IndexBox has recently released a new report titled “Middle East – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report provides an in-depth analysis of the iron and steel wire market in the Middle East, predicting a Compound Annual Growth Rate (CAGR) of +0.2% in volume and +0.8% in value from 2024 to 2035. Despite a potential slowdown in market performance, the overall trend is positive, suggesting a bright future for the industry.
Market Forecast
The market for iron and steel wire in the Middle East is expected to maintain an upward trend in consumption over the next decade, driven by increasing demand. However, market performance is predicted to slow down, with a projected CAGR of +0.2% from 2024 to 2035. This growth rate is expected to bring the market volume to 1 million tons by the end of 2035.
In terms of value, the market is predicted to grow at a CAGR of +0.8% from 2024 to 2035. This growth is projected to increase the market value to $1.3 billion (in nominal wholesale prices) by the end of 2035.
Consumption
Middle East’s Consumption of Iron and Steel Wire
In 2024, after two years of growth, the consumption of iron and steel wire in the Middle East declined, with its volume decreasing by -4.4% to 1 million tons. Despite this, the total consumption volume increased at an average annual rate of +3.7% from 2013 to 2024. However, there were noticeable fluctuations in certain years. The peak consumption volume was 1.2 million tons in 2018, but from 2019 to 2024, consumption remained at a slightly lower figure.
The value of the iron and steel wire market in the Middle East fell to $1.2 billion in 2024, a decrease of -8.8% from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins, which are included in the final consumer price. Despite some noticeable fluctuations, the total consumption value showed significant growth from 2013 to 2024, increasing at an average annual rate of +4.0%. Based on 2024 figures, consumption decreased by -11.2% compared to 2022. The market reached its peak at $1.4 billion in 2018, but from 2019 to 2024, consumption remained at a slightly lower figure.
Consumption By Country
Turkey was the largest consumer of iron and steel wire, accounting for 53% of the total volume at 540,000 tons. This consumption in Turkey was three times higher than that of the second-largest consumer, Saudi Arabia, which consumed 212,000 tons. Israel ranked third in total consumption with a 9.3% share, consuming 94,000 tons.
From 2013 to 2024, the average annual growth rate of volume in Turkey was +18.2%. In Saudi Arabia and Israel, the average annual rates were +0.4% and +0.2% per year, respectively.
