IndexBox has recently released a new report titled “World – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report predicts a steady growth in the global iron and steel wire market, with a projected Compound Annual Growth Rate (CAGR) of +0.9% in volume and +1.9% in value from 2024 to 2035. This growth trajectory is expected to result in substantial increases in both market volume and value by the end of the forecast period.
Market Forecast
The global iron and steel wire market is set to maintain its upward trend in consumption over the next decade, driven by increasing demand worldwide. The market performance is expected to continue its current trend pattern, expanding with a projected CAGR of +0.9% from 2024 to 2035. This growth is anticipated to elevate the market volume to 39 million tons by the end of 2035.
In terms of market value, the forecast predicts an increase with a projected CAGR of +1.9% from 2024 to 2035. This growth is expected to raise the market value to $70.9 billion (in nominal wholesale prices) by the end of 2035.
Consumption Trends
In 2024, the global consumption of iron and steel wire saw a slight contraction to 35 million tons, marking a decrease of -2% compared to the previous year. The total consumption volume grew at an average annual rate of +1.4% from 2013 to 2024. The growth rate was most rapid in 2018, with the consumption volume increasing by 8.8% compared to the previous year. Global consumption reached its peak at 36 million tons in 2019, but failed to regain momentum from 2020 to 2024.
The global iron and steel wire market revenue decreased to $57.5 billion in 2024, a drop of -6.7% 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 grew at an average annual rate of +2.2% from 2013 to 2024. The global market reached its peak level at $69.7 billion in 2022, but consumption was somewhat lower from 2023 to 2024.
Consumption by Country
China remains the largest consumer of iron and steel wire worldwide, accounting for 39% of the total volume at 14 million tons. This consumption in China is five times greater than that of the second-largest consumer, the United States, which consumed 2.5 million tons. Japan ranked third in total consumption with a 6.2% share at 2.2 million tons.
From 2013 to 2024, the average annual growth rate in terms of volume in China was +1.6%. The other consuming countries recorded the following average annual rates of consumption growth: the United States (+1.0% per year) and Japan (-0.7% per year).
In terms of value, China ($15.9 billion) and the United States were the largest consumers of iron and steel wire.
