IndexBox has recently released a new report titled “Australia – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report highlights the growing demand for iron and steel wire in Australia, which is propelling an upward consumption trend that is predicted to persist for the next decade. However, the market performance is projected to experience a slight slowdown, with a forecasted Compound Annual Growth Rate (CAGR) of +1.5% from 2024 to 2035. By the conclusion of 2035, the market volume is expected to reach 161K tons, and the market value is anticipated to touch $164M in nominal prices.
Market Forecast
The market for iron and steel wire in Australia is expected to maintain an upward consumption trend over the next decade, driven by the increasing demand. The market performance is predicted to slow down slightly, expanding at a projected CAGR of +1.5% from 2024 to 2035. This growth rate is expected to push the market volume to 161K tons by the end of 2035.
In terms of value, the market is forecasted to grow at a projected CAGR of +1.5% from 2024 to 2035. This growth is expected to increase the market value to $164M (in nominal wholesale prices) by the end of 2035.
Consumption
In 2024, Australia’s consumption of iron and steel wire fell by -6.6% to 136K tons, marking the second consecutive year of decline after two years of growth. The total consumption volume grew at an average annual rate of +2.4% from 2013 to 2024. However, the trend pattern showed some significant fluctuations throughout the analyzed period. As a result, consumption reached a peak volume of 165K tons. From 2023 to 2024, the growth of consumption failed to regain momentum.
The Australian iron and steel wire market size dropped to $139M in 2024, a decrease of -8.9% 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). Overall, the total consumption showed a significant expansion from 2013 to 2024, with its value increasing at an average annual rate of +2.8% over the last eleven years. The trend pattern, however, showed some significant fluctuations throughout the analyzed period. Based on 2024 figures, consumption decreased by -28.1% against 2022 indices. As a result, consumption reached a peak level of $193M. From 2023 to 2024, the growth of the market remained at a somewhat lower figure.
Imports
In 2024, Australia’s imports of iron and steel wire fell by -6.3% to 140K tons, marking the second consecutive year of decline after two years of growth. The total import volume grew at an average annual rate of +1.8% from 2013 to 2024. However, the trend pattern showed some significant fluctuations in certain years. The most significant growth rate was recorded in 2018 when imports increased by 23%.
