China: Steel Spring Market 2024

Steel Spring Market Size in China

The Chinese steel spring market totaled $X in 2022, remaining constant against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Steel spring consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Steel Spring Production in China

In value terms, steel spring production reached $X in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Steel spring production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Steel Spring Exports

Exports from China

In 2022, overseas shipments of steel springs and leaves for springs decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, steel spring exports rose markedly to $X in 2022. Over the period under review, exports, however, showed a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for steel spring exports from China, with a X% share of total exports. Moreover, steel spring exports to the United States exceeded the volume sent to the second major destination, Thailand (X tons), threefold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Vietnam (X% per year).

In value terms, the United States ($X) remains the key foreign market for steel springs and leaves for springs exports from China, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the average steel spring export price amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into China

In 2022, overseas purchases of steel springs and leaves for springs decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports showed a slight decline. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, steel spring imports dropped significantly to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then reduced notably in the following year.

Imports by Country

Germany (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of steel spring imports to China, together accounting for X% of total imports. The United States, Hungary, Taiwan (Chinese), the UK, Romania, France, Thailand, Canada, Italy and South Africa lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and the United States ($X) were the largest steel spring suppliers to China, with a combined X% share of total imports. South Korea, Taiwan (Chinese), France, the UK, Italy, Hungary, Canada, Thailand, Romania and South Africa lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Romania, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel spring import price amounted to $X per ton, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 an increase of X%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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