IndexBox has recently released a new report titled: “EU – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” This comprehensive study offers an in-depth analysis of the European Union’s iron and steel wire market for the year 2024, with projections extending to 2035.
In 2024, the market witnessed a significant downturn, with consumption plummeting to 5 million tons, marking an 18.2% decrease. The market value also declined to $8.5 billion, a 21.3% drop. Italy, Germany, and France emerged as the leading consumers and producers. Despite the 2024 slump, the market is predicted to bounce back, with volume expected to hit 6.5 million tons by 2035, growing at a compound annual growth rate (CAGR) of 2.4%. The market value is also projected to reach $13.3 billion, growing at a CAGR of 4.2%.
Trade activities, including imports and exports, also experienced a sharp decline in 2024. The report provides a detailed analysis of trade flows, product types, and price trends, with France emerging as the fastest-growing national market.
Key Findings:
– The EU market is projected to grow at a volume CAGR of 2.4% to 6.5 million tons and a value CAGR of 4.2% to $13.3 billion from 2024 to 2035.
– 2024 witnessed a significant market contraction with consumption at 5 million tons and value at $8.5 billion, down by 18.2% and 21.3% respectively.
– Italy, Germany, and France are the leading consumers and producers, accounting for over 60% of the market.
– France recorded the highest growth rates in both consumption value (16.7% CAGR) and volume (12.2% CAGR) from 2013-2024.
– Imports and exports experienced a significant drop in 2024, with stainless steel wire being the highest-priced traded product type.
Market Forecast:
The increasing demand for iron and steel wire in the European Union is expected to drive the market’s upward consumption trend over the next decade. The market performance is predicted to accelerate, expanding with an anticipated CAGR of 2.4% from 2024 to 2035, which is projected to bring the market volume to 6.5 million tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of 4.2% from 2024 to 2035, which is projected to bring the market value to $13.3 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
The European Union’s consumption of iron and steel wire saw a dramatic reduction to 5 million tons in 2024, marking an 18.2% decrease compared to the previous year. The total consumption volume increased at an average annual rate of 1.5% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of consumption peaked at 6.1 million tons in 2023, and then shrank markedly in the following year.
The revenue of the iron and steel wire market in the European Union contracted remarkably to $8.5 billion in 2024, with a decrease of 21.3% 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 temperate growth from 2013 to 2024: its value increased at an average annual rate of 3.4% over the last eleven years.
