IndexBox has recently released a new report titled “United Kingdom – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights”. The report predicts a modest growth in the UK’s iron or steel wire product market. The consumption volume is projected to reach 46K tons by 2035, growing at a Compound Annual Growth Rate (CAGR) of +0.4%. The market value is expected to hit $209M, with a CAGR of +1.9%.
In 2024, the consumption volume decreased to 44K tons and the revenue dropped to $169M. This decline reflects a multi-year downward trend from the peak levels in 2016. Domestic production also saw a contraction, falling to 19K tons. The UK heavily depends on imports, primarily from China, which accounts for 52% of the import volume. Although exports saw an increase in 2024, they remain significantly below past levels. The main export destinations are Poland, the United States, and Ireland.
Key findings of the report include:
– The market value is predicted to grow at a CAGR of +1.9%, reaching $209M by 2035.
– China is the primary source of imports, accounting for 50% of the UK’s import value.
– Domestic production has significantly contracted, falling to 19K tons in 2024.
– Exports saw a notable increase in 2024 but remain well below their 2017 peak.
– Average import prices rose to $3,562 per ton, while export prices fell to $4,811 per ton.
The report forecasts a rising demand for iron or steel wire products in the UK, leading to an upward consumption trend over the next decade. The market performance is expected to increase slightly, with an anticipated CAGR of +0.4% from 2024 to 2035. This is projected to bring the market volume to 46K tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +1.9% from 2024 to 2035. This is projected to bring the market value to $209M (in nominal wholesale prices) by the end of 2035.
In 2024, the consumption of iron or steel wire products decreased by -10.5% to 44K tons, marking the second consecutive year of decline after two years of growth. Consumption peaked at 64K tons in 2016, but failed to regain momentum from 2017 to 2024.
The market revenue for iron or steel wire products in the UK fell to $169M in 2024, a decrease of -11.7% from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. From 2017 to 2024, the market growth remained at a lower figure.
In 2024, the production of iron or steel wire products in the UK modestly contracted to 19K tons, a decline of -1.6% from the previous year. Overall, production recorded a significant setback.
