IndexBox has recently released a new report titled: “Australia – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” This report provides an in-depth analysis of the iron or steel wire product market in Australia.
In 2024, the domestic consumption of these products in Australia was recorded at 5.6K tons, with a market value of $35M. This marked a significant increase from the previous year, 2023, but still fell short of historical highs.
Imports of iron or steel wire products in the same year amounted to 12K tons, valued at $95M. The majority of these imports originated from China, India, and Indonesia. Import prices saw a sharp increase during this period.
On the other hand, exports of these products experienced a decline, falling to 6.3K tons, valued at $12M. Thailand emerged as the largest export destination.
The market forecast for the period from 2024 to 2035 predicts growth, with the volume expected to reach 12K tons and the market value projected to hit $101M. This growth is expected to be driven by increasing demand for iron or steel wire products in Australia.
Key Findings:
– The market is forecasted to grow to 12K tons and $101M by 2035.
– In 2024, consumption surged by 76% in volume and 127% in value but remains below the peak in 2013.
– Imports declined to 12K tons, with China, India, and Indonesia supplying 87% of the volume.
– The average import price rose by 35% to $7,984 per ton in 2024.
– Exports dropped by 49% to 6.3K tons, with Thailand as the top destination by volume.
Market Forecast:
The market for iron or steel wire products in Australia is expected to experience an upward trend over the next decade, driven by rising demand. The market performance is forecasted to increase slightly, with an anticipated Compound Annual Growth Rate (CAGR) of +7.2% for the period from 2024 to 2035. This is projected to bring the market volume to 12K tons by the end of 2035.
In terms of market value, the forecast predicts an increase with an anticipated CAGR of +10.1% for the period from 2024 to 2035. This is projected to bring the market value to $101M (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, approximately 5.6K tons of iron or steel wire products were consumed in Australia, marking an increase of 76% against the figures from 2023. However, consumption showed a sudden setback over the period under review. The maximum volume of consumption was recorded at 24K tons in 2013. From 2014 to 2024, consumption remained at a lower figure.
The market revenue for iron or steel wire products in Australia soared to $35M in 2024, growing by 127% 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). In general, consumption continues to indicate a noticeable reduction. The market reached its peak level at $79M in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.
Imports:
In 2024, imports of iron or steel wire products decreased by -23.3% to 12K tons, marking the second consecutive year of decline after four years of growth. Overall, imports continue to indicate a sudden downturn.
