IndexBox has recently released a fresh report titled: “World – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report reveals that the global iron and steel wire market consumed nearly 35 million tons in 2024, with a market value of $58.8 billion. China remains the leading producer and consumer, contributing 39% of the total volume. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of +0.9% in volume and +2.5% in value from 2024 to 2035, reaching 39 million tons and $77.5 billion respectively.
In 2024, global trade experienced a downturn, with imports standing at 7.2 million tons and exports at 7.7 million tons. Stainless steel wire holds the highest price per ton, while non-alloy steel wire is the most traded type by volume.
Key Findings:
– The market is expected to grow modestly, reaching 39 million tons and $77.5 billion by 2035 with CAGRs of +0.9% and +2.5% respectively.
– China is the undisputed market leader, accounting for 39% of global consumption and 43% of production.
– Global trade contracted in 2024, with both imports and exports declining after a 2022 peak.
– Stainless steel wire is the highest-value product type, priced over $5,300 per ton for imports.
– Italy, Japan, and Germany have the highest per capita consumption of iron and steel wire.
Market Forecast:
The global demand for iron and steel wire is on the rise, and the market is expected to maintain an upward consumption trend over the next decade. The 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 39 million tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $77.5 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
Global Consumption of Iron and Steel Wire:
In 2024, approximately 35 million tons of iron and steel wire were consumed worldwide, marking a decrease of -1.9% compared with the previous year. The total consumption volume increased at an average annual rate of +1.3% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most significant rate of growth was recorded in 2018 with an increase of 8.8%. Global consumption peaked at 36 million tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.
The global iron and steel wire market revenue reduced to $58.8 billion in 2024, shrinking by -8.6% 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). In general, the total consumption indicated pronounced growth from 2013 to 2024: its value increased at an average annual rate of +2.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased.
