IndexBox has recently released a new report titled “MENA – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals that the MENA market for iron or steel wire products hit 494K tons ($1B) in 2024, marking the sixth year of consecutive growth. The largest consumers in the region are Turkey, Iran, and Egypt, who also lead in production. The region is a net importer, with Saudi Arabia being the leading importer and Turkey the top exporter. The market is projected to grow to 553K tons in volume and $1.3B in value by 2035, driven by sustained demand.
Key Findings of the Report:
– The MENA market volume is expected to reach 553K tons by 2035, with a projected value of $1.3B.
– Turkey, Iran, and Egypt are the dominant consumers, accounting for 64% of the total volume.
– Saudi Arabia is the largest importer by value ($85M), showing the strongest import value growth.
– Turkey is the leading producer and exporter, supplying 55% of regional exports.
– The market shows a trade deficit with import volume (78K tons) significantly exceeding exports (24K tons).
Market Forecast:
The market is expected to continue its upward consumption trend over the next decade, driven by increasing demand for iron or steel wire products in the MENA region. The market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% from 2024 to 2035, which is projected to bring the market volume to 553K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% from 2024 to 2035, which is projected to bring the market value to $1.3B (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, consumption of iron or steel wire products increased by 5% to 494K tons, rising for the sixth consecutive year after two years of decline. The total consumption volume increased at an average annual rate of +1.7% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2023 with an increase of 5.8%. Over the period under review, consumption hit record highs in 2024 and is likely to see gradual growth in the near future.
The revenue of the market for iron or steel wire products in MENA stood at $1B in 2024, surging by 3.6% 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 market value increased at an average annual rate of +2.5% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2024 and is likely to see gradual growth in the immediate term.
Consumption By Country:
The report also provides a detailed analysis of the countries with the highest volumes of consumption.
