Steel Spring Market

Driven by increasing demand for steel springs and leaves for springs worldwide, the market is projected to grow with anticipated CAGR in both volume and value from 2022 to 2030. Consumption, production, imports, and exports of steel springs and leaves for springs are analyzed, with key insights on major consuming, producing, and exporting countries, as well as price trends over the past decade.

Market Forecast

Driven by increasing demand for steel springs and leaves for springs worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.1% for the period from 2022 to 2030, which is projected to bring the market value to $160.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Steel Springs and Leaves for Springs

In 2022, global steel spring consumption declined to 10M tons, which is down by -2.2% against the previous year. The total consumption volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 11M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global steel spring market revenue was estimated at $92.9B in 2022, approximately equating 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). In general, consumption, however, showed a buoyant increase. Global consumption peaked at $94.8B in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Ethiopia (3M tons), China (2.2M tons) and the United States (1.4M tons), with a combined 65% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Ethiopia (with a CAGR of +17.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Ethiopia ($61.9B) led the market, alone. The second position in the ranking was taken by China ($5.8B). It was followed by the United States.

In Ethiopia, the steel spring market expanded at an average annual rate of +20.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (+6.0% per year) and the United States (+2.6% per year).

In 2022, the highest levels of steel spring per capita consumption was registered in Ethiopia (25 kg per person), followed by the United States (4.2 kg per person), Italy (4 kg per person) and South Korea (3.7 kg per person), while the world average per capita consumption of steel spring was estimated at 1.3 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the steel spring per capita consumption in Ethiopia stood at +14.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United States (+0.5% per year) and Italy (+8.4% per year).

Production

World Production of Steel Springs and Leaves for Springs

In 2022, global production of steel springs and leaves for springs fell to 10M tons, declining by -1.8% against 2021. The total output volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 20% against the previous year. Over the period under review, global production hit record highs at 11M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, steel spring production expanded to $146.4B in 2022 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 132%. Global production peaked at $150.2B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Ethiopia (3M tons), China (2.5M tons) and the United States (1.1M tons), with a combined 64% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Ethiopia (with a CAGR of +17.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Steel Springs and Leaves for Springs

In 2022, approx. 1.7M tons of steel springs and leaves for springs were imported worldwide; standing approx. at the previous year. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 19%. As a result, imports attained the peak of 1.7M tons, and then reduced slightly in the following year.

In value terms, steel spring imports dropped to $7.8B in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. As a result, imports attained the peak of $7.9B, and then shrank slightly in the following year.

Imports By Country

In 2022, the United States (415K tons) represented the main importer of steel springs and leaves for springs, generating 25% of total imports. Germany (120K tons) ranks second in terms of the total imports with a 7.1% share, followed by Italy (6.3%) and Mexico (6.2%). Canada (73K tons), Poland (67K tons), the UK (46K tons), the Netherlands (40K tons), Thailand (35K tons), Japan (32K tons), Belgium (31K tons), France (30K tons) and the Czech Republic (30K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +1.3% from 2012 to 2022. At the same time, Italy (+13.4%), Poland (+6.0%), the Netherlands (+4.5%), Thailand (+4.0%) and Germany (+1.3%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing importer imported in the world, with a CAGR of +13.4% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, Japan (-1.1%), the Czech Republic (-1.6%), Canada (-1.9%), the UK (-2.3%), France (-5.0%) and Mexico (-6.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Italy, the United States and Poland increased by +4.4, +1.7 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 ($1.4B) constitutes the largest market for imported steel springs and leaves for springs worldwide, comprising 18% of global imports. The second position in the ranking was taken by Germany ($636M), with an 8.2% share of global imports. It was followed by Mexico, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +3.1%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+1.6% per year) and Mexico (+1.8% per year).

Imports By Type

In 2022, iron or steel leaf-springs and leaves (702K tons) and iron or steel hot-worked helical springs (669K tons) were the main types of steel springs and leaves for springsaround the world, together creating 81% of total imports. It was distantly followed by iron or steel flat spiral or discs springs (320K tons), committing a 19% share of total imports.

From 2012 to 2022, the biggest increases were recorded for iron or steel flat spiral or discs springs (with a CAGR of +1.8%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported steel springs and leaves for springs were iron or steel hot-worked helical springs ($3.8B), iron or steel leaf-springs and leaves ($2B) and iron or steel flat spiral or discs springs ($2B).

In terms of the main imported products, iron or steel hot-worked helical springs, with a CAGR of +2.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average steel spring import price amounted to $4,594 per ton, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2017 an increase of 6.8%. Over the period under review, average import prices attained the maximum at $4,604 per ton in 2021, and then shrank slightly in the following year.

Prices varied noticeably by the product type; the product with the highest price was iron or steel flat spiral or discs springs ($6,092 per ton), while the price for iron or steel leaf-springs and leaves ($2,866 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by metal hot-worked helical spring (+2.9%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2022, the average steel spring import price amounted to $4,594 per ton, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2017 an increase of 6.8% against the previous year. Global import price peaked at $4,604 per ton in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Czech Republic ($6,806 per ton), while Italy ($1,505 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+8.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Steel Springs and Leaves for Springs

In 2022, overseas shipments of steel springs and leaves for springs increased by 0.8% to 1.7M tons, rising for the second year in a row after three years of decline. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 28% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, steel spring exports dropped modestly to $7.8B in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 24% against the previous year. As a result, the exports reached the peak of $8B, and then declined in the following year.

Exports By Country

The shipments of the three major exporters of steel springs and leaves for springs, namely Mexico, China and Germany, represented more than third of total export. It was distantly followed by the United States (121K tons), comprising a 7.2% share of total exports. Poland (65K tons), Turkey (62K tons), the Czech Republic (56K tons), Indonesia (53K tons), Spain (52K tons), India (40K tons), Canada (34K tons), Japan (31K tons) and Italy (31K tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Poland (with a CAGR of +8.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest steel spring supplying countries worldwide were Germany ($1.6B), China ($896M) and the United States ($794M), together accounting for 42% of global exports. Mexico, Japan, Poland, the Czech Republic, Italy, Canada, Spain, Turkey, Indonesia and India lagged somewhat behind, together comprising a further 33%.

In terms of the main exporting countries, Poland, with a CAGR of +11.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Iron or steel leaf-springs and leaves (733K tons) and iron or steel hot-worked helical springs (732K tons) represented roughly 87% of total exports in 2022. It was distantly followed by iron or steel flat spiral or discs springs (227K tons), generating a 13% share of total exports.

From 2012 to 2022, the biggest increases were recorded for iron or steel hot-worked helical springs (with a CAGR of +1.6%), while shipments for the other products experienced more modest paces of growth.

In value terms, iron or steel hot-worked helical springs ($3.6B), iron or steel leaf-springs and leaves ($2.1B) and iron or steel flat spiral or discs springs ($2B) were the products with the highest levels of exports in 2022.

Iron or steel hot-worked helical springs, with a CAGR of +2.5%, recorded the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average steel spring export price amounted to $4,594 per ton, declining by -3% 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 when the average export price increased by 12%. As a result, the export price reached the peak level of $4,963 per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was iron or steel flat spiral or discs springs ($8,764 per ton), while the average price for exports of iron or steel leaf-springs and leaves ($2,920 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by metal hot-worked helical spring (+0.9%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average steel spring export price amounted to $4,594 per ton, declining by -3% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 12%. As a result, the export price attained the peak level of $4,963 per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($12,116 per ton), while Mexico ($2,090 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform