Spring and Wire Product Manufacturing in Australia - Industry Market Research Report

Spring and Wire Product Manufacturing in Australia - Industry Market Research Report

Spring and Wire Product Manufacturing in Australia

The Spring and Wire Product Manufacturing industry experiences challenging operating conditions. Industry manufacturers produce various products that have a range of key customers from different sectors of the economy. However, demand conditions in several key markets have been weak over the past few years, which has cut into revenue performance. Demand from agriculture and mining firms has been growing, supported by climbing annual rainfall and rising capital expenditure on mining, respectively. While these positive trends have placed upwards pressure on revenue, falling demand from the Construction and Manufacturing divisions has caused performance to take a hit. Construction firms use spring and wire products for buildings, while manufacturing companies use wire and spring products as inputs to produce their own goods. Overall, revenue is expected to fall at an annualised 1.8% to $1.5 billion over the five years through 2023-24. This trend incudes an anticipated drop of 6.0% in the current year, as import penetration continues to cut into domestic manufacturers' performance.

Industry firms primarily manufacture wire or wire products, cable, wire netting, nails and rolled steel fence posts.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.