Iron or Steel Leaf-Spring Market

The article discusses the expected growth in the global iron or steel leaf-spring market in terms of both volume and value over the period from 2022 to 2030. Consumption, production, imports, and exports trends are analyzed for various countries, with key insights into market performance and projections for the future.

Market Forecast

Driven by rising demand for iron or steel leaf-spring worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 1.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $5.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron or Steel Leaf-Springs and Leaves

In 2022, global consumption of iron or steel leaf-springs and leaves reduced modestly to 1.6M tons, which is down by -1.6% compared with the previous year's figure. In general, consumption continues to indicate a mild contraction. As a result, consumption attained the peak volume of 2M tons. From 2016 to 2022, the growth of the global consumption remained at a lower figure.

The global iron or steel leaf-spring market revenue shrank modestly to $4.4B in 2022, with a decrease of -2.1% 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). Over the period under review, consumption showed a slight decrease. As a result, consumption reached the peak level of $5.7B. From 2016 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (412K tons), the United States (233K tons) and India (139K tons), with a combined 49% share of global consumption. Russia, Japan, Brazil, Mexico, Indonesia, Thailand, Iran and Germany lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Thailand (with a CAGR of +3.1%), while consumption for the other global leaders experienced a decline in the consumption figures.

In value terms, China ($650M), the United States ($516M) and Japan ($444M) were the countries with the highest levels of market value in 2022, with a combined 37% share of the global market. India, Brazil, Russia, Mexico, Germany, Indonesia, Thailand and Iran lagged somewhat behind, together accounting for a further 20%.

Among the main consuming countries, Thailand, with a CAGR of +3.0%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

The countries with the highest levels of iron or steel leaf-spring per capita consumption in 2022 were the United States (694 kg per 1000 persons), Japan (508 kg per 1000 persons) and Thailand (468 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Thailand (with a CAGR of +2.7%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World Production of Iron or Steel Leaf-Springs and Leaves

In 2022, global iron or steel leaf-spring production fell to 1.6M tons, waning by -2.1% against 2021 figures. In general, production continues to indicate a mild decrease. The pace of growth was the most pronounced in 2015 when the production volume increased by 15%. Global production peaked at 1.9M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, iron or steel leaf-spring production fell to $4.6B in 2022 estimated in export price. Over the period under review, production continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2018 when the production volume increased by 28%. Over the period under review, global production attained the peak level at $7.6B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (550K tons) constituted the country with the largest volume of iron or steel leaf-spring production, comprising approx. 33% of total volume. Moreover, iron or steel leaf-spring production in China exceeded the figures recorded by the second-largest producer, Mexico (201K tons), threefold. The third position in this ranking was held by India (163K tons), with a 9.9% share.

In China, iron or steel leaf-spring production contracted by an average annual rate of -1.9% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mexico (-0.1% per year) and India (-0.1% per year).

Imports

World Imports of Iron or Steel Leaf-Springs and Leaves

In 2022, global imports of iron or steel leaf-springs and leaves contracted modestly to 702K tons, which is down by -4.7% on 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 20%. Over the period under review, global imports hit record highs at 779K tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel leaf-spring imports contracted to $2B in 2022. The total import value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 29%. As a result, imports reached the peak of $2B, leveling off in the following year.

Imports By Country

The United States represented the major importer of iron or steel leaf-springs and leaves in the world, with the volume of imports recording 265K tons, which was near 38% of total imports in 2022. It was distantly followed by Germany (49K tons), constituting a 7% share of total imports. Japan (26K tons), Thailand (23K tons), Australia (18K tons), Italy (17K tons), the Netherlands (17K tons), Poland (16K tons), Mexico (15K tons), Russia (14K tons), Belgium (14K tons), Canada (14K tons) and France (11K tons) took a minor share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of iron or steel leaf-springs and leaves. At the same time, Canada (+17.6%), Poland (+10.5%), Thailand (+7.8%), Australia (+2.8%) and Italy (+2.2%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in the world, with a CAGR of +17.6% from 2012-2022. The Netherlands, France and Russia experienced a relatively flat trend pattern. By contrast, Belgium (-1.4%), Japan (-1.4%), Germany (-2.6%) and Mexico (-4.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and Canada increased by +1.6 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($631M) constitutes the largest market for imported iron or steel leaf-springs and leaves worldwide, comprising 31% of global imports. The second position in the ranking was taken by Germany ($145M), with a 7.2% share of global imports. It was followed by the Netherlands, with a 3.3% share.

In the United States, iron or steel leaf-spring imports expanded at an average annual rate of +1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-2.6% per year) and the Netherlands (+3.9% per year).

Import Prices By Country

The average iron or steel leaf-spring import price stood at $2,866 per ton in 2022, with an increase of 4.5% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 7.8% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($4,006 per ton), while Thailand ($1,630 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron or Steel Leaf-Springs and Leaves

In 2022, approx. 733K tons of iron or steel leaf-springs and leaves were exported worldwide; reducing by -5.7% against 2021. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 39% against the previous year. As a result, the exports reached the peak of 777K tons, and then shrank in the following year.

In value terms, iron or steel leaf-spring exports stood at $2.1B in 2022. The total export value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 32% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Mexico (178K tons) and China (143K tons) represented the key exporters of iron or steel leaf-springs and leaves in 2022, resulting at near 24% and 19% of total exports, respectively. Indonesia (49K tons) took a 6.6% share (based on physical terms) of total exports, which put it in second place, followed by Spain (5.2%). The following exporters - the United States (33K tons), Turkey (33K tons), Germany (31K tons), India (29K tons), Canada (26K tons), Belgium (17K tons), Tunisia (16K tons), Austria (15K tons) and Romania (13K tons) - together made up 29% of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +13.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest iron or steel leaf-spring supplying countries worldwide were Mexico ($507M), China ($280M) and Germany ($193M), together comprising 46% of global exports. Spain, Indonesia, Canada, Belgium, Turkey, the United States, India, Austria, Tunisia and Romania lagged somewhat behind, together comprising a further 33%.

Turkey, with a CAGR of +14.6%, 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 2022, the average iron or steel leaf-spring export price amounted to $2,920 per ton, rising by 6.9% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 14% against the previous year. As a result, the export price reached the peak level of $3,258 per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($6,172 per ton), while India ($1,869 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform