A recent report published by IndexBox has provided an in-depth analysis of the iron or steel wire product market in China. The report reveals that in 2024, the domestic consumption of these products was approximately 1.4 million tons, with a market value of $2.3 billion. This indicates a relatively stable trend.
The production of iron or steel wire products in the same year reached 2.4 million tons, valued at $3.9 billion. Interestingly, exports saw an increase, reaching 1 million tons, valued at $1.6 billion, while imports experienced a decline, falling to 5.9K tons, valued at $25 million.
The report forecasts that the market will grow at a Compound Annual Growth Rate (CAGR) of +0.9% in volume and +1.3% in value from 2024 to 2035. This growth is expected to result in the market reaching 1.5 million tons and $2.6 billion respectively by 2035.
Key Findings:
– The market is projected to grow to 1.5 million tons and $2.6 billion by 2035, with CAGRs of +0.9% (volume) and +1.3% (value).
– In 2024, domestic consumption remained steady at 1.4 million tons, but the market value declined to $2.3 billion.
– China is a net exporter, with 2024 exports of 1 million tons significantly exceeding imports of 5.9K tons.
– Production in 2024 was 2.4 million tons, exceeding domestic consumption, indicating substantial output for export.
– Despite an increase in export volume, the export value decreased to $1.6 billion in 2024 from a peak in 2022.
Market Forecast:
The increasing demand for iron or steel wire products in China is expected to drive the market’s upward consumption trend over the next decade. The market performance is forecast to maintain its current trend pattern, expanding with an anticipated CAGR of +0.9% from 2024 to 2035. This growth is projected to bring the market volume to 1.5 million tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +1.3% from 2024 to 2035. This growth is projected to bring the market value to $2.6 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, approximately 1.4 million tons of iron or steel wire products were consumed in China, maintaining the previous year’s figure. Overall, consumption showed a relatively stable trend pattern. The most rapid growth pace was in 2021 when the consumption volume increased by 3.7% against the previous year. Iron or steel wire product consumption peaked in 2024 and is expected to retain growth in the years to come.
The market size for iron or steel wire products in China declined to $2.3 billion in 2024, reducing by -5.2% 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, consumption continues to indicate a relatively stable trend pattern. Over the period under review, the market reached its peak level at $2.7 billion in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
Production:
In 2024, the production of iron or steel wire products in China increased slightly to 2.4 million tons, marking a 4.7% increase against 2023 figures. The total output volume indicates a significant surplus for export, given the domestic consumption figures.
