Lithuania: Steel Spring Market 2024

Steel Spring Market Size in Lithuania

In 2022, the Lithuanian steel spring market increased by X% to $X for the first time since 2019, thus ending a two-year declining trend. In general, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Steel Spring Production in Lithuania

In value terms, steel spring production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant increase. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, production attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Steel Spring Exports

Exports from Lithuania

In 2022, overseas shipments of steel springs and leaves for springs decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. In general, exports, however, saw a prominent expansion. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, steel spring exports declined rapidly to $X in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then contracted remarkably in the following year.

Exports by Country

Estonia (X tons), the United States (X tons) and Belarus (X tons) were the main destinations of steel spring exports from Lithuania, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), the United States ($X) and Belarus ($X) constituted the largest markets for steel spring exported from Lithuania worldwide, together accounting for X% of total exports.

The United States, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel spring export price stood at $X per ton in 2022, which is down by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Kyrgyzstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kyrgyzstan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Lithuania

In 2022, steel spring imports into Lithuania shrank dramatically to X tons, which is down by X% compared with 2021 figures. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced 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 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, steel spring imports shrank to $X in 2022. Over the period under review, imports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of steel spring to Lithuania, with a X% share of total imports. Moreover, steel spring imports from Poland exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fourfold. Denmark (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Poland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (X% per year) and Denmark (X% per year).

In value terms, the largest steel spring suppliers to Lithuania were Poland ($X), Denmark ($X) and Sweden ($X), with a combined X% share of total imports.

Among the main suppliers, Denmark, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel spring import price amounted to $X per ton, increasing by X% against the previous year. Overall, the import price recorded a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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