IndexBox has recently released a new report titled “GCC – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights”. The report suggests that the market for iron or steel wire products in the Gulf Cooperation Council (GCC) region is set to grow in the coming years, driven by an increase in demand. The market is expected to see a modest rise in both volume and value, with a Compound Annual Growth Rate (CAGR) of +0.9% and +2.2% respectively from 2024 to 2035.
Market Forecast
The report predicts a continued upward trend in the consumption of iron or steel wire products in the GCC region over the next decade, driven by increasing demand. However, the market’s performance is expected to slow down, with a projected CAGR of +0.9% from 2024 to 2035. This growth rate is expected to bring the market volume to 65K tons by the end of 2035.
In terms of value, the market is expected to grow at a projected CAGR of +2.2% from 2024 to 2035. This growth rate is expected to bring the market value to $185M (in nominal wholesale prices) by the end of 2035.
Consumption
In 2024, the consumption of iron or steel wire products in the GCC region increased by 25% to 58K tons, marking the first increase since 2020 and ending a three-year decline. The total consumption showed steady growth from 2013 to 2024, with its volume increasing at an average annual rate of +3.6% over the last eleven years. However, there were some noticeable fluctuations throughout the analyzed period. The volume of consumption reached its peak in 2024 and is expected to continue growing in the immediate term.
The market size for iron or steel wire products in the GCC region was $146M in 2024, an increase of 8.6% 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 total consumption showed a significant increase from 2013 to 2024, with its value increasing at an average annual rate of +3.5% over the last eleven years. Based on the 2024 figures, consumption increased by +146.3% compared to 2017. The level of consumption reached its peak in 2024 and is expected to continue growing in the near future.
Consumption By Country
Saudi Arabia remains the largest consumer of iron or steel wire products in the GCC region, accounting for approximately 52% of the total volume at 30K tons. Furthermore, consumption in Saudi Arabia was twice as much as that of the second-largest consumer, the United Arab Emirates, which consumed 14K tons. Oman ranked third in terms of total consumption with a 14% share at 7.9K tons.
In Saudi Arabia, the consumption of iron or steel wire products grew at an average annual rate of +6.1% from 2013 to 2024. In the United Arab Emirates and Oman, the average annual growth rates were +1.5% and +3.5% respectively.
