IndexBox has recently released a new report titled “U.S. – Iron or Steel Wire Products – Market Analysis, Forecast, Size, Trends And Insights.” The report reveals that the market for iron or steel wire products in the United States is poised for growth in the coming decade, driven by an escalating demand for these products. By 2035, the market volume is expected to hit 865K tons, and the market value is projected to reach $9.2 billion. The market is anticipated to expand with a projected Compound Annual Growth Rate (CAGR) of +1.2% for volume and +2.6% for value.
Market Forecast
The report predicts an upward consumption trend in the market for iron or steel wire products in the United States over the next decade, spurred by a growing demand. The market performance is expected to see a slight increase, with a projected CAGR of +1.2% from 2024 to 2035. This growth is expected to push the market volume to 865K tons by the end of 2035.
In terms of value, the market is predicted to grow with a projected CAGR of +2.6% from 2024 to 2035. This growth is expected to push the market value to $9.2 billion (in nominal wholesale prices) by the end of 2035.
Consumption
In 2024, the consumption of iron or steel wire products in the United States fell by -1.4% to 759K tons, marking the sixth consecutive year of decline after three years of growth. Overall, consumption showed a sharp drop, with consumption reaching a peak volume of 2M tons. From 2019 to 2024, the growth of consumption failed to regain momentum.
The market revenue for iron or steel wire products in the United States surged to $6.9 billion in 2024, a 69% increase from 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. Overall, the total consumption showed significant growth from 2013 to 2024, with its value increasing at an average annual rate of +3.1% over the last eleven years. However, the trend pattern indicated some noticeable fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growing in the immediate term.
Production
In 2024, the production of iron or steel wire products in the United States modestly dropped to 654K tons, a decrease of -1.8% compared to 2023 figures. Over the period under review, production experienced a significant slump. The most pronounced growth was in 2017 when the production volume increased by 16%. Over the period under review, production reached record highs at 1.9M tons in 2018; however, from 2019 to 2024, production figures were somewhat lower.
In value terms, the production of iron or steel wire products soared to $6.6 billion in 2024. In general, the total production showed a significant expansion from 2013 to 2024, with its value increasing at an average annual rate of +3.1% over the last eleven years.
