IndexBox has recently released a fresh report titled: “World – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report predicts a modest growth in the global market for iron or steel wire products, with the volume expected to hit 7.1 million tons and the value projected to reach $24.9 billion by 2035.
In 2024, the global consumption stood at approximately 6.4 million tons, valued at $19.6 billion. The leading consumers were China, the United States, and India. The United States topped the list in terms of market value, standing at $6.9 billion. China, on the other hand, led in global production and exports, contributing 34% to the output and 56% to the export volume.
The international trade in 2024 saw imports of 1.1 million tons and exports of 1.9 million tons. There were significant price variations between countries, with the United States having a high import price and China having a low export price.
Key Findings:
– The market is projected to grow to 7.1M tons in volume and $24.9B in value by 2035.
– China, the US, and India are the leading consuming countries by volume, while the US leads in market value.
– China is the primary producer and exporter, accounting for 34% of global output and 56% of exports.
– Global trade reveals a significant price disparity, with US import prices more than double Belgium’s.
– Per capita consumption is highest in Russia, Germany, and the United States.
Market Forecast:
The market is expected to witness an upward consumption trend over the next decade, driven by the rising demand for iron or steel wire products worldwide. The market performance is forecasted to increase slightly, with an anticipated Compound Annual Growth Rate (CAGR) of +1.0% from 2024 to 2035. This growth is projected to bring the market volume to 7.1M tons by the end of 2035.
In terms of value, the market is forecasted to increase with an anticipated CAGR of +2.2% from 2024 to 2035. This growth is projected to bring the market value to $24.9B (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, approximately 6.4M tons of iron or steel wire products were consumed worldwide, almost unchanged from the previous year. However, the consumption showed a relatively flat trend pattern. The most significant growth was in 2021 when the consumption volume increased by 6.8% against the previous year. Global consumption peaked at 7.2M tons in 2018; however, from 2019 to 2024, consumption remained at a somewhat lower figure.
The market value for iron or steel wire products worldwide soared to $19.6B in 2024, rising by 16% 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 market value increased at an average annual rate of +1.5% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue its growth in the immediate term.
