IndexBox has recently released a new report titled “Latin America and the Caribbean – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report offers an in-depth analysis of the iron or steel wire products market in Latin America and the Caribbean. It reveals that in 2024, the market volume reached 532K tons and was valued at $1.3B. The leading consumers in the region were Brazil, Mexico, and Venezuela. However, production experienced a significant decline of -25% to 514K tons in 2024, following a peak in 2023. Despite this, the region remains a net importer, with Mexico standing as the largest importer and exporter. The market is projected to grow at a compound annual growth rate (CAGR) of +0.8% in volume and +1.6% in value from 2024 to 2035, reaching 584K tons and $1.5B, respectively.
Key Findings
The report predicts a modest market growth to 584K tons by 2035, driven by demand in Latin America and the Caribbean. Brazil, Mexico, and Venezuela are the dominant consumers, collectively accounting for 84% of the regional total. Regional production experienced a sharp decline of -25% in 2024, ending a three-year growth trend. Mexico is the region’s leading trader, being both the largest importer (49% share) and exporter (73% share). The countries with the highest per capita consumption are Costa Rica, the Dominican Republic, and Paraguay.
Market Forecast
The increasing demand for iron or steel wire products in Latin America and the Caribbean is expected to drive the market’s upward consumption trend over the next decade. The market performance is anticipated to maintain its current trend pattern, expanding with a projected CAGR of +0.8% from 2024 to 2035, which is expected to bring the market volume to 584K tons by the end of 2035.
In terms of value, the market is predicted to increase with a projected CAGR of +1.6% from 2024 to 2035, which is expected to bring the market value to $1.5B (in nominal wholesale prices) by the end of 2035.
Consumption
Latin America and the Caribbean’s consumption of iron or steel wire products has grown for the fourth consecutive year, increasing by 0.1% to 532K tons in 2024. Overall, consumption continues to indicate a relatively flat trend pattern. The most significant rate of growth was recorded in 2017 when the consumption volume increased by 7%. The volume of consumption peaked in 2024 and is likely to see gradual growth in the near future.
The market value for iron or steel wire products in Latin America and the Caribbean expanded to $1.3B in 2024, with an increase of 2.9% 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 +3.2% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period.
