Global Steel Spring Market 2024

Steel Spring Market Size

In 2021, the global steel spring market decreased by -3.6% to $X for the first time since 2017, thus ending a three-year rising trend. In general, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +9.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the maximum level at $X in 2020, and then declined modestly in the following year.

Steel Spring Production

In value terms, steel spring production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of 70% against the previous year. Global production peaked at $X in 2020, and then contracted in the following year.

Steel Spring Exports

Exports

In 2021, overseas shipments of steel springs and leaves for springs were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel spring exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporter of steel springs and leaves for springs in the world, with the volume of exports recording X tons, which was near 31% of total exports in 2021. Germany (X tons) held the second position in the ranking, followed by Mexico (X tons) and the United States (X tons). All these countries together held approx. 28% share of total exports. Poland (X tons), the Czech Republic (X tons), Spain (X tons), Turkey (X tons), Indonesia (X tons), India (X tons), the Netherlands (X tons), Canada (X tons) and Japan (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +8.3% from 2012 to 2021. At the same time, Poland (+11.5%), Indonesia (+6.0%), India (+5.9%), the Netherlands (+5.4%), the Czech Republic (+3.0%) and Germany (+2.0%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.5% from 2012-2021. Spain, Turkey and Mexico experienced a relatively flat trend pattern. By contrast, Japan (-2.7%), Canada (-2.8%) and the United States (-5.5%) illustrated a downward trend over the same period. China (+13 p.p.) and Poland (+2.1 p.p.) significantly strengthened its position in terms of the global exports, while Mexico and the United States saw its share reduced by -3.1% and -6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Germany ($X) and the United States ($X) constituted the countries with the highest levels of exports in 2021, with a combined 48% share of global exports. Mexico, Japan, Poland, the Czech Republic, Canada, Spain, the Netherlands, Turkey, Indonesia and India lagged somewhat behind, together comprising a further 28%.

Poland, with a CAGR of +13.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, dropping by -2.4% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 7.5% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.9%), while the other global leaders experienced more modest paces of growth.

Steel Spring Imports

Imports

In 2021, after two years of decline, there was significant growth in supplies from abroad of steel springs and leaves for springs, when their volume increased by 15% to X tons. Over the period under review, imports recorded a relatively flat trend pattern. Over the period under review, global imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, steel spring imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Global imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United States was the main importing country with an import of around X tons, which reached 25% of total imports. It was distantly followed by Germany (X tons) and Mexico (X tons), together comprising a 13% share of total imports. Poland (X tons), Canada (X tons), China (X tons), the UK (X tons), Russia (X tons), the Netherlands (X tons), Belgium (X tons), Italy (X tons), France (X tons) and Japan (X tons) held a relatively small share of total imports.

Imports into the United States increased at an average annual rate of +2.0% from 2012 to 2021. At the same time, Poland (+7.2%), the Netherlands (+3.9%), Italy (+1.4%), Russia (+1.3%) and Germany (+1.0%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the world, with a CAGR of +7.2% from 2012-2021. China, Belgium and the UK experienced a relatively flat trend pattern. By contrast, Japan (-1.4%), Canada (-2.6%), France (-4.7%) and Mexico (-6.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United States and Poland increased by +3.3 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest steel spring importing markets worldwide were the United States ($X), China ($X) and Germany ($X), together accounting for 37% of global imports. These countries were followed by Mexico, Poland, Canada, the UK, Russia, France, Italy, the Netherlands, Belgium and Japan, which together accounted for a further 27%.

In terms of the main importing countries, Poland, with a CAGR of +6.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, increasing by 6.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+7.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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