IndexBox has recently released a new report titled “Australia – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights”. The report predicts a steady growth in the iron and steel wire market in Australia over the next decade. The market volume is projected to reach 162K tons, with a market value of $280M by the end of 2035. This growth is primarily attributed to the rising demand for iron and steel wire within the country.
Market Forecast
The report suggests that the iron and steel wire market in Australia is set to maintain a positive consumption trend over the next decade, driven by the increasing demand for these products. However, the market performance is expected to decelerate, with a projected Compound Annual Growth Rate (CAGR) of +1.6% from 2024 to 2035. This growth rate is anticipated to push the market volume to 162K tons by the end of 2035.
In terms of market value, the forecast predicts an increase with a projected CAGR of +3.1% for the period from 2024 to 2035. This growth is expected to elevate the market value to $280M (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. Despite some noticeable fluctuations in certain years, the total consumption volume increased at an average annual rate of +2.4% from 2013 to 2024. Consequently, consumption reached a peak volume of 165K tons. However, from 2023 to 2024, the growth of consumption failed to regain momentum.
The revenue of the iron and steel wire market in Australia dropped significantly to $200M in 2024, a decrease of -15.8% 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 are included in the final consumer price. Despite this, consumption posted a significant expansion over the period under review, reaching a peak level of $339M. However, from 2023 to 2024, the market growth failed to regain momentum.
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. Despite some noticeable fluctuations throughout the analyzed period, the total import volume increased at an average annual rate of +1.8% from 2013 to 2024. The most significant growth was recorded in 2018 when imports increased by 23% compared to the previous year. Despite reaching a record high of 168K tons in 2022, imports from 2023 to 2024 were somewhat lower.
In terms of value, iron and steel wire imports dropped to $143M in 2024. However, total imports showed a moderate increase from 2013 to 2024, with its value increasing at an average annual rate of +2.3%.
