IndexBox has recently released a new report titled “Asia-Pacific – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report provides an in-depth analysis of the iron and steel wire market in the Asia-Pacific region for the year 2024, with projections up to 2035. The report reveals that the market consumption in 2024 was 20 million tons, valued at $29.6 billion, with China contributing 68% of the volume. The production stood at 22 million tons, valued at $29.4 billion, with China leading the production as well. The market is projected to expand to 23 million tons by 2035, growing at a compound annual growth rate (CAGR) of +1.2% in volume and to $39.6 billion at a CAGR of +2.7% in value.
The report also includes a section on trade, analyzing imports (1.9 million tons, $2.9 billion) and exports (3.3 million tons, $4.6 billion). It highlights the key countries and product types, along with price trends for different wire categories.
Key Findings:
The iron and steel wire market in the Asia-Pacific region is projected to reach 23 million tons and $39.6 billion by 2035, growing at CAGRs of +1.2% and +2.7% respectively. China is the dominant player in the region, accounting for 68% of consumption and 72% of production in 2024. Japan, Malaysia, and South Korea had the highest per capita consumption levels in 2024. Stainless steel wire commands the highest import and export prices, while zinc-coated wire is among the lowest. The Philippines was the fastest-growing importer by volume from 2013-2024, while Vietnam showed strong export growth.
Market Forecast:
The market for iron and steel wire in the Asia-Pacific region is expected to continue its upward trend over the next decade, driven by increasing demand. The market performance is projected to maintain its current trend pattern, expanding with an anticipated CAGR of +1.2% from 2024 to 2035, which is expected to bring the market volume to 23 million tons by the end of 2035.
In terms of value, the market is projected to increase with an anticipated CAGR of +2.7% from 2024 to 2035, which is expected to bring the market value to $39.6 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
The consumption of iron and steel wire in the Asia-Pacific region rose modestly to 20 million tons in 2024, an increase of 2.1% compared to 2023. The total consumption volume increased at an average annual rate of +1.4% from 2013 to 2024. The most significant growth rate was recorded in 2018 with an increase of 7.2% compared to the previous year. The volume of consumption peaked at 20 million tons in 2019; however, from 2020 to 2024, consumption remained at a somewhat lower figure.
The size of the iron and steel wire market in the Asia-Pacific region contracted to $29.6 billion in 2024, a decrease of 8% compared to 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 noticeable increase from 2013 to 2024: its value increased at an average annual rate of +2.0% over the last eleven years.
