South-Eastern Asia: Steel Spring Market 2025

Steel Spring Market Size in South-Eastern Asia

The Southeast Asian steel spring market rose rapidly to $X in 2021, increasing by 7.5% against the previous year. In general, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Steel Spring Production in South-Eastern Asia

In value terms, steel spring production surged to $X in 2021 estimated in export price. The total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -24.1% against 2019 indices. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Steel Spring Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of steel springs and leaves for springs were exported in South-Eastern Asia; growing by 21% against the year before. Overall, exports showed a relatively flat trend pattern. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, steel spring exports surged to $X in 2021. In general, exports, however, saw a abrupt curtailment. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Indonesia (X tons) was the largest exporter of steel springs and leaves for springs, comprising 50% of total exports. Thailand (X tons) ranks second in terms of the total exports with a 32% share, followed by Malaysia (9.3%) and Vietnam (5.8%). Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +6.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest steel spring supplying countries in South-Eastern Asia were Indonesia ($X), Singapore ($X) and Malaysia ($X), with a combined 88% share of total exports. These countries were followed by Vietnam, which accounted for a further 8.3%.

Among the main exporting countries, Vietnam, with a CAGR of +7.3%, 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

The export price in South-Eastern Asia stood at $X per ton in 2021, growing by 13% against the previous year. Over the period under review, the export price, however, continues to indicate a deep setback. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+6.6%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in South-Eastern Asia

In 2021, overseas purchases of steel springs and leaves for springs were finally on the rise to reach X tons after two years of decline. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, steel spring imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a perceptible descent. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons), distantly followed by Vietnam (X tons), Malaysia (X tons), Singapore (X tons), Indonesia (X tons) and the Philippines (X tons) represented the largest importers of steel springs and leaves for springs, together generating 97% of total imports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +14.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel spring importing markets in South-Eastern Asia were Vietnam ($X), Malaysia ($X) and Indonesia ($X), together comprising 73% of total imports. These countries were followed by Singapore, the Philippines and Myanmar, which together accounted for a further 25%.

In terms of the main importing countries, the Philippines, with a CAGR of +22.2%, recorded 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 import price in South-Eastern Asia stood at $X per ton in 2021, rising by 7.3% against the previous year. In general, the import price, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 an increase of 10%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($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 Philippines (+14.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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