IndexBox has recently released a new report titled: “China – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” This report offers an in-depth analysis of the iron or steel wire product market in China for the year 2024, with a forecast that extends up to 2035.
In 2024, the domestic consumption of these products in China was approximately 1.4 million tons, maintaining a stable level. However, the market value saw a contraction, falling to $2.3 billion. On the other hand, production experienced growth for the fourth consecutive year, reaching 2.4 million tons, with a value of $3.9 billion. This growth in production has positioned China as a net exporter of iron or steel wire products.
Exports saw a significant surge, reaching 1 million tons (valued at $1.6 billion), while imports remained minimal at 5.9 thousand tons ($25 million). The market is projected to grow at a Compound Annual Growth Rate (CAGR) of +0.9% in volume, reaching 1.5 million tons by 2035, and a CAGR of +1.3% in value, reaching $2.6 billion. This indicates a steady upward trend in consumption, driven by domestic demand.
Key Findings:
– The market is forecasted to grow to 1.5 million tons and $2.6 billion by 2035, with CAGRs of +0.9% and +1.3% respectively.
– Domestic consumption remained stable at 1.4 million tons in 2024, while the market value contracted to $2.3 billion.
– Production increased for the fourth year, reaching 2.4 million tons, making China a net exporter.
– Exports grew significantly to 1 million tons, while imports were minimal at 5.9 thousand tons.
– The market demonstrates a long-term pattern of steady, albeit slow, expansion in both volume and value.
Market Forecast:
The market for iron or steel wire products in China is expected to continue its upward consumption trend over the next decade, driven by increasing domestic demand. The market performance is forecasted to retain its current trend pattern, expanding with an anticipated CAGR of +0.9% from 2024 to 2035. This is projected to bring the market volume to 1.5 million tons by the end of 2035.
In terms of value, the market is forecasted to increase with an anticipated CAGR of +1.3% from 2024 to 2035. This is projected to bring the market value to $2.6 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, approximately 1.4 million tons of iron or steel wire products were consumed in China, remaining relatively unchanged compared to 2023 figures. Overall, consumption recorded a relatively flat trend pattern. The most significant growth was observed in 2021 with an increase of 3.7% against the previous year. Iron or steel wire product consumption peaked in 2024 and is likely to see steady growth in the near future.
The market value for iron or steel wire products in China contracted to $2.3 billion in 2024, falling by -5.2% against the previous year. This figure reflects 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). In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached its peak level at $2.7 billion in 2022; however, from 2023 to 2024, consumption saw a decline.
