Eastern Asia: Steel Spring Market 2024

Steel Spring Market Size in Eastern Asia

The East Asian steel spring market amounted to $X in 2023, remaining constant against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Steel Spring Production in Eastern Asia

In value terms, steel spring production reached $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Steel Spring Exports

Exports in Eastern Asia

Steel spring exports reached X tons in 2023, with an increase of X% against 2022 figures. Total exports indicated a notable expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to see gradual growth in the near future.

In value terms, steel spring exports dropped to $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, reaching X tons, which was near X% of total exports in 2023. It was distantly followed by Japan (X tons), constituting an X% share of total exports. South Korea (X tons) and Taiwan (Chinese) (X tons) took a little share of total exports.

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, Taiwan (Chinese) (X%) displayed positive paces of growth. By contrast, South Korea (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 ($X) remains the largest steel spring supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

In China, steel spring exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price showed a pronounced contraction. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2023, the 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 ($X per ton), while China ($X per ton) was amongst the lowest.

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

Steel Spring Imports

Imports in Eastern Asia

In 2023, approx. X tons of steel springs and leaves for springs were imported in Eastern Asia; reducing by X% compared with the year before. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2023, the growth of imports remained at a lower figure.

In value terms, steel spring imports contracted to $X in 2023. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of steel spring imports in 2023 were Japan (X tons), China (X tons) and South Korea (X tons), together accounting for X% of total import. It was distantly followed by Taiwan (Chinese) (X tons), making up a X% share of total imports. The following importers - Democratic People's Republic of Korea (X tons) and Hong Kong SAR (X tons) - each finished at a X% 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 Democratic People's Republic of Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported steel springs and leaves for springs in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in China stood at X%. In the other countries, the average annual rates were as follows: Japan (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2023, the import price in Eastern Asia amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2021; however, from 2022 to 2023, import prices failed to regain momentum.

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

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

Source: IndexBox Platform