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

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

The Vietnamese metal hot-worked helical spring market skyrocketed to $X in 2021, increasing by 19% 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). In general, consumption enjoyed resilient growth. Metal hot-worked helical spring consumption peaked in 2021 and is expected to retain growth in years to come.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Vietnam

In 2021, overseas shipments of iron or steel hot-worked helical springs increased by 50% to X tons, rising for the fifth consecutive year after three years of decline. In general, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 58%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, metal hot-worked helical spring exports surged to $X in 2021. Overall, exports posted a resilient expansion. The growth pace was the most rapid in 2016 with an increase of 42% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Malaysia (X tons), China (X tons) and the United States (X tons) were the main destinations of metal hot-worked helical spring exports from Vietnam, together comprising 59% of total exports. Thailand, Japan, South Korea, Taiwan (Chinese), Indonesia, Hong Kong SAR and the Philippines lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +85.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal hot-worked helical spring exported from Vietnam were Malaysia ($X), China ($X) and the United States ($X), with a combined 59% share of total exports. These countries were followed by Thailand, Japan, South Korea, Taiwan (Chinese), Indonesia, Hong Kong SAR and the Philippines, which together accounted for a further 30%.

Taiwan (Chinese), with a CAGR of +99.1%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2021, with a decrease of -17.1% against the previous year. Overall, the export price, however, saw a noticeable expansion. The growth pace was the most rapid in 2016 when the average export price increased by 86%. The export price peaked at $X per ton in 2020, and then reduced dramatically in the following year.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Vietnam

Metal hot-worked helical spring imports into Vietnam amounted to X tons in 2021, surging by 14% on 2020 figures. Overall, imports showed buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 58%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, metal hot-worked helical spring imports soared to $X in 2021. Over the period under review, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2016 when imports increased by 37%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest metal hot-worked helical spring supplier to Vietnam, accounting for a 50% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +37.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+14.5% per year) and Thailand (+10.9% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel hot-worked helical springs to Vietnam, comprising 50% of total imports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total imports. It was followed by Thailand, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +36.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+13.5% per year) and Thailand (+9.9% per year).

Import Prices by Country

The average metal hot-worked helical spring import price stood at $X per ton in 2021, increasing by 7% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 17% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Thailand ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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