Report Update: Apr 1, 2024

Vietnam - Steel Springs And Leaves For Springs - Market Analysis, Forecast, Size, Trends and Insights

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Steel Spring Price in Vietnam - 2021

Steel Spring Price in Vietnam (CIF) - 2021

The average steel spring import price stood at $7,389 per ton in December 2021, approximately equating the previous month. Over the period under review, the import price, however, saw a pronounced descent. The growth pace was the most rapid in August 2021 when the average import price increased by 13% m-o-m. Over the period under review, average import prices hit record highs at $12,691 per ton in December 2020; however, from January 2021 to December 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In December 2021, the country with the highest price was Taiwan (Chinese) ($10,486 per ton), while the price for the United States ($5,624 per ton) was amongst the lowest.

From December 2020 to December 2021, the most notable rate of growth in terms of prices was attained by Germany (-2.0%), while the prices for the other major suppliers experienced a decline.

Steel Spring Price in Vietnam (FOB) - 2021

In December 2021, the average steel spring export price amounted to $3,624 per ton, increasing by 2.9% against the previous month. Over the period under review, the export price, however, saw a slight decline. The most prominent rate of growth was recorded in February 2021 an increase of 24% month-to-month. As a result, the export price reached the peak level of $4,771 per ton. From March 2021 to December 2021, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was South Korea ($11,675 per ton), while the average price for exports to Hungary ($2,992 per ton) was amongst the lowest.

From December 2020 to December 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+8.6%), while the prices for the other major destinations experienced mixed trend patterns.

Steel Spring Imports in Vietnam

In 2022, after three years of growth, there was decline in purchases abroad of steel springs and leaves for springs, when their volume decreased by -4.2% to 17K tons. The total import volume increased at an average annual rate of +4.4% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 10%. As a result, imports attained the peak of 18K tons, and then shrank modestly in the following year.

In value terms, steel spring imports fell to $102M in 2022. The total import value increased at an average annual rate of +2.2% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. As a result, imports reached the peak of $110M, and then declined in the following year.

Import of Steel Spring in Vietnam (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	34.4	40.7	47.5	65.2	23.8%
South Korea	15.0	12.9	16.8	9.4	-14.4%
Japan	11.3	9.6	11.1	9.0	-7.3%
Thailand	23.1	18.8	18.2	7.3	-31.9%
United States	1.0	1.8	1.6	1.9	23.9%
Taiwan (Chinese)	4.2	5.0	4.7	1.3	-32.4%
Others	7.0	5.7	10.4	8.4	6.3%
Total	96.0	94.5	110	102	2.0%

Top Suppliers of Steel Spring to Vietnam in 2022:

China (11.5K tons)
South Korea (1.8K tons)
Thailand (1.3K tons)
Japan (0.9K tons)
Taiwan (Chinese) (0.3K tons)
United States (0.3K tons)

Steel Spring Exports in Vietnam

Steel spring exports from Vietnam reduced markedly to 4.4K tons in 2022, waning by -25.4% on 2021 figures. Overall, exports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2021 when exports increased by 45%.

In value terms, steel spring exports fell to $16M in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. As a result, the exports attained the peak of $18M, and then declined in the following year.

Export of Steel Spring in Vietnam (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Australia	2.8	3.0	4.5	4.4	16.3%
United States	0.2	0.7	1.0	2.9	143.8%
Cambodia	1.9	1.8	2.4	1.7	-3.6%
South Korea	1.2	0.8	1.0	1.0	-5.9%
Malaysia	3.8	3.0	2.1	0.8	-40.5%
Thailand	1.0	1.4	1.5	0.8	-7.2%
Myanmar	0.7	0.5	0.5	0.4	-17.0%
Philippines	0.3	0.1	0.1	0.3	0.0%
Hungary	N/A	0.1	0.2	0.3	73.2%
France	0.7	0.3	0.3	0.3	-24.6%
Lao People's Democratic Republic	0.2	0.2	0.2	0.2	0.0%
Germany	0.1	0.2	0.5	0.2	26.0%
Honduras	0.4	0.1	0.3	0.2	-20.6%
Others	2.5	2.6	3.0	2.7	2.6%
Total	16.0	14.9	17.7	16.3	0.6%

Top Export Markets for Steel Spring from Vietnam in 2022:

Australia (1286.2 tons)
South Korea (629.4 tons)
Cambodia (531.1 tons)
United States (351.7 tons)
Thailand (201.3 tons)
France (181.6 tons)
Malaysia (155.9 tons)
Myanmar (144.6 tons)
Hungary (143.7 tons)
Germany (115.6 tons)
Lao People's Democratic Republic (102.3 tons)
Honduras (84.1 tons)
Philippines (74.9 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the steel spring market in Vietnam. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 25931613 - Iron or steel hot-worked laminated leaf-springs and leaves therefor
Prodcom 25931615 - Iron or steel hot-worked non-laminated leaf-springs and leaves therefor
Prodcom 25931617 - Iron or steel cold-formed leaf-springs and leaves therefor
Prodcom 25931631 - Iron or steel hot-worked helical springs
Prodcom 25931633 - Iron or steel cold-formed helical coil compression springs
Prodcom 25931635 - Iron or steel cold-formed helical coil tension springs
Prodcom 25931637 - Iron or steel cold-formed helical springs (excluding helical coil compression springs, helical coil tension springs)
Prodcom 25931653 - Iron or steel flat spiral springs
Prodcom 25931655 - Iron or steel discs springs
Prodcom 25931660 - Iron or steel springs (excluding leaf-springs and leaves therefor, helical springs, flat spiral springs, discs springs)

Country coverage:

Vietnam

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Vietnam
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023