IndexBox has recently released a new report titled “United Kingdom – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report predicts a modest growth in the UK iron and steel wire market in terms of volume, with a Compound Annual Growth Rate (CAGR) of +0.5%, reaching 259K tons by 2035. However, the market value is expected to see a more significant increase, with a CAGR of +2.0%, amounting to $672M.
In 2024, the market saw a slight increase in consumption, reaching 245K tons, but the market revenue decreased to $541M. Domestic production also experienced a decline, dropping to 92K tons. This decline has made the UK heavily dependent on imports, which increased to 177K tons, primarily from China, Spain, and Turkey. Exports experienced a recovery, reaching 24K tons, with Brazil being the main destination. The market is marked by a significant gap between domestic supply and demand, which is filled by imports.
Key findings of the report include:
– The market value is predicted to grow at a 2.0% CAGR, reaching $672M by 2035.
– Domestic production has been on a long-term decline, dropping to 92K tons in 2024.
– The UK is heavily dependent on imports, with 177K tons sourced from abroad in 2024.
– China, Spain, and Turkey are the leading import suppliers by volume.
– Exports experienced a recovery in 2024 but remain well below historical peaks.
The report forecasts that the increasing demand for iron and steel wire in the UK will drive the market to continue an upward consumption trend over the next decade. The market performance is expected to maintain its current trend pattern, expanding with an anticipated CAGR of +0.5% from 2024 to 2035, which is projected to bring the market volume to 259K tons by the end of 2035.
In terms of value, the market is forecast to increase with an anticipated CAGR of +2.0% from 2024 to 2035, which is projected to bring the market value to $672M (in nominal wholesale prices) by the end of 2035.
In 2024, the consumption of iron and steel wire in the UK increased by 0.3% to 245K tons, ending a two-year declining trend. However, the revenue of the iron and steel wire market in the UK decreased to $541M in 2024, dropping by -14.8% compared to the previous year.
In 2024, the production of iron and steel wire in the UK modestly fell to 92K tons, reflecting the previous year’s figure. Overall, production has shown a noticeable downturn. The most significant rate of growth was recorded in 2018 when the production volume increased by 60%. However, from 2019 to 2024, consumption remained at a lower figure.
