Sri Lanka: Steel Spring Market 2025

Steel Spring Market Size in Sri Lanka

The Sri Lankan steel spring market skyrocketed to $X in 2021, surging by 88% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded significant growth. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in the near future.

Steel Spring Exports

Exports from Sri Lanka

In 2021, shipments abroad of steel springs and leaves for springs decreased by -43% to X tons, falling for the second year in a row after two years of growth. In general, exports faced a sharp shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 49% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, steel spring exports declined dramatically to $X in 2021. Overall, exports showed a abrupt slump. The pace of growth was the most pronounced in 2019 with an increase of 52% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for steel spring exports from Sri Lanka, accounting for a 81% share of total exports. Moreover, steel spring exports to Japan exceeded the volume sent to the second major destination, Australia (X tons), tenfold. The third position in this ranking was taken by Canada (X kg), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to -5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-36.4% per year) and Canada (+8.9% per year).

In value terms, Japan ($X) remains the key foreign market for steel springs and leaves for springs exports from Sri Lanka, comprising 72% of total exports. The second position in the ranking was held by Australia ($X), with a 7.8% share of total exports. It was followed by Russia, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-27.8% per year) and Russia (+7.7% per year).

Export Prices by Country

The average steel spring export price stood at $X per ton in 2021, with an increase of 24% against the previous year. Overall, the export price saw resilient growth. The pace of growth was the most pronounced in 2016 when the average export price increased by 119%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Canada ($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 the United Arab Emirates (+20.5%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Sri Lanka

In 2021, steel spring imports into Sri Lanka soared to X tons, rising by 81% compared with 2020. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring imports skyrocketed to $X in 2021. Over the period under review, imports posted a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 84% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest steel spring supplier to Sri Lanka, with a 71% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+9.1% per year) and Taiwan (Chinese) (-7.2% per year).

In value terms, China ($X), India ($X) and Japan ($X) appeared to be the largest steel spring suppliers to Sri Lanka, together accounting for 61% of total imports.

China, with a CAGR of +28.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, leveling off at the previous year. In general, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, steel spring import price increased by +73.7% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 41%. The import price peaked at $X per ton in 2020, and then reduced modestly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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