Jun 23, 2025IndexBox has just published a new report: World – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.The article discusses the anticipated upward consumption trend for iron and steel wire, with a forecasted CAGR of +0.9% in volume and +1.9% in value between 2024 and 2035. This growth is attributed to the rising demand for iron and steel wire across various industries globally.Market ForecastDriven by increasing demand for iron and steel wire worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.9% for the period from 2024 to 2035, which is projected to bring the market volume to 39M tons by the end of 2035.In value terms, the market is forecast to increase with an anticipated CAGR of +1.9% for the period from 2024 to 2035, which is projected to bring the market value to $70.9B (in nominal wholesale prices) by the end of 2035.ConsumptionWorld’s Consumption of Iron and Steel WireIn 2024, approx. 35M tons of iron and steel wire were consumed worldwide; reducing by -2% against the previous year. The total consumption volume increased at an average annual rate of +1.4% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2018 when the consumption volume increased by 8.8% against the previous year. Over the period under review, global consumption attained the maximum volume at 36M tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.The global iron and steel wire market value shrank to $57.5B in 2024, which is down by -6.7% 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). The market value increased at an average annual rate of +2.2% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $69.7B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.Consumption By CountryThe country with the largest volume of iron and steel wire consumption was China (14M tons), comprising approx. 39% of total volume. Moreover, iron and steel wire consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.5M tons), fivefold. Japan (2.2M tons) ranked third in terms of total consumption with a 6.2% share.From 2013 to 2024, the average annual rate of growth in terms of volume in China totaled +1.6%. In the other countries, the average annual rates were as follows: the United States (+1.0% per year) and Japan (-0.7% per year).In value terms, the largest iron a
