IndexBox has recently released a comprehensive report titled: “U.S. – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends, and Insights.” The report predicts a modest growth in the U.S. iron or steel wire product market, with projections reaching 857K tons ($9.2B) by 2035.
In 2024, the domestic consumption and production of these products continued a multi-year downward trend, falling to 759K tons and 654K tons respectively. Despite this, market revenue experienced a surge, reaching $6.9B. Imports also saw a decline, dropping to 114K tons, with China leading the pack. Exports, on the other hand, took a significant hit, plummeting to 8.7K tons, with Mexico being the primary recipient.
The report also highlights significant price disparities among trade partners. Canada emerged as a high-value export destination and import source.
Key Findings:
– The market is projected to reach 857K tons ($9.2B) by 2035, growing at a Compound Annual Growth Rate (CAGR) of +1.1% in volume and +2.6% in value.
– Domestic consumption and production have been on a downward trend for six consecutive years, falling to 759K tons and 654K tons respectively in 2024.
– China dominates the import market by volume (53%), while Canada commands the highest import price at $17,573 per ton.
– Exports experienced a drastic drop of -62.2% in 2024, with Mexico receiving 88% of the volume. However, Canada emerged as the top destination by value.
– Major price gaps exist in trade, with the average export price soaring 157% to $17,607/ton and import price at $4,337/ton.
Market Forecast:
The U.S. market for iron or steel wire products is expected to experience a gradual upward trend over the next decade, driven by increasing demand. The market performance is forecasted to improve slightly, with an anticipated CAGR of +1.1% from 2024 to 2035, projected to bring the market volume to 857K tons by the end of 2035.
In terms of value, the market is expected to grow at a CAGR of +2.6% from 2024 to 2035, projected to bring the market value to $9.2B (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, the U.S. consumption of iron or steel wire products decreased by -1.4% to 759K tons, marking the sixth consecutive year of decline after three years of growth. Overall, consumption showed a sharp decline, reaching a peak volume of 2M tons. From 2019 to 2024, the growth of consumption failed to regain momentum.
The market revenue for iron or steel wire products in the U.S. surged to $6.9B in 2024, an increase of 69% from 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). Over the period under review, the total consumption indicated a moderate expansion from 2013 to 2024: its value increased at an average annual rate of +3.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
