IndexBox has recently released a comprehensive report, providing an in-depth analysis of the iron and steel wire market in Latin America and the Caribbean. The report, which covers the market landscape for the year 2024 and offers forecasts up to 2035, reveals that market consumption reached a significant 2.8 million tons, equivalent to $4.1 billion, in 2024. The leading consumers in this market were Mexico, Brazil, and Ecuador.
The report further details that production stood at 2.5 million tons, or $3.4 billion, with the same countries leading the production front. Imports saw an increase, reaching 633,000 tons ($1.1 billion), with Brazil emerging as the largest importer. Conversely, exports experienced a decline, falling to 267,000 tons ($328 million), with Mexico leading the export market.
Looking ahead, the market is projected to grow to 3.1 million tons ($5.3 billion) by 2035. This growth is expected to occur at a volume compound annual growth rate (CAGR) of +0.7% and a value CAGR of +2.2%. The report also provides a detailed breakdown of trade by product type and country, offering insights into price trends and per capita consumption.
Key findings from the report include:
– The market is expected to reach 3.1 million tons ($5.3 billion) by 2035, growing at a modest volume CAGR of +0.7% and a value CAGR of +2.2%.
– Mexico, Brazil, and Ecuador are the leading consumers, jointly accounting for 85% of the regional market volume.
– Brazil is the largest importer, holding a 43% share, while Mexico is the dominant exporter, with a 70% share.
– Stainless steel wire commands the highest import price at $11,310 per ton, significantly above other wire types.
– El Salvador shows the fastest growth in both per capita consumption and import value among the main countries.
Market Forecast
The increasing demand for iron and steel wire in Latin America and the Caribbean is expected to drive the market’s upward consumption trend over the next decade. The market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.7% from 2024 to 2035. This growth is projected to bring the market volume to 3.1 million tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.2% from 2024 to 2035. This growth is projected to bring the market value to $5.3 billion (in nominal wholesale prices) by the end of 2035.
Consumption
The consumption of iron and steel wire in Latin America and the Caribbean expanded modestly to 2.8 million tons in 2024, marking a 3% increase against 2023. In general, consumption recorded a relatively flat trend pattern. The pace of growth was most rapid in 2021 when the consumption volume increased by 9.9%. The volume of consumption peaked in 2024 and is likely to see gradual growth in the near future.
The size of the iron and steel wire market in Latin America and the Caribbean reduced to $4.1 billion in 2024, marking a decrease of -7.3% 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 total consumption indicated slight growth from 2013 to 2024: its value increased at an average annual rate of +1.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period.
