SADC: Steel Spring Market 2024

Steel Spring Market Size in SADC

The SADC steel spring market expanded to $X in 2023, with an increase of X% 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 reached the peak level at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Steel Spring Production in SADC

In value terms, steel spring production rose notably to $X in 2023 estimated in export price. The total production indicated a pronounced 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 decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2015 to 2023, production growth failed to regain momentum.

Steel Spring Exports

Exports in SADC

In 2023, the amount of steel springs and leaves for springs exported in SADC expanded notably to X tons, with an increase of X% against the previous year's figure. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2016 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, steel spring exports expanded sharply to $X in 2023. Over the period under review, exports enjoyed a modest increase. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports reached the peak of $X. From 2016 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

In 2023, South Africa (X tons) was the main exporter of steel springs and leaves for springs in SADC, committing X% of total export.

South Africa experienced a relatively flat trend pattern with regard to volume of exports of steel springs and leaves for springs. South Africa (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) also remains the largest steel spring supplier in SADC.

From 2012 to 2023, the average annual rate of growth in terms of value in South Africa totaled X%.

Export Prices by Country

In 2023, the export price in SADC amounted to $X per ton, picking up by X% against the previous year. Export price indicated a slight increase from 2012 to 2023: its price 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, steel spring export price increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2015 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2023, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2012 to 2023, the rate of growth in terms of prices for South Africa amounted to X% per year.

Steel Spring Imports

Imports in SADC

In 2023, approx. X tons of steel springs and leaves for springs were imported in SADC; almost unchanged from 2022 figures. The total import volume 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 2021 with an increase of X%. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, steel spring imports declined slightly to $X in 2023. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then declined in the following year.

Imports by Country

In 2023, South Africa (X tons) represented the largest importer of steel springs and leaves for springs, mixing up X% of total imports. Tanzania (X tons) took the second position in the ranking, followed by Angola (X tons) and Mozambique (X tons). All these countries together held near X% share of total imports. Democratic Republic of the Congo (X tons), Zimbabwe (X tons) and Madagascar (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to steel spring imports into South Africa stood at X%. At the same time, Democratic Republic of the Congo (X%), Mozambique (X%), Angola (X%), Madagascar (X%), Zimbabwe (X%) and Tanzania (X%) displayed positive paces of growth. Moreover, Democratic Republic of the Congo emerged as the fastest-growing importer imported in SADC, with a CAGR of X% from 2012-2023. While the share of Angola (X p.p.), Democratic Republic of the Congo (X p.p.) and Mozambique (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Tanzania (X p.p.) and South Africa (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in South Africa was relatively modest. In the other countries, the average annual rates were as follows: Angola (X% per year) and Tanzania (X% per year).

Import Prices by Country

In 2023, the import price in SADC amounted to $X per ton, almost unchanged from the previous year. Overall, the import price, however, continues to indicate a perceptible decrease. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 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 South Africa ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Madagascar (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform