Updated Nov 20, 2022 14:41

Steel Spring Market in the United States

Market Overview
In , after two years of decline, there was significant growth in the U.S. steel spring market, when its value increased by % to $. The market value increased at an average annual rate of +% over the period from 2007 to ; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Steel spring consumption peaked at $ in 2018; however, from 2019 to , consumption failed to regain momentum.

In value terms, steel spring production totaled $ in . The total output value increased at an average annual rate of +% from 2007 to ; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of % against the previous year. Steel spring production peaked at $ in 2018; however, from 2019 to , production failed to regain momentum.


Consumption
In , consumption of steel springs and leaves for springs increased by % to tons, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, consumption attained the peak volume at tons in 2018; however, from 2019 to , consumption remained at a lower figure.

The revenue of the steel spring market in the United States rose modestly to $ in , increasing by % against 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). The market value increased at an average annual rate of +% over the period from 2007 to ; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Steel spring consumption peaked at $ in 2018; however, from 2019 to , consumption failed to regain momentum.


Market Forecast
Driven by rising demand for steel spring in the United States, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

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


Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
The United States remains a net importer of steel spring; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.