IndexBox has recently released a new report titled “Asia – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report provides a comprehensive overview of the iron and steel wire market in Asia for the year 2024, with projections extending to 2035. The market is anticipated to experience steady growth, with the volume expected to reach 24 million tons (a compound annual growth rate (CAGR) of +1.1%) and the value projected to hit $41.1 billion (a CAGR of +2.6%) by 2035.
In 2024, the consumption of iron and steel wire stood at 21 million tons, with China leading the market by accounting for 65% of the total volume. However, the market value witnessed a significant decline to $30.9 billion in 2024, down from its peak in 2022.
The production of iron and steel wire is primarily concentrated in China, which contributes 68% of the total output. The international trade of these commodities is quite active, with key importers being Thailand, Malaysia, and Japan, and major exporters including China, Turkey, and South Korea. The report provides detailed information on consumption and production by country, import and export volumes and values by product type, and an analysis of price trends.
Key findings of the report include:
– The market is projected to grow to 24 million tons in volume and $41.1 billion in value by 2035.
– China dominates the market, accounting for 65% of consumption and 68% of production.
– Japan, India, and South Korea have the highest per capita consumption levels.
– Stainless steel wire commands the highest import and export prices.
– The Philippines was the fastest-growing importer by value from 2013-2024.
The report forecasts that the increasing demand for iron and steel wire in Asia 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 +1.1% from 2024 to 2035, which is projected to bring the market volume to 24 million tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.6% from 2024 to 2035, which is projected to bring the market value to $41.1 billion (in nominal wholesale prices) by the end of 2035.
In 2024, iron and steel wire consumption in Asia reached 21 million tons, marking an increase of 1.7% from the previous year. The total consumption volume increased at an average annual rate of +1.5% from 2013 to 2024. The most significant growth rate was recorded in 2018 with an increase of 7.4% from the previous year. Consumption peaked at 21 million tons in 2019, but from 2020 to 2024, consumption remained at a somewhat lower figure.
The size of the iron and steel wire market in Asia dropped to $30.9 billion in 2024, a decrease of -8.3% from 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 tangible growth from 2013 to 2024.
