IndexBox has recently released a fresh report titled: “World – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report projects a steady growth in the global market for iron or steel wire products, with the volume expected to hit 7.1 million tons and a value of $24.9 billion by 2035. This growth is primarily driven by an escalating demand for these products.
In 2024, the global consumption of iron or steel wire products stood at 6.4 million tons. The leading consumers were China, the United States, and India. The United States led in terms of market value, standing at $6.9 billion. China, however, emerged as the leading producer and exporter, accounting for 34% of production and 56% of exports.
The global trade in 2024 saw imports of 1.1 million tons and exports of 1.9 million tons. There were significant price variations between countries, with the U.S. import price standing at $4,337 per ton, while China’s export price was $1,501 per ton.
Key Findings:
– The market is forecasted to grow to 7.1 million tons and $24.9 billion by 2035, with a volume compound annual growth rate (CAGR) of +1.0% and a value CAGR of +2.2%.
– China, the United States, and India are the top three consuming countries, together accounting for 42% of global volume.
– The United States leads in market value at $6.9 billion, followed by China at $2.3 billion.
– China dominates global production (34% share) and exports (56% share).
– Significant price disparities exist in trade, with U.S. import prices at $4,337 per ton versus China’s export prices at $1,501 per ton.
Market Forecast:
The global market for iron or steel wire products is expected to witness an upward consumption trend over the next decade, driven by rising demand. The market performance is forecasted to increase slightly, with an anticipated CAGR of +1.0% from 2024 to 2035. This is projected to bring the market volume to 7.1 million tons by the end of 2035.
In terms of value, 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 $24.9 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
Global Consumption of Iron or Steel Wire Products:
In 2024, the global consumption of iron or steel wire products reached 6.4 million tons, remaining constant against the previous year. However, the overall consumption continues to indicate a relatively flat trend pattern. The growth pace was most rapid in 2021 when the consumption volume increased by 6.8% against the previous year. Global consumption peaked at 7.2 million tons in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.
The value of the global market for iron or steel wire products soared to $19.6 billion in 2024, with an increase of 16% 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 +1.5% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.
