As of 2023, the UK imported a total of approximately 22.045 million kilograms of iron or steel hot-worked helical springs. Moving into 2024, forecasts suggest a steady increase in imports, reaching 22.255 million kilograms and continuing to grow annually, peaking at 23.071 million kilograms by 2028. This results in a gradual year-on-year growth rate of about 0.9% to 1.0% over this period. The compound annual growth rate (CAGR) for 2024 through 2028 is approximately 0.9%, indicating modest expansion.
Looking toward future trends, it is important to observe:
- Potential impacts of global steel prices which could influence import volumes.
- Changes in UK transportation and industrial production demands potentially driving increased needs for helical springs.
- Brexit-related trade policy shifts potentially affecting import dynamics.