A recent report published by IndexBox has provided an in-depth analysis of the iron or steel wire product market in China. The report reveals that in 2024, the domestic consumption of these products stood at 1.4 million tons, amounting to a market value of $2.3 billion. In contrast, the production of these products reached a staggering 2.4 million tons, valued at $3.9 billion.
China’s position as a net exporter is evident, with exports of 1 million tons ($1.6 billion) significantly surpassing imports, which were a mere 5.9 thousand tons ($25 million). The market is projected to experience growth at a Compound Annual Growth Rate (CAGR) of +0.9% in volume and +1.3% in value from 2024 to 2035. By 2035, the market is expected to reach 1.5 million tons and $2.6 billion, respectively.
Key Findings:
– The market is predicted to expand to 1.5 million tons ($2.6 billion) by 2035.
– China is a significant net exporter, with 2024 exports of 1 million tons far exceeding imports of 5.9 thousand tons.
– Domestic consumption in 2024 (1.4 million tons) was considerably lower than domestic production (2.4 million tons).
– Despite stable consumption volume, the market value contracted to $2.3 billion in 2024.
– The production value has shown volatility, peaking in 2022 at $4.8 billion before declining.
Market Forecast:
The increasing demand for iron or steel wire products in China is expected to drive the market’s upward consumption trend over the next decade. The market performance is forecast to maintain its current trend pattern, expanding with an anticipated CAGR of +0.9% from 2024 to 2035. This growth is projected to bring the market volume to 1.5 million tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +1.3% from 2024 to 2035. This growth is projected to bring the market value to $2.6 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, China’s consumption of iron or steel wire products remained relatively unchanged from the previous year, standing at 1.4 million tons. Despite this, the market size for these products in China fell to $2.3 billion in 2024, a decrease of -5.2% from the previous year. This figure reflects the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins.
Production:
In 2024, China produced approximately 2.4 million tons of iron or steel wire products, a 4.7% increase from 2023. The total output volume increased at an average annual rate of +3.0% from 2013 to 2024.
