In 2023, the sold production of iron or steel cold-formed helical coil compression springs stood at 12 million kilograms. The forecast indicates a consistent decline, with a year-on-year decrease of 7.3% from 2024 to 2025, and 7.7% from 2025 to 2026. Further declines show a decrease of 8.2% in 2026-2027 and 8.8% in 2027-2028. The compound annual growth rate (CAGR) over the five-year period (2024-2028) is projected at -7.9%, highlighting a prolonged downward trend.
Future trends to watch for:
- Efficiency enhancements in production and material usage that might influence production costs.
- Environmental regulations affecting production and broader steel industry trends due to climate initiatives.
- Demand shifts in industries like automotive and construction, impacting spring usage.
