IndexBox has recently released a new report titled “EU – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report predicts a slight improvement in the performance of the European Union market for iron and steel wire products. The Compound Annual Growth Rate (CAGR) is projected to be +1.1% in volume and +2.5% in value from 2024 to 2035. By the conclusion of 2035, the market volume is expected to hit 745K tons, and the market value is anticipated to reach $3.1 billion.
Market Forecast
The market for iron or steel wire products in the European Union is predicted to witness an upward consumption trend in the coming decade, driven by the increasing demand. The market performance is expected to improve slightly, with a projected CAGR of +1.1% from 2024 to 2035. This growth is expected to push the market volume to 745K tons by the end of 2035.
In terms of value, the market is predicted to grow at a CAGR of +2.5% from 2024 to 2035. This growth is expected to increase the market value to $3.1 billion (in nominal wholesale prices) by the end of 2035.
Consumption
The consumption of iron or steel wire products in the European Union fell to 662K tons in 2024, a decrease of -6.1% compared to 2023. Overall, the consumption trend remained relatively flat, peaking at 858K tons. From 2022 to 2024, the growth of consumption failed to regain momentum.
The market value of iron or steel wire products in the European Union modestly fell to $2.3 billion in 2024, remaining relatively unchanged from 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, the overall consumption trend remained relatively flat, peaking at $2.6 billion. From 2022 to 2024, the market growth remained at a lower figure.
Consumption by Country
In 2024, the countries with the highest consumption volumes were Germany (212K tons), Italy (121K tons), and Poland (44K tons), accounting for 57% of total consumption. France, Spain, the Netherlands, Romania, Sweden, the Czech Republic, and Belgium trailed slightly behind, together accounting for an additional 29%.
From 2013 to 2024, Spain experienced the most significant growth rate in terms of consumption among the main consuming countries, with a CAGR of +12.6%. The other leading countries experienced more modest growth rates.
In terms of value, Germany led the market with $1.1 billion, followed by Italy with $347 million, and then Poland. From 2013 to 2024, the iron or steel wire product market in Germany expanded at an average annual rate of +1.9%. The other consuming countries recorded the following average annual rates of market growth: Italy (+0.2% per year) and Poland (-2.3%).
