Asia: Steel Spring Market 2024

Steel Spring Market Size in Asia

The Asian steel spring market reached $X in 2023, with an increase of X% against the previous year. The total consumption indicated pronounced growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Steel Spring Production in Asia

In value terms, steel spring production rose to $X in 2023 estimated in export price. The total production indicated a temperate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Steel Spring Exports

Exports in Asia

In 2023, steel spring exports in Asia stood at X tons, growing by X% on the previous year's figure. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2023 and are likely to continue growth in the immediate term.

In value terms, steel spring exports fell modestly to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

China represented the main exporter of steel springs and leaves for springs in Asia, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2023. Turkey (X tons) took the second position in the ranking, followed by Indonesia (X tons), India (X tons) and Japan (X tons). All these countries together took approx. X% share of total exports. Malaysia (X tons) and Thailand (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the steel springs and leaves for springs exports, with a CAGR of X% from 2012 to 2023. At the same time, Indonesia (X%), India (X%) and Turkey (X%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Thailand (X%) and Japan (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of China increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel spring supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with an X% share of total exports. It was followed by Turkey, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in China amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2023, the export price in Asia amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price continues to indicate a slight slump. The growth pace was the most rapid in 2018 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced more modest paces of growth.

Steel Spring Imports

Imports in Asia

In 2023, imports of steel springs and leaves for springs in Asia amounted to X tons, growing by X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2023, the growth of imports remained at a lower figure.

In value terms, steel spring imports dropped modestly to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

The countries with the highest levels of steel spring imports in 2023 were Japan (X tons), Thailand (X tons), Malaysia (X tons), China (X tons), Turkey (X tons), South Korea (X tons), Vietnam (X tons), India (X tons), Indonesia (X tons), Uzbekistan (X tons), the United Arab Emirates (X tons) and Kazakhstan (X tons), together reaching X% of total import. Taiwan (Chinese) (X tons) took a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Uzbekistan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported steel springs and leaves for springs in Asia, comprising X% of total imports. The second position in the ranking was taken by India ($X), with an X% share of total imports. It was followed by Turkey, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in China amounted to X%. In the other countries, the average annual rates were as follows: India (X% per year) and Turkey (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of X%. The level of import peaked at $X per ton in 2022, and then dropped in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Uzbekistan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform