IndexBox has recently released a new report titled “U.S. – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” The report reveals a growing demand for iron and steel wire in the United States, which is expected to result in a surge in market volume and value over the next decade. Despite an anticipated slowdown in market performance, growth is still projected, with a Compound Annual Growth Rate (CAGR) of +0.2% for volume and +2.9% for value from 2024 to 2035.
Market Forecast
The report predicts a continued upward trend in the consumption of iron and steel wire in the United States over the next decade, driven by increasing demand. Although market performance is expected to decelerate, it is still projected to expand with a CAGR of +0.2% from 2024 to 2035. This growth is expected to bring the market volume to 2.6 million tons by the end of 2035.
In terms of value, the market is forecasted to grow with a CAGR of +2.9% from 2024 to 2035, which is projected to increase the market value to $12.9 billion (in nominal wholesale prices) by the end of 2035.
Consumption
In 2024, the consumption of iron and steel wire in the United States increased by 1% to 2.5 million tons, marking the first increase since 2021 and ending a two-year declining trend. The total consumption volume grew at an average annual rate of +1.0% from 2013 to 2024. Despite some noticeable fluctuations in certain years, the trend pattern remained relatively stable. Consumption peaked at 2.7 million tons in 2018, but failed to regain momentum from 2019 to 2024.
The revenue of the iron and steel wire market in the United States was estimated at $9.5 billion in 2024, a 5.9% increase from the previous year. This figure represents the total revenues of producers and importers, excluding logistics costs, retail marketing costs, and retailers’ margins. Overall, the total consumption showed a significant increase from 2013 to 2024, with its value growing at an average annual rate of +6.6% over the last eleven years. Based on 2024 figures, consumption increased by +29.3% compared to 2020 indices. The report suggests that the consumption of iron and steel wire peaked in 2024 and is likely to continue growing in the near future.
Production
In 2024, approximately 2 million tons of iron and steel wire were produced in the United States, maintaining the same level as the previous year. In general, production saw a slight increase. The most significant growth was recorded in 2017 when the production volume increased by 21%. Production peaked at 2.1 million tons in 2018, but from 2019 to 2024, production figures were somewhat lower.
In terms of value, iron and steel wire production significantly expanded to $8.9 billion in 2024. Over the period under review, production experienced a robust expansion.
