IndexBox has recently released a comprehensive report titled: “GCC – 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 the Gulf Cooperation Council (GCC) region, predicting a growth to 66,000 tons in volume and $189 million in value by 2035. The Compound Annual Growth Rates (CAGRs) are projected at +1.0% and +2.3% respectively.
In 2024, the market experienced a significant surge, with consumption reaching 59,000 tons, valued at $147 million. This growth was primarily driven by Saudi Arabia. However, the regional production, which stands at 13,000 tons, is insufficient to meet the demand. This has resulted in a heavy reliance on imports, which amounted to 51,000 tons. Saudi Arabia emerged as the dominant importer, while the United Arab Emirates (UAE) led in terms of export value. Oman, on the other hand, recorded the highest per capita consumption and export prices.
Key Findings:
1. The market is projected to reach 66,000 tons and $189 million by 2035, with CAGRs of +1.0% (volume) and +2.3% (value).
2. Saudi Arabia holds a significant share in consumption (51%) and imports (61%), driving the growth of the regional market.
3. The GCC’s production of 13,000 tons is not sufficient to meet the demand, leading to a heavy reliance on imports (51,000 tons).
4. Oman leads in per capita consumption and has the highest export price, while the UAE is the top exporter by value.
5. Import prices experienced a sharp decline in 2024, while export prices remained resilient, indicating complex trade dynamics.
Market Forecast:
The GCC market for iron or steel wire products is expected to continue its upward consumption trend over the next decade, driven by increasing demand. However, market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.0% from 2024 to 2035. This is projected to bring the market volume to 66,000 tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.3% from 2024 to 2035. This is projected to bring the market value to $189 million (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, after three years of decline, there was significant growth in the consumption of iron or steel wire products, with its volume increasing by 26% to 59,000 tons. The total consumption indicated a measured expansion from 2013 to 2024, with its volume increasing at an average annual rate of +3.7% over the last eleven years. However, some noticeable fluctuations were recorded throughout the analyzed period. Based on 2024 figures, consumption is expected to continue its growth in the coming years.
The revenue of the market for iron or steel wire products in the GCC reached $147 million in 2024, rising by 9.4% 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 a moderate increase from 2013 to 2024, with its value increasing at an average annual rate of +3.6% over the last eleven-year period. However, some noticeable fluctuations were recorded throughout the analyzed period. Based on 2024 figures, consumption is expected to continue its growth in the coming years.
