IndexBox has recently released a comprehensive report titled: “U.S. – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” This report provides an in-depth analysis of the iron and steel wire market in the United States. The report reveals that in 2024, the consumption of iron and steel wire was 2.5 million tons, valued at $9.8 billion. The production, on the other hand, was 2 million tons, valued at $9.2 billion.
The market is projected to experience slow growth in volume (CAGR +0.1%) but a more robust growth in value (CAGR +3.0%) through 2035, reaching 2.6 million tons and $13.6 billion. Trade data indicates significant imports (634K tons, $1 billion) primarily from Mexico, Canada, and China, and smaller exports (97K tons, $450 million) mainly to Mexico and Canada.
The report also highlights divergent price trends, with average import prices declining to $1,635 per ton and export prices rising sharply to $4,614 per ton. This increase in export prices is driven by high-value products like stainless steel wire.
Key Findings:
– The US market is forecasted to reach 2.6 million tons in volume and $13.6 billion in value by 2035.
– Domestic production of 2 million tons in 2024 falls short of the consumption of 2.5 million tons, necessitating imports.
– The top sources of imports are Mexico, Canada, and China, collectively supplying 67% of import volume.
– The export unit value ($4,614 per ton) is nearly triple the import unit value ($1,635 per ton), indicating higher-value exports.
– Stainless steel wire commands premium prices, dominating export value at $24,009 per ton.
Market Forecast:
The increasing demand for iron and steel wire in the United States is expected to drive the market upward over the next decade. Market performance is forecasted to decelerate, expanding with an anticipated CAGR of +0.1% from 2024 to 2035. This is projected to bring the market volume to 2.6 million tons by the end of 2035.
In terms of value, the market is forecasted to increase with an anticipated CAGR of +3.0% from 2024 to 2035. This is projected to bring the market value to $13.6 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
In 2024, the consumption of iron and steel wire in the United States was on the rise, reaching 2.5 million tons after two years of decline. The total consumption volume increased at an average annual rate of +1.0% from 2013 to 2024. The trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, consumption hit record highs at 2.7 million tons in 2018. However, from 2019 to 2024, consumption stood at a somewhat lower figure.
The size of the iron and steel wire market in the United States reached $9.8 billion in 2024, increasing by 6.3% 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). Overall, consumption posted a prominent expansion. Over the period under review, the market reached the maximum level in 2024 and is expected to retain growth in the immediate term.
Production:
The production of iron and steel wire in the United States in 2024 was 2 million tons, valued at $9.2 billion. This production volume was not sufficient to meet the consumption demand of 2.5 million tons, leading to the need for imports.
