IndexBox has recently released a comprehensive report titled “Asia – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report provides an in-depth analysis of the iron or steel wire products market in Asia for the year 2024, with projections extending to 2035. The report reveals that the market consumed approximately 3.2 million tons, valued at $6.6 billion in 2024, with China emerging as the leading consumer and producer. The market is projected to expand to 3.6 million tons, valued at $7.9 billion by 2035.
Production in Asia reached 4.1 million tons, surpassing consumption, thereby making the region a net exporter, with China at the helm. The report also analyzes import and export flows by country, shedding light on key trade dynamics and price trends across the region.
Key Findings:
– The market in Asia is projected to reach 3.6 million tons in volume and $7.9 billion in value by 2035.
– China holds the lion’s share as both the largest consumer (42% share) and producer (58% share).
– The region is a net exporter, with China accounting for 88% of the total export volume.
– Import growth is spearheaded by Bangladesh, while Japan, Saudi Arabia, and Thailand are the leading importers by value.
– Market prices show a divergence, with import prices remaining stable and export prices on a decline.
Market Forecast:
The market for iron or steel wire products in Asia is expected to maintain an upward consumption trend over the next decade, driven by increasing demand. The market performance is forecasted to continue its current trend pattern, expanding with an anticipated Compound Annual Growth Rate (CAGR) of +0.9% from 2024 to 2035. This growth is projected to bring the market volume to 3.6 million tons by the end of 2035.
In terms of value, the market is forecasted to increase with an anticipated CAGR of +1.7% from 2024 to 2035. This growth is projected to bring the market value to $7.9 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, Asia consumed approximately 3.2 million tons of iron or steel wire products, mirroring the consumption volume of the previous year. The total consumption volume increased at an average annual rate of +1.3% from 2013 to 2024. The consumption volume peaked in 2024 and is expected to continue growing in the near future.
The market value for iron or steel wire products in Asia modestly declined to $6.6 billion in 2024, roughly equating to 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 market reached its peak level at $6.9 billion in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
