IndexBox has recently released a new report titled “GCC – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals that the GCC iron or steel wire products market experienced substantial growth in 2024, with consumption reaching 59K tons and a market value of $147M. The market is projected to grow at a compound annual growth rate (CAGR) of +1.0% in volume and +2.3% in value until 2035, reaching 66K tons and $189M. Saudi Arabia is the leading consumer and importer, accounting for over half of the regional volume.
Despite limited regional production, primarily concentrated in Oman, imports have significantly increased to meet demand, with the UAE emerging as a key exporter. The market structure reveals a heavy dependence on imports to meet the robust consumption growth across the GCC.
Key Findings:
– The market is projected to grow to 66K tons and $189M by 2035 with a CAGR of +1.0% in volume and +2.3% in value.
– Saudi Arabia is the largest consumer and importer, accounting for 51% of total consumption and 61% of imports.
– Regional production is limited, with Oman being the largest producer but unable to meet overall GCC demand.
– Imports surged by 28% to 51K tons in 2024 to fill the supply gap, with Saudi Arabia and the UAE as the main importers.
– The United Arab Emirates is the leading exporter by value, despite a decline in its export volume over the past decade.
Market Forecast:
The increasing demand for iron or steel wire products in the GCC is expected to drive the market’s upward consumption trend over the next decade. However, market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.0% from 2024 to 2035, projected to bring the market volume to 66K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.3% from 2024 to 2035, projected to bring the market value to $189M (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, after three years of decline, there was significant growth in the consumption of iron or steel wire products, with its volume increasing by 26% to 59K tons. The total consumption indicated measured growth from 2013 to 2024: its volume increased at an average annual rate of +3.7% over the last eleven-year period.
The value of the market for iron or steel wire products in the GCC rose markedly to $147M in 2024, picking up by 9.4% 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 total consumption indicated a measured expansion from 2013 to 2024: its value increased at an average annual rate of +3.6% over the last eleven years.
