IndexBox has recently released a new report titled “World – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report predicts a slight improvement in the performance of the global iron and steel wire market. This growth is expected to be driven by an increase in demand for iron and steel wire products across various industries worldwide.
Market Forecast
The report suggests that the global market for iron or steel wire products is set to witness an upward trend in consumption over the next decade. This is primarily due to the increasing demand for these products worldwide. The market performance is expected to improve slightly, with a projected Compound Annual Growth Rate (CAGR) of +1.0% from 2024 to 2035. This growth is expected to increase the market volume to 7.1 million tons by the end of 2035.
In terms of market value, the report forecasts a CAGR of +2.3% for the period from 2024 to 2035. This growth is projected to increase the market value to $24.9 billion (in nominal wholesale prices) by the end of 2035.
Consumption Trends
The report reveals that the global consumption of iron or steel wire products decreased to 6.3 million tons in 2024, maintaining the level of the previous year. Despite this, the consumption trend has remained relatively flat over the review period. The highest growth rate was recorded in 2021, with an increase of 6.8% compared to the previous year. Global consumption reached its peak at 7.1 million tons in 2018, but from 2019 to 2024, consumption remained at a lower figure.
The market value of iron or steel wire products worldwide increased to $19.4 billion in 2024, marking a 16% increase from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. The market value has grown at an average annual rate of +1.5% from 2013 to 2024, with minor fluctuations recorded in certain years. As a result, consumption is expected to continue growing in the near future.
Consumption by Country
In 2024, the countries with the highest consumption volumes were China (1.4 million tons), the United States (759,000 tons), and India (548,000 tons), accounting for 42% of global consumption. Russia, Brazil, Pakistan, Indonesia, Germany, Mexico, and Turkey followed, together comprising an additional 27%.
From 2013 to 2024, the most significant increases were recorded in Pakistan, with a CAGR of +1.8%. Other global leaders experienced more modest growth rates.
In terms of market value, the United States led the market with $6.9 billion, followed by China with $2.3 billion and Germany. From 2013 to 2024, the average annual growth rate of market value in the United States was +3.1%. Other countries experienced varying growth rates during this period.
