IndexBox has recently released a new report titled “Asia-Pacific – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report discusses the projected increase in the consumption of iron and steel wire in the Asia-Pacific region. It predicts that the market volume will grow to 23 million tons and the market value will reach $37 billion by 2035. The forecasted Compound Annual Growth Rate (CAGR) of +1.2% for volume and +1.8% for value from 2024 to 2035 suggests a positive market outlook.
Market Forecast
The market for iron and steel wire in the Asia-Pacific region is expected to maintain an upward trend in consumption over the next decade, driven by increasing demand. The market performance is predicted to continue its current trend pattern, expanding with a projected CAGR of +1.2% from 2024 to 2035. This growth is expected to bring the market volume to 23 million tons by the end of 2035.
In terms of market value, the forecast predicts an increase with a projected CAGR of +1.8% for the period from 2024 to 2035. This growth is expected to bring the market value to $37 billion (in nominal wholesale prices) by the end of 2035.
Consumption
The consumption of iron and steel wire in the Asia-Pacific region totaled 20 million tons in 2024, marking a 2.1% increase from the previous year. The total consumption volume increased at an average annual rate of +1.5% from 2013 to 2024. The trend pattern remained relatively stable, with some noticeable fluctuations recorded throughout the analyzed period. The highest rate of growth was recorded in 2018 with an increase of 7.3%. The volume of consumption peaked at 20 million tons in 2019; however, from 2020 to 2024, consumption failed to regain momentum.
The value of the iron and steel wire market in the Asia-Pacific region dropped to $30.5 billion in 2024, marking a decrease of -7.2% from 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 market value increased at an average annual rate of +1.1% from 2013 to 2024. The level of consumption peaked at $40.9 billion in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
Consumption by Country
China remains the largest consumer of iron and steel wire in the Asia-Pacific region, accounting for approximately 68% of the total volume at 14 million tons. Furthermore, iron and steel wire consumption in China was six times higher than that of the second-largest consumer, Japan, which consumed 2.2 million tons. India held the third position in this ranking with a consumption of 1.7 million tons, representing an 8.6% share.
From 2013 to 2024, the average annual growth rate in terms of volume in China was +1.6%. In other countries, the average annual rates were as follows: Japan (-0.7% per year) and India (+3.1% per year).
In terms of market value, China led the market with $15.9 billion.
