2021, picking up by 4.6% against the previous year. Over the period under review, the import price enjoyed a prominent increase. The pace of growth was the most pronounced in 2017 an increase of 49%. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Poland ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+25.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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