IndexBox has recently released a new report titled “Asia-Pacific – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report provides a comprehensive analysis of the iron and steel wire market in the Asia-Pacific region. According to the report, the consumption of iron and steel wire in the region reached 20 million tons in 2024, with a market value of $29.6 billion. China is the leading player in the region, accounting for 68% of consumption and 72% of production.
The report forecasts that the market will grow to 23 million tons in volume and $39.6 billion in value by 2035. Key trends identified in the report include steady import levels at 1.9 million tons, a decrease in exports to 3.3 million tons, and significant price variations across different product types and countries. Stainless steel wire is the most expensive product in both imports and exports.
Key Findings:
– The iron and steel wire market in the Asia-Pacific region is expected to grow to 23 million tons and $39.6 billion by 2035.
– China is the leading player in the region, accounting for 68% of consumption and 72% of production.
– Japan, Malaysia, and South Korea have the highest per capita consumption.
– Stainless steel wire is the most expensive product in both imports and exports, with prices exceeding $5,000 per ton for imports.
– The Philippines recorded the fastest import growth, while Vietnam showed strong export expansion.
Market Forecast:
The market is expected to continue its upward trend over the next decade due to increasing demand for iron and steel wire in the Asia-Pacific region. The market is expected to grow at a compound annual growth rate (CAGR) of +1.2% from 2024 to 2035, reaching a volume of 23 million tons by the end of 2035.
In terms of value, the market is expected to grow at a CAGR of +2.7% from 2024 to 2035, reaching a value of $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 increased slightly to 20 million tons in 2024, a 2.1% increase from the previous year. The total consumption volume grew at an average annual rate of +1.4% from 2013 to 2024. The growth rate was highest in 2018, with a 7.2% increase from the previous year. Consumption reached a record high of 20 million tons in 2019, but failed to regain momentum from 2020 to 2024.
The revenue of the iron and steel wire market in the Asia-Pacific region decreased to $29.6 billion in 2024, an 8% decrease from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. The total consumption value grew at an average annual rate of +2.0% from 2013 to 2024.
