IndexBox has recently released a new report titled “Asia-Pacific – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals a steady growth in the Asia-Pacific iron or steel wire products market, with consumption reaching 2.9 million tons, valued at $5.9 billion in 2024. China is the leading country in both production and consumption, holding a 63% and 47% share respectively. India and Pakistan follow closely behind. The market is projected to grow at a compound annual growth rate (CAGR) of +1.0% in volume and +2.0% in value through 2035.
The report also highlights the regional trade dynamics, with China being the dominant exporter, holding an 89% share. Japan, Thailand, and Australia are the major importers, with significant price variations. For instance, Australia pays $7,984 per ton, while Bangladesh pays $1,039 per ton. The production of iron or steel wire products has consistently grown at +2.2% annually, reaching 3.8 million tons in 2024.
Key findings from the report include:
– The market is projected to grow at a 1.0% volume CAGR and 2.0% value CAGR through 2035.
– China dominates with a 47% consumption share and a 63% production share.
– China leads the export market with an 89% share of regional exports.
– There are significant import price disparities, with Australia paying 7.7 times more than Bangladesh.
– Production growth (+2.2% annually) is outpacing consumption growth (+1.2% annually).
The market forecast suggests that the increasing demand for iron or steel wire products in the Asia-Pacific 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 +1.0% from 2024 to 2035. This growth is projected to bring the market volume to 3.2 million tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.0% from 2024 to 2035. This increase is projected to bring the market value to $7.3 billion (in nominal wholesale prices) by the end of 2035.
In 2024, the consumption of iron or steel wire products in the Asia-Pacific region was estimated at 2.9 million tons, almost unchanged from the previous year. The total consumption volume increased at an average annual rate of +1.2% from 2013 to 2024. The most significant growth rate was recorded in 2021 with an increase of 5.4%. Over the period under review, consumption reached its maximum volume in 2024 and is likely to continue growing in the near future.
The value of the iron or steel wire products market in the Asia-Pacific region slightly contracted to $5.9 billion 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. In general, consumption showed a relatively flat trend pattern. The market reached its peak level at $6.3 billion in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
