South-Eastern Asia: Market for Iron or Steel Leaf-Springs and Leaves 2025

Market Size for Iron or Steel Leaf-Springs and Leaves in South-Eastern Asia

In 2022, the Southeast Asian iron or steel leaf-spring market increased by 6.8% to $X for the first time since 2016, thus ending a five-year declining trend. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Iron or Steel Leaf-Springs and Leaves in South-Eastern Asia

In value terms, iron or steel leaf-spring production contracted modestly to $X in 2022 estimated in export price. Overall, production recorded a slight shrinkage. The most prominent rate of growth was recorded in 2016 when the production volume increased by 60%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports in South-Eastern Asia

In 2022, shipments abroad of iron or steel leaf-springs and leaves increased by 0.2% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, iron or steel leaf-spring exports rose notably to $X in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 28% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Indonesia represented the key exporting country with an export of about X tons, which accounted for 73% of total exports. It was distantly followed by Thailand (X tons), Malaysia (X tons) and Vietnam (X tons), together mixing up a 27% share of total exports.

Indonesia was also the fastest-growing in terms of the iron or steel leaf-springs and leaves exports, with a CAGR of +5.9% from 2012 to 2022. At the same time, Vietnam (+4.4%) displayed positive paces of growth. By contrast, Malaysia (-5.2%) and Thailand (-5.9%) illustrated a downward trend over the same period. While the share of Indonesia (+23 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-11.1 p.p.) and Thailand (-13 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest iron or steel leaf-spring supplier in South-Eastern Asia, comprising 63% of total exports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total exports. It was followed by Thailand, with a 12% share.

In Indonesia, iron or steel leaf-spring exports increased at an average annual rate of +5.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-0.6% per year) and Thailand (-4.8% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, growing by 5.7% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the export price increased by 6.8% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.9%), while the other leaders experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports in South-Eastern Asia

In 2022, purchases abroad of iron or steel leaf-springs and leaves increased by 17% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +51.1% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 34%. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, iron or steel leaf-spring imports amounted to $X in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.0% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 34%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports by Country

Thailand was the major importer of iron or steel leaf-springs and leaves in South-Eastern Asia, with the volume of imports reaching X tons, which was approx. 49% of total imports in 2022. Vietnam (X tons) held the second position in the ranking, followed by Indonesia (X tons), Malaysia (X tons), the Philippines (X tons) and Myanmar (X tons). All these countries together held near 47% share of total imports. Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iron or steel leaf-spring imports into Thailand stood at +7.7%. At the same time, Myanmar (+13.4%), Vietnam (+9.9%), Indonesia (+8.7%) and the Philippines (+5.6%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +13.4% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Malaysia (-1.2%) illustrated a downward trend over the same period. While the share of Thailand (+3.7 p.p.), Vietnam (+3.4 p.p.), Myanmar (+2.9 p.p.) and Indonesia (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-3.1 p.p.) and Malaysia (-8.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron or steel leaf-spring importing markets in South-Eastern Asia were Thailand ($X), Vietnam ($X) and Indonesia ($X), together accounting for 69% of total imports. Malaysia, the Philippines, Singapore and Myanmar lagged somewhat behind, together accounting for a further 30%.

The Philippines, with a CAGR of +21.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, which is down by -4.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 15% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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