IndexBox has recently released a new report titled “Australia – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights”. The report suggests that the Australian iron and steel wire market is set to witness steady growth over the next decade, driven by increasing demand. The market is anticipated to grow in both volume and value, with a Compound Annual Growth Rate (CAGR) of +5.0% and +7.9% respectively, from 2024 to 2035. By the end of 2035, the market volume is expected to reach 9.5K tons and the market value is projected to hit $81M.
Market Forecast
The rising demand for iron or steel wire products in Australia is expected to trigger an upward consumption trend over the next decade. The market performance is predicted to improve slightly, with a projected CAGR of +5.0% from 2024 to 2035. This growth is expected to push the market volume to 9.5K tons by the end of 2035.
In terms of value, the market is forecasted to grow with a projected CAGR of +7.9% from 2024 to 2035. This growth is expected to increase the market value to $81M (in nominal wholesale prices) by the end of 2035.
Consumption
Australia’s consumption of iron or steel wire products soared to 5.6K tons in 2024, marking a 76% increase compared to the previous year. However, overall consumption recorded a significant contraction. Despite reaching a record high of 24K tons in 2013, consumption from 2014 to 2024 remained at a lower level.
The market size for iron or steel wire products in Australia surged to $35M in 2024, a 127% increase compared to 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. Despite this, overall consumption showed a noticeable decrease. The market peaked at $79M in 2022, but consumption from 2023 to 2024 remained at a lower level.
Imports
In 2024, Australia’s imports of iron or steel wire products fell by -23.3% to 12K tons, marking the second consecutive year of decline after four years of growth. Overall, imports showed a significant reduction. The most notable growth was in 2021 when imports increased by 20%. Despite peaking at 26K tons in 2013, imports from 2014 to 2024 failed to regain momentum.
In terms of value, imports of iron or steel wire products totaled $95M in 2024. Despite this, imports saw significant growth over the period under review. The most rapid growth was in 2021, with an increase of 31% compared to the previous year. Despite peaking at $97M in 2022, imports from 2023 to 2024 remained at a somewhat lower level.
