IndexBox has recently released a new report titled “Latin America and the Caribbean – 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 Latin America and the Caribbean. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of +0.8% in volume and +2.3% in value from 2024 to 2035. By 2035, the market is projected to reach 3.1 million tons and $5.3 billion.
In 2024, the consumption of iron and steel wire was 2.8 million tons. The leading consumers were Mexico, Brazil, and Ecuador. The production stood at 2.5 million tons, with the same countries leading the production. Imports increased to 633,000 tons, with Brazil being the largest importer. However, exports declined to 267,000 tons, with Mexico being the dominant exporter. The key product types in the market are non-plated wire and zinc-coated wire, which show significant price variations.
Key Findings of the Report:
– The market volume is expected to grow at a CAGR of +0.8%, reaching 3.1 million tons by 2035.
– Mexico and Brazil are the leading consumers and producers, accounting for 85% of total consumption.
– El Salvador has the highest per capita consumption and the fastest growth rate in market value.
– Imports rose to 633,000 tons in 2024, with Brazil being the largest importer.
– Exports fell to 267,000 tons, with Mexico being the main supplier.
Market Forecast:
The increasing demand for iron and steel wire in Latin America and the Caribbean is expected to drive the market growth over the next decade. The market is projected to continue its current trend pattern, expanding at a CAGR of +0.8% from 2024 to 2035. This growth is expected to bring the market volume to 3.1 million tons by 2035.
In terms of value, the market is predicted to grow at a CAGR of +2.3% from 2024 to 2035, bringing the market value to $5.3 billion by 2035.
Consumption:
In 2024, approximately 2.8 million tons of iron and steel wire were consumed in Latin America and the Caribbean, marking a 3% increase from the previous year. The consumption volume peaked in 2024 and is expected to see gradual growth in the coming years.
The market size for iron and steel wire in Latin America and the Caribbean fell to $4.1 billion in 2024, a decrease of 7.2% from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. From 2013 to 2024, the total consumption increased at an average annual rate of +1.5%. However, based on 2024 figures, consumption decreased by -26.2% against 2022 indices.
