IndexBox has recently released a new report titled “Asia-Pacific – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report provides an in-depth analysis of the Asia-Pacific iron or steel wire products market for the period 2013-2024, with projections up to 2035.
In 2024, the region’s consumption stood at 2.9 million tons, valued at $5.8 billion, with China, India, and Pakistan leading the consumption. The production was recorded at 3.8 million tons, with China being the dominant producer. The region is a net exporter, with China contributing 89% of the total exports. Imports saw a slight decrease, standing at 261,000 tons. The market is projected to expand to 3.2 million tons (volume CAGR +1.0%) and $7.1 billion (value CAGR +1.8%) by 2035.
Key Findings:
– The Asia-Pacific market is projected to reach 3.2 million tons and $7.1 billion by 2035.
– China holds the largest share in both consumption (47%) and production (63%).
– The region is a net exporter, with China accounting for 89% of the total export volume.
– Import prices vary significantly, ranging from $1,039/ton in Bangladesh to $7,984/ton in Australia.
– The market value growth (+1.8% CAGR) is expected to surpass volume growth (+1.0% CAGR).
Market Forecast:
The Asia-Pacific market for iron or steel wire products is anticipated to continue its upward trend over the next decade, driven by increasing demand. The market is expected to maintain its current growth pattern, with a projected CAGR of +1.0% from 2024 to 2035, which is expected to bring the market volume to 3.2 million tons by the end of 2035.
In terms of value, the market is projected to grow at a CAGR of +1.8% from 2024 to 2035, which is expected to bring the market value to $7.1 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, the Asia-Pacific region consumed 2.9 million tons of iron or steel wire products, almost the same as the 2023 figures. The total consumption volume increased at an average annual rate of +1.2% from 2013 to 2024. The most significant growth rate was recorded in 2021 with an increase of 5.4% compared to the previous year. Consumption reached a record high in 2024 and is expected to continue growing in the coming years.
The market value for iron or steel wire products in the Asia-Pacific region fell to $5.8 billion in 2024, remaining steady from the previous year. This figure represents 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). Overall, the consumption showed a relatively flat trend. The market reached its peak at $6.3 billion in 2022; however, from 2023 to 2024, consumption remained at a lower figure.
Consumption By Country:
China was the largest consumer of iron or steel wire products, with a consumption volume of 1.4 million tons, accounting for approximately 47% of the total consumption in the region.
