IndexBox has recently released a new report titled “Northern America – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals that the iron or steel wire product market in Northern America is set for expansion, propelled by increasing demand. Projections suggest a modest improvement in market performance, with a predicted Compound Annual Growth Rate (CAGR) of +1.1% in volume and +2.6% in value from 2024 to 2035. By the close of 2035, the market is anticipated to witness substantial growth, achieving a volume of 947K tons and a value of $9.5B.
Market Forecast
The market for iron or steel wire products in Northern America is predicted to embark on an upward consumption trend over the forthcoming decade, spurred by escalating demand. The market’s performance is expected to see a slight rise, with a projected CAGR of +1.1% from 2024 to 2035. This growth is anticipated to elevate the market volume to 947K tons by the end of 2035.
In terms of value, the market is projected to grow with a predicted CAGR of +2.6% from 2024 to 2035. This growth is expected to raise the market value to $9.5B (in nominal wholesale prices) by the close of 2035.
Consumption
In 2024, Northern America’s consumption of iron or steel wire products declined by -1.4% to 840K tons, marking the sixth consecutive year of decrease following three years of growth. During the period under review, consumption experienced a sharp drop. Consequently, consumption reached a peak volume of 2.1M tons. From 2019 to 2024, the growth of consumption remained somewhat subdued.
The market revenue for iron or steel wire products in Northern America surged to $7.2B in 2024, a 65% increase 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). The market value rose at an average annual rate of +3.0% from 2013 to 2024. However, the trend pattern exhibited some significant fluctuations throughout the analyzed period. As a result, consumption reached its peak level and is expected to continue growing in the near future.
Consumption by Country
The United States remains the largest consumer of iron or steel wire products in Northern America, accounting for 90% of the total volume at 759K tons. Furthermore, consumption of iron or steel wire products in the United States surpassed the figures recorded by the second-largest consumer, Canada (80K tons), by nine times.
In the United States, consumption of iron or steel wire products contracted at an average annual rate of -6.6% from 2013-2024.
In terms of value, the United States led the market with $6.9B, followed by Canada with $283M.
In the United States, the iron or steel wire product market grew at an average annual rate of +3.1% from 2013-2024.
The countries with the highest levels of iron or steel wire product consumption are the United States and Canada.
