IndexBox has recently released a fresh report titled “MENA – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report reveals that the MENA iron and steel wire market, which was valued at $1.7 billion in 2024, is projected to grow at a Compound Annual Growth Rate (CAGR) of +4.2% to reach $2.6 billion by 2035. This growth is primarily driven by the sustained demand for these products in the region.
Turkey is the leading player in both consumption and production, accounting for 43% of consumption and 57% of production. The MENA region is a net exporter, with exports hitting 734K tons in 2024, primarily led by Turkey and the United Arab Emirates. Import and export prices vary significantly by product type and country, with stainless steel wire commanding the highest prices.
Key growth markets include Qatar for consumption value and Iran for export volume.
Key Findings:
– The market is forecasted to reach 1.8M tons and $2.6B by 2035, with CAGRs of +3.2% in volume and +4.2% in value.
– Turkey is the undisputed leader, responsible for 43% of regional consumption and 57% of production.
– Qatar shows the highest per capita consumption at 23 kg, with its market value growing at a CAGR of +16.6%.
– MENA is a net exporter, with Turkey and the UAE being the largest exporting countries by volume and value.
– Stainless steel wire commands the highest import ($4,235/ton) and export ($1,778/ton) prices.
Market Forecast:
The increasing demand for iron and steel wire in the MENA region is expected to drive the market’s upward consumption trend over the next decade. The market performance is forecasted to retain its current trend pattern, expanding with an anticipated CAGR of +3.2% from 2024 to 2035, which is projected to bring the market volume to 1.8M tons by the end of 2035.
In value terms, the market is forecasted to increase with an anticipated CAGR of +4.2% from 2024 to 2035, which is projected to bring the market value to $2.6B (in nominal wholesale prices) by the end of 2035.
Consumption:
After two years of growth, the consumption of iron and steel wire decreased by -3.9% to 1.3M tons in 2024. The total consumption volume increased at an average annual rate of +2.7% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of consumption peaked at 1.6M tons in 2018; however, from 2019 to 2024, consumption remained at a lower figure.
The revenue of the iron and steel wire market in MENA reduced to $1.7B in 2024, waning by -13.6% 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 notable increase from 2013 to 2024: its value increased at an average annual rate of +2.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -27.9% against 2022 indices.
