IndexBox has recently released a new report titled: EU – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights. The report predicts a steady rise in demand for the European Union iron and steel wire market. The Compound Annual Growth Rate (CAGR) is projected to be +0.7% in volume and +1.7% in value from 2024 to 2035. By the conclusion of 2035, the market is expected to reach 5.4M tons in volume and $9.9B in value (in nominal wholesale prices). This comprehensive analysis provides an opportunity to stay ahead of market trends.
Market Forecast
The market for iron and steel wire in the European Union is anticipated to maintain a positive consumption trend over the next decade, driven by increasing demand. However, market performance is expected to slow down, with a projected CAGR of +0.7% from 2024 to 2035. This is expected to result in a market volume of 5.4M tons by the end of 2035.
In terms of value, the market is predicted to grow at a CAGR of +1.7% from 2024 to 2035. This growth is expected to increase the market value to $9.9B (in nominal wholesale prices) by the end of 2035.
Consumption
The consumption of iron and steel wire in the European Union saw a significant drop to 5M tons in 2024, a decrease of -18.3% compared to the previous year. Despite some noticeable fluctuations, the total consumption volume increased at an average annual rate of +1.5% from 2013 to 2024. Consumption peaked at 6.1M tons in 2023, before rapidly declining the following year.
The European Union’s iron and steel wire market size decreased sharply to $8.2B in 2024, a decline of -20.9% from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins, which are included in the final consumer price. Despite some noticeable fluctuations, the total consumption value saw a significant increase from 2013 to 2024, with an average annual growth rate of +3.0% over the last eleven years. The market reached its peak at $10.4B in 2023, before experiencing a significant decline the following year.
Consumption by Country
In 2024, the countries with the highest consumption volumes were Italy (1.3M tons), Germany (1.2M tons), and France (584K tons), accounting for 62% of total consumption. From 2013 to 2024, the most significant increases were recorded in France, with a CAGR of +12.2%, while the other leading countries experienced more modest growth rates.
In terms of value, the largest iron and steel wire markets in the European Union were Germany ($2.4B), Italy ($1.8B), and France ($1.2B), collectively accounting for a 66% share of the total market. France, with a CAGR of +15.9%, recorded the highest growth rate of market size among the main consuming countries.
