A recent report published by IndexBox has shed light on the current state and future prospects of the global iron and steel wire market. The report reveals that in 2024, the market saw a consumption of approximately 35 million tons, translating to a value of $59.2 billion. Looking ahead, the market is projected to expand to 38 million tons and reach a value of $79.1 billion by 2035.
China continues to hold a commanding position in both consumption and production, accounting for 39% and 43% respectively. However, the global trade landscape experienced a downturn in 2024, with imports standing at 7 million tons and exports at 7.4 million tons. The United States emerged as the largest importer, while China maintained its position as the top exporter. The market performance varied across different product types, with stainless steel wire fetching the highest prices in international trade.
Key Insights from the Report:
– The market is projected to expand to 38 million tons and $79.1 billion by 2035.
– China is the leading consumer (39% share) and producer (43% share).
– The United States is the largest importer, followed by Poland and Germany.
– Stainless steel wire fetches the highest import and export prices per ton.
– Global trade volumes for both imports and exports experienced a significant decline in 2024.
Market Forecast:
The global demand for iron and steel wire is on the rise, and this trend is expected to continue over the next decade. The market is projected to maintain its current growth pattern, with an estimated CAGR of +0.6% from 2024 to 2035. This growth is expected to push the market volume to 38 million tons by the end of 2035.
In terms of value, the market is anticipated to grow at a CAGR of +2.7% from 2024 to 2035, pushing the market value to $79.1 billion (in nominal wholesale prices) by the end of 2035.
Consumption Trends:
In 2024, the global consumption of iron and steel wire stood at approximately 35 million tons, marking a decrease of -1.9% compared to 2023. The total consumption volume has been increasing at an average annual rate of +1.4% from 2013 to 2024. The most rapid growth was recorded in 2018, with an increase of 8.8%. Global consumption reached a record high of 36 million tons in 2019, but the figures from 2020 to 2024 were somewhat lower.
The global iron and steel wire market value contracted to $59.2 billion in 2024, down by -8.6% from the previous year. This figure represents 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 has been showing a steady increase from 2013 to 2024, with an average annual growth rate of +2.8% over the last eleven years. However, some noticeable fluctuations were recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -22.4% compared to 2022 indices.
