IndexBox has recently released a new report titled “MENA – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals that the MENA market for iron or steel wire products has been on a growth trajectory for six consecutive years, reaching 476K tons and valued at $995M in 2024. The market is projected to continue its upward trend, expanding at a compound annual growth rate (CAGR) of +1.3% in volume and +2.1% in value through 2035, culminating in 549K tons and $1.2B respectively.
The report identifies Turkey, Iran, and Egypt as the largest consumers of iron or steel wire products, with Turkey also leading in production and exportation. Saudi Arabia, on the other hand, is the region’s largest importer and has demonstrated the fastest consumption growth. In 2024, regional production was recorded at 423K tons, with the trade deficit being offset by substantial imports, which rose by 23% to 78K tons.
Key findings from the report include:
– The market is projected to grow to 549K tons and $1.2B by 2035, with CAGRs of +1.3% and +2.1% respectively.
– Turkey, Iran, and Egypt are the top three consuming countries, accounting for 64% of total volume.
– Saudi Arabia is the largest importer with a 40% share and showed the fastest consumption growth rate at +6.1%.
– Turkey is the dominant producer and exporter, accounting for 55% of regional exports.
– A significant import-export gap exists, with imports (78K tons) far exceeding exports (24K tons).
The report forecasts that the increasing demand for iron or steel wire products in the MENA region will drive the market’s upward consumption trend over the next decade. The market performance is expected to maintain its current trend pattern, expanding with an anticipated CAGR of +1.3% from 2024 to 2035, which is projected to bring the market volume to 549K tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.1% from 2024 to 2035, which is projected to bring the market value to $1.2B (in nominal wholesale prices) by the end of 2035.
In 2024, consumption of iron or steel wire products increased by 2.2% to 476K tons, marking the sixth consecutive year of growth after two years of decline. The total consumption volume increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most significant growth rate was recorded in 2023 with an increase of 5.8%. Over the period under review, consumption reached its peak volume in 2024 and is likely to continue growing in the immediate term.
The revenue of the market for iron or steel wire products in MENA reached $995M in 2024, remaining constant against the previous year. This figure reflects 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 increased at an average annual rate of +2.3% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations throughout the period.
