IndexBox has recently released a new report titled “Asia – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report provides a comprehensive overview of the iron or steel wire products market in Asia from 2013 to 2024, and includes forecasts up to 2035.
In 2024, the market consumed approximately 3.3 million tons of iron or steel wire products, valued at $6.6 billion. The market is projected to grow at a compound annual growth rate (CAGR) of +1.0% in volume and +1.9% in value over the next decade.
China is the leading consumer and producer of iron or steel wire products in Asia, with a 42% share in consumption (1.4 million tons) and a 58% share in production (2.4 million tons). India and Pakistan follow at a distance. The report also reveals that Asia is a net exporter of these products, with China accounting for 88% of total exports (1 million tons). The largest importers are Japan, Thailand, and Saudi Arabia.
Key trends identified in the report include stable consumption growth, fluctuating trade values, and significant per capita consumption in South Korea, Malaysia, and Turkey.
The market is forecasted to reach 3.6 million tons and $8.1 billion by 2035. This growth is driven by increasing demand for iron or steel wire products in Asia. The market performance is expected to continue its current trend, expanding with an anticipated CAGR of +1.0% from 2024 to 2035. This is projected to bring the market volume to 3.6 million tons by the end of 2035.
In terms of value, the market is forecasted to increase with an anticipated CAGR of +1.9% from 2024 to 2035. This is projected to bring the market value to $8.1 billion (in nominal wholesale prices) by the end of 2035.
In 2024, approximately 3.3 million tons of iron or steel wire products were consumed in Asia, remaining stable against the previous year. The total consumption volume increased at an average annual rate of +1.3% from 2013 to 2024. The most significant growth was in 2021, with an increase of 4.9%.
The market size for iron or steel wire products in Asia contracted slightly to $6.6 billion in 2024, approximately equating to the previous year. This figure reflects the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. Consumption peaked at $6.9 billion in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
