IndexBox has recently released a new report titled “Africa – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights”. The report predicts a modest improvement in the performance of the iron and steel wire market in Africa over the next decade. The projected Compound Annual Growth Rate (CAGR) is +0.8% in volume and +2.3% in value from 2024 to 2035. This growth is primarily driven by the increasing demand for iron and steel wire in the region, which is expected to positively impact the market’s expansion.
Market Forecast
The iron and steel wire market in Africa is anticipated to witness an upward consumption trend over the next decade, primarily driven by the rising demand for these products in the region. The market performance is expected to improve modestly, with a projected CAGR of +0.8% from 2024 to 2035. This growth is expected to increase the market volume to 943K tons by the end of 2035.
In terms of value, the market is predicted to grow at a CAGR of +2.3% from 2024 to 2035, which is expected to increase the market value to $1.2B (in nominal wholesale prices) by the end of 2035.
Consumption
In 2024, Africa’s consumption of iron and steel wire decreased to 860K tons, almost the same as the previous year. Overall, consumption exhibited a relatively flat trend pattern, reaching a peak volume of 1.1M tons. From 2019 to 2024, the growth of consumption remained somewhat lower.
The African iron and steel wire market was valued at $920M in 2024, an increase of 1.8% compared to 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). However, consumption generally showed a relatively flat trend pattern, reaching a peak level of $1.1B. From 2019 to 2024, the market growth remained lower.
Consumption By Country
South Africa was the largest consumer of iron and steel wire, accounting for 55% of the total volume at 476K tons. This consumption level in South Africa was six times higher than that of the second-largest consumer, Tunisia, which consumed 85K tons. Morocco held the third position in this ranking with a 6.9% share, consuming 59K tons.
In South Africa, the consumption of iron and steel wire grew at an average annual rate of +2.0% from 2013-2024. The other consuming countries recorded the following average annual rates of consumption growth: Tunisia (+0.1% per year) and Morocco (+1.8% per year).
In terms of value, South Africa led the market with $463M. Tunisia held the second position in the ranking with $100M, followed by Morocco. From 2013 to 2024, the average annual growth rate of value in South Africa was +1.9%. In the other countries, the average annual rates were as follows: Tunisia (+2.0% per year) and Morocco (+1.8% per year).
