IndexBox has recently released a new report titled “United Kingdom – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights”. The report highlights the growing demand for iron and steel wire in the United Kingdom, which is expected to result in a significant increase in market volume and value over the next decade. The market is projected to grow consistently in the coming years, with a predicted Compound Annual Growth Rate (CAGR) of +1.0% for volume and +2.5% for value from 2024 to 2035.
Market Forecast
The market for iron and steel wire in the UK is anticipated to maintain an upward trend in consumption over the next decade, driven by increasing demand. The market performance is expected to continue its current trend pattern, expanding with a projected CAGR of +1.0% from 2024 to 2035. This growth is expected to bring the market volume to 274K tons by the end of 2035.
In terms of value, the market is predicted to grow with a projected CAGR of +2.5% from 2024 to 2035. This growth is expected to increase the market value to $682M (in nominal wholesale prices) by the end of 2035.
Consumption
In 2024, the UK’s consumption of iron and steel wire began to rise, reaching 245K tons for the first time since 2021, thereby ending a two-year declining trend. Despite this, the overall consumption trend remains relatively flat. The maximum consumption volume was recorded at 286K tons in 2018. However, from 2019 to 2024, consumption failed to regain momentum.
The revenue of the iron and steel wire market in the UK fell to $518M in 2024, a decrease of -13% compared to the previous year. This figure represents 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. Despite some noticeable fluctuations, the total consumption showed a noticeable increase from 2013 to 2024, with its value increasing at an average annual rate of +2.4% over the last eleven years. The market reached a record high of $596M in 2023, before declining the following year.
Production
In 2024, approximately 92K tons of iron and steel wire were produced in the UK, maintaining the same level as the previous year. Overall, production has shown a noticeable decrease. The most significant growth was recorded in 2018 when the production volume increased by 60% compared to the previous year. The peak of iron and steel wire production was at 142K tons in 2013. However, from 2014 to 2024, production remained at a lower figure.
In terms of value, iron and steel wire production significantly decreased to $306M in 2024, as estimated in export prices. Over the period under review, production showed a relatively flat trend pattern. The most significant growth rate was recorded in 2018 with an increase of 69% compared to the previous year.
