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

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

The Singaporean iron or steel leaf-spring market skyrocketed to $X in 2022, growing by 19% against the previous year. Over the period under review, consumption continues to indicate a remarkable increase. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

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

In value terms, iron or steel leaf-spring production stood at $X in 2022 estimated in export price. In general, production recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 466%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Singapore

In 2022, the amount of iron or steel leaf-springs and leaves exported from Singapore shrank to X tons, falling by -14% against 2021 figures. In general, exports recorded a pronounced reduction. The pace of growth appeared the most rapid in 2018 when exports increased by 165% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, iron or steel leaf-spring exports declined remarkably to $X in 2022. Overall, exports showed a deep setback. The growth pace was the most rapid in 2013 with an increase of 55% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons), Indonesia (X tons) and Australia (X tons) were the main destinations of iron or steel leaf-spring exports from Singapore, with a combined 75% share of total exports. Thailand, China, Malaysia, Taiwan (Chinese), Myanmar and Saudi Arabia lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +42.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel leaf-spring exported from Singapore were Hong Kong SAR ($X), Indonesia ($X) and Thailand ($X), with a combined 71% share of total exports. China, Malaysia, Australia, Taiwan (Chinese), Myanmar and Saudi Arabia lagged somewhat behind, together accounting for a further 20%.

Among the main countries of destination, Australia, with a CAGR of +37.6%, saw 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 2022, the average iron or steel leaf-spring export price amounted to $X per ton, reducing by -4.7% against the previous year. Overall, the export price saw a perceptible downturn. The pace of growth was the most pronounced in 2019 an increase of 193%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Australia ($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 Saudi Arabia (+21.0%), 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 Singapore

In 2022, purchases abroad of iron or steel leaf-springs and leaves increased by 39% to X tons, rising for the second year in a row after three years of decline. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 116% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, iron or steel leaf-spring imports rose rapidly to $X in 2022. Over the period under review, imports enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2021 when imports increased by 124% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Taiwan (Chinese) (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of iron or steel leaf-spring imports to Singapore, with a combined 78% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +41.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Singapore, comprising 34% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Taiwan (Chinese) stood at +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.8% per year) and Malaysia (-6.8% per year).

Import Prices by Country

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, with a decrease of -19.3% against the previous year. Overall, the import price, however, posted a noticeable increase. The pace of growth was the most pronounced in 2018 an increase of 75%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then contracted sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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