U.S.: Steel Spring Market 2024

Steel Spring Market Size in the U.S.

After two years of growth, the U.S. steel spring market decreased by X% to $X in 2023. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, consumption attained the peak level of $X. From 2019 to 2023, the growth of the market remained at a lower figure.

Steel Spring Production in the U.S.

In value terms, steel spring production reached $X in 2023. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Steel spring production peaked at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Steel Spring Exports

Exports from the U.S.

After two years of growth, shipments abroad of steel springs and leaves for springs decreased by X% to X tons in 2023. Over the period under review, exports showed a pronounced contraction. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

In value terms, steel spring exports stood at $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2023 and are likely to see steady growth in the near future.

Exports by Country

Mexico (X tons), Canada (X tons) and China (X tons) were the main destinations of steel spring exports from the United States, together comprising X% of total exports.

From 2012 to 2023, the biggest increases were recorded for Mexico (with a CAGR of X%), while shipments for the other leaders experienced a decline.

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

From 2012 to 2023, the average annual growth rate of value to Mexico stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and China (X% per year).

Export Prices by Country

The average steel spring export price stood at $X per ton in 2023, increasing by X% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2023: its price 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, steel spring export price increased by X% against 2012 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by X% against the previous year. The export price peaked in 2023 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into the U.S.

Steel spring imports into the United States reduced to X tons in 2023, dropping by X% against 2022 figures. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2023, imports remained at a lower figure.

In value terms, steel spring imports dropped to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then dropped in the following year.

Imports by Country

In 2023, Mexico (X tons) constituted the largest supplier of steel spring to the United States, accounting for a X% share of total imports. Moreover, steel spring imports from Mexico exceeded the figures recorded by the second-largest supplier, Canada (X tons), sixfold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and China (X% per year).

In value terms, Mexico ($X) constituted the largest supplier of steel springs and leaves for springs to the United States, comprising X% of total imports. The second position in the ranking was held by Canada ($X), with an X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual growth rate of value from Mexico amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and China (X% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2023, with an increase of X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2022 when the average import price increased by X%. Over the period under review, average import prices attained the maximum in 2023 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform