IndexBox has recently released a new report on the European Union (EU) iron and steel wire market, providing insights into market analysis, forecast, size, trends, and more. The report reveals a significant downturn in the market in 2024, with consumption dropping to 5 million tons, marking an 18.3% decrease. The market value also fell to $8.3 billion, a 21.2% decrease from the record highs of 2023.
However, the long-term trend from 2013 to 2024 shows an average annual growth of 1.5% in volume and 3.3% in value. The largest consumers of iron and steel wire in the EU are Italy, Germany, and France, collectively accounting for 62% of the volume. Production also saw a decline in 2024, falling to 5.1 million tons. Both imports and exports experienced substantial reductions in 2024, falling by 28.3% and 21.3% respectively.
Despite the recent contraction, the market is projected to grow modestly from 2024 to 2035. The volume is expected to reach 5.4 million tons, with a compound annual growth rate (CAGR) of 0.7%. The market value is also forecasted to reach $10.5 billion, with a CAGR of 2.2% by 2035.
Key findings from the report include:
– A sharp fall in EU market volume to 5 million tons in 2024 after peaking in 2023.
– Italy, Germany, and France are the top three consuming nations.
– The market is forecasted to grow to 5.4 million tons and $10.5 billion by 2035.
– Significant contractions in imports and exports in 2024.
– Stainless steel wire commands the highest import and export prices.
The report also forecasts that the increasing demand for iron and steel wire in the EU will drive the market to continue an upward consumption trend over the next decade. The market performance is expected to retain its current trend pattern, expanding with an anticipated CAGR of 0.7% from 2024 to 2035. This is projected to bring the market volume to 5.4 million tons by the end of 2035.
In value terms, the market is forecasted to increase with an anticipated CAGR of 2.2% from 2024 to 2035. This is projected to bring the market value to $10.5 billion (in nominal wholesale prices) by the end of 2035.
In 2024, the consumption of iron and steel wire in the EU declined markedly to 5 million tons, falling by 18.3% compared with 2023. The total consumption volume increased at an average annual rate of 1.5% from 2013 to 2024. However, the trend pattern indicated some noticeable fluctuations in certain years. Consumption hit record highs at 6.1 million tons in 2023, and then declined notably in the following year.
The value of the iron and steel wire market in the EU dropped significantly to $8.3 billion in 2024, falling by 21.2% against the previous year. This figure reflects the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. The total consumption indicated a tangible increase from 2013 to 2024, with its value increasing at an average annual rate of 3.3% over the last eleven-year period. However, the trend pattern indicated some noticeable fluctuations throughout the analyzed period.
