IndexBox has recently released a new report titled “China – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report discusses the expected increase in consumption of iron and steel wire in China, predicting a Compound Annual Growth Rate (CAGR) of +1.6% in volume and +2.8% in value from 2024 to 2035. By the conclusion of 2035, the market volume is projected to hit 16M tons, and the market value is expected to reach $21.6B, based on nominal wholesale prices.
Market Forecast
The market for iron and steel wire in China is anticipated to maintain an upward consumption trend over the next decade, driven by increasing demand. The market performance is expected to continue its current trend pattern, expanding with a projected CAGR of +1.6% from 2024 to 2035. This growth is expected to push the market volume to 16M tons by the end of 2035.
In terms of value, the market is predicted to grow with a projected CAGR of +2.8% from 2024 to 2035. This growth is expected to increase the market value to $21.6B, based on nominal wholesale prices, by the end of 2035.
Consumption
China’s Consumption of Iron and Steel Wire
After a two-year decline, the consumption of iron and steel wire in China increased by 3.5% to 14M tons in 2024. The total consumption volume grew at an average annual rate of +1.6% from 2013 to 2024. The trend pattern remained relatively stable, with minor fluctuations observed in certain years. Consumption of iron and steel wire peaked at 14M tons in 2019, but from 2020 to 2024, consumption remained at a slightly lower figure.
The market size for iron and steel wire in China dropped to $15.9B in 2024, a decrease of -8.5% 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. Overall, the total consumption showed a mild growth from 2013 to 2024, with its value increasing at an average annual rate of +1.1% over the last eleven years. However, the trend pattern indicated some noticeable fluctuations throughout the analyzed period. Based on 2024 figures, consumption decreased by -36.2% compared to 2022 indices. Consumption of iron and steel wire peaked at $25B in 2022, but from 2023 to 2024, consumption remained at a lower figure.
Production
China’s Production of Iron and Steel Wire
In 2024, the production of iron and steel wire in China slightly declined to 16M tons, nearly unchanged from the previous year’s figure. The total output volume grew at an average annual rate of +1.5% from 2013 to 2024. The trend pattern remained consistent, with only minor fluctuations recorded throughout the analyzed period. The most significant growth rate was recorded in 2018 when the production volume increased by 12%. Over the period under review, production reached its maximum volume at 16M tons in 2019. However, from 2020 to 2024, production remained at a slightly lower figure.
