Southern Asia: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in Southern Asia

The South Asian metal hot-worked helical spring market rose modestly to $X in 2021, increasing by 2.9% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Iron or Steel Hot-Worked Helical Springs in Southern Asia

In value terms, metal hot-worked helical spring production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 26%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports in Southern Asia

Metal hot-worked helical spring exports surged to X tons in 2021, growing by 51% against the previous year. In general, exports posted a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 275%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, metal hot-worked helical spring exports surged to $X in 2021. Over the period under review, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons) represented roughly 100% of total exports in 2021.

India was also the fastest-growing in terms of the iron or steel hot-worked helical springs exports, with a CAGR of +33.4% from 2012 to 2021. From 2012 to 2021, the share of India increased by +4.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest metal hot-worked helical spring supplier in Southern Asia.

From 2012 to 2021, the average annual growth rate of value in India stood at +21.0%.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, surging by 8.1% against the previous year. In general, the export price, however, saw a deep downturn. The most prominent rate of growth was recorded in 2013 when the export price increased by 33% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to -9.3% per year.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports in Southern Asia

After two years of decline, supplies from abroad of iron or steel hot-worked helical springs increased by 38% to X tons in 2021. Over the period under review, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 95% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, metal hot-worked helical spring imports soared to $X in 2021. Overall, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 75% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

India was the largest importing country with an import of around X tons, which reached 74% of total imports. Bangladesh (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (6.2%). Sri Lanka (X tons) took a minor share of total imports.

Imports into India increased at an average annual rate of +5.5% from 2012 to 2021. At the same time, Bangladesh (+32.2%), Pakistan (+24.6%) and Sri Lanka (+11.7%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +32.2% from 2012-2021. From 2012 to 2021, the share of Bangladesh and Pakistan increased by +12 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported iron or steel hot-worked helical springs in Southern Asia, comprising 86% of total imports. The second position in the ranking was taken by Bangladesh ($X), with an 8% share of total imports. It was followed by Pakistan, with a 3.6% share.

In India, metal hot-worked helical spring imports increased at an average annual rate of +11.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bangladesh (+29.5% per year) and Pakistan (+25.8% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, picking up by 2.3% against the previous year. Import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal hot-worked helical spring import price increased by +73.1% against 2018 indices. The pace of growth appeared the most rapid in 2019 when the import price increased by 34% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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