IndexBox has recently released a new report titled “Africa – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals that the African market for iron or steel wire products reached a volume of 379K tons, valued at $808M in 2024. The market is projected to grow to 454K tons, worth $1.1B, by 2035. The largest consumers of these products are Egypt, Kenya, and South Africa, which together account for 51% of the total volume. While these three countries are the primary producers, South Africa and Algeria lead in imports, and South Africa, Tunisia, and Morocco dominate exports. The market is experiencing steady growth due to consistent demand across the continent.
Key findings from the report include:
– The market is expected to grow to 454K tons and $1.1B by 2035.
– Egypt, Kenya, and South Africa are the leading consuming countries.
– South Africa and Algeria are the main importers, while South Africa leads in exports.
– Benin has the highest growth rate in consumption value.
– There are significant price disparities in the import and export markets.
The report forecasts that the increasing demand for iron or steel wire products in Africa 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 compound annual growth rate (CAGR) of +1.7% from 2024 to 2035. This growth is projected to bring the market volume to 454K tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035. This increase is projected to bring the market value to $1.1B (in nominal wholesale prices) by the end of 2035.
After three years of growth, consumption of iron or steel wire products decreased by -0.7% to 379K tons in 2024. The total consumption volume increased at an average annual rate of +2.0% from 2013 to 2024. The most significant rate of growth was recorded in 2023 when the consumption volume increased by 9.1%, reaching a peak volume of 382K tons.
The market value for iron or steel wire products in Africa increased modestly to $808M in 2024, a 4% increase from the previous year. This figure reflects the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. The market value increased at an average annual rate of +1.8% from 2013 to 2024. The most pronounced growth was in 2021 with an increase of 7.9% from the previous year. The market reached its peak level in 2024 and is expected to see gradual growth in the near future.
