IndexBox has recently released a new report titled: “Australia – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report predicts a modest improvement in the performance of the iron and steel wire market in Australia, driven by increasing demand. The Compound Annual Growth Rate (CAGR) is expected to be +5.0% in volume and +7.9% in value from 2024 to 2035. By the conclusion of 2035, the market volume is projected to reach 9.5K tons, and the market value is anticipated to hit $81M in nominal prices.
Market Forecast
The Australian market for iron or steel wire products is expected to witness an upward consumption trend over the next decade, driven by increasing demand. The market performance is predicted to improve modestly, 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
In 2024, Australia’s consumption of iron or steel wire products surged to 5.6K tons, a 76% increase compared to 2023. However, overall consumption continues to show a significant downturn. Consumption reached a record high of 24K tons in 2013, but failed to regain momentum from 2014 to 2024.
The market size for iron or steel wire products in Australia soared 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, consumption saw a noticeable decline. Consumption of iron or steel wire products peaked at $79M in 2022, but from 2023 to 2024, consumption remained at a somewhat lower figure.
Imports
In 2024, Australia’s imports of iron or steel wire products decreased by -23.3% to 12K tons, marking the second consecutive year of decline after four years of growth. Overall, imports experienced a significant slump. The most rapid growth occurred in 2021 with an increase of 20%. Imports peaked at 26K tons in 2013, but from 2014 to 2024, imports remained at a lower figure.
In terms of value, imports of iron or steel wire products slightly increased to $95M in 2024. However, in general, imports posted a significant expansion. The most notable growth rate was recorded in 2021 when imports increased by 31%. Imports peaked at $97M in 2022, but from 2023 to 2024, imports failed to regain momentum.
China (4.9K tons), India (2.8K tons), and Indonesia (2.7K tons) were the main suppliers of iron or steel wire product imports to Australia in 2024, accounting for a combined 87% share of total imports.
