IndexBox has recently released a new report titled “Middle East – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report predicts that the market for iron or steel wire products in the Middle East will grow at a compound annual growth rate (CAGR) of +0.8% in volume and +1.3% in value from 2024 to 2035. The market is expected to reach 367K tons and $826 million respectively by 2035.
In 2024, the leading consumers of these products were Turkey, Iran, and Saudi Arabia, which together made up 77% of the market volume. The production of these products is primarily concentrated in Turkey, Iran, and Syria. Saudi Arabia is the largest importer in the region. The market is characterized by steady growth in consumption and production, with significant fluctuations in import prices and Turkey’s dominance in exports.
Key Findings of the Report:
– The market is projected to grow to 367K tons and $826M by 2035 with a CAGR of +0.8% in volume and +1.3% in value.
– Turkey, Iran, and Saudi Arabia are the leading consumers, accounting for 77% of the total volume.
– Saudi Arabia is the top importer, making up 47% of regional imports.
– Turkey is the main producer and exporter, responsible for 64% of total exports.
– Per capita consumption is highest in Israel, Oman, and Turkey.
Market Forecast:
The market for iron or steel wire products in the Middle East is expected to continue its upward trend over the next decade due to increasing demand. The market performance is predicted to maintain its current trend pattern, expanding with an anticipated CAGR of +0.8% from 2024 to 2035. This is projected to bring the market volume to 367K tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +1.3% from 2024 to 2035. This is projected to bring the market value to $826M (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, the consumption of iron or steel wire products in the Middle East totaled 338K tons, a 3.7% increase from 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 recorded in 2016 when the consumption volume increased by 6.4%. Consumption reached its peak volume in 2024 and is expected to continue growing in the near term.
The market size for iron or steel wire products in the Middle East slightly decreased to $720M in 2024, a decrease of -3.3% from 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 increased at an average annual rate of +1.7% from 2013 to 2024.
