IndexBox has recently released a comprehensive report titled “Northern America – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report provides an in-depth analysis of the iron and steel wire market in Northern America for the year 2024, with projections extending to 2035.
The report reveals that the market consumption for the year 2024 was approximately 3 million tons, valued at $10.4 billion. The United States led the market, accounting for 85% of the total volume. The production stood at 2.4 million tons, valued at $9.9 billion, with the U.S. being the primary producer.
Northern America is a net importer, with imports of 813,000 tons significantly surpassing exports of 230,000 tons in 2024. The imports primarily consisted of uncoated and zinc-coated wire. The export volume, however, has seen a decline, falling to 230,000 tons.
The market is projected to expand to 3.7 million tons, valued at $18.1 billion by 2035. This growth is expected to be driven by steady demand, with a projected volume compound annual growth rate (CAGR) of +2.1% and a value CAGR of +5.2%.
Key Findings:
– The market is projected to reach 3.7 million tons, valued at $18.1 billion by 2035, growing at a volume CAGR of +2.1% and value CAGR of +5.2%.
– The United States is the dominant player, accounting for 85% of regional consumption and 84% of production.
– Northern America is a net importer, with 2024 imports of 813,000 tons significantly exceeding exports of 230,000 tons.
– Import prices fell to $1,592/ton in 2024, while export prices remained high at $3,041/ton, led by premium stainless steel wire.
– Canada shows the highest per capita consumption at 11 kg and the fastest import growth rate among regional countries.
Market Forecast:
The increasing demand for iron and steel wire in Northern America is expected to drive the market’s upward consumption trend over the next decade. The market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% from 2024 to 2035. This growth is projected to bring the market volume to 3.7 million tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% from 2024 to 2035. This growth is projected to bring the market value to $18.1 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, approximately 3 million tons of iron and steel wire were consumed in Northern America, marking an increase of 1.6% compared to 2023 figures. The total consumption volume increased at an average annual rate of +1.5% over the period from 2013 to 2024. The trend pattern remained consistent, with only minor fluctuations recorded throughout the analyzed period. The volume of consumption peaked at 3.1 million tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.
The size of the iron and steel wire market in Northern America expanded significantly to $10.4 billion in 2024, growing by 5.5% 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). Over the period under review, consumption posted a remarkable increase. The level of consumption peaked in 2024 and is expected to retain growth in the immediate term.
