IndexBox recently released a comprehensive report on the U.S. market for iron or steel wire products, providing insights into market trends, size, and forecasts. The report reveals that the consumption of iron or steel wire products in the U.S. fell to 759,000 tons in 2024, marking a six-year downward trend from a high of 2 million tons. Despite this, the market value experienced a significant surge of 69%, reaching $6.9 billion.
Production also saw a slight decrease, dropping to 654,000 tons. Imports, led by China with a 53% share, fell to 114,000 tons, with an average import price of $4,337 per ton. Exports experienced a sharp decline, falling to 8,700 tons, primarily to Mexico. However, the average export price saw a dramatic increase of 157%, reaching $17,607 per ton.
The report forecasts that the market will grow to 857,000 tons in volume and $9.2 billion in value by 2035.
Key findings from the report include:
– The market volume is expected to grow to 857,000 tons by 2035, while the value is projected to reach $9.2 billion.
– Consumption has been on a downward trend for six consecutive years, falling to 759,000 tons in 2024 from a peak of 2 million tons.
– China is the leading source of imports, accounting for 53% of the volume, but Canada commands the highest import price at $17,573 per ton.
– Exports saw a significant decrease of 62.2% in volume in 2024, but the average export price surged 157% to $17,607 per ton.
– Mexico is the primary destination for exports, accounting for 88% of the volume, while Canada is the top destination by value.
The report predicts that the market will experience an upward trend in consumption over the next decade, driven by increasing demand for iron or steel wire products in the U.S. The market performance is expected to see a slight increase, with a projected compound annual growth rate (CAGR) of 1.1% from 2024 to 2035. This is expected to bring the market volume to 857,000 tons by the end of 2035.
In terms of value, the market is forecast to increase with a projected CAGR of 2.6% from 2024 to 2035, bringing the market value to $9.2 billion (in nominal wholesale prices) by the end of 2035.
In 2024, U.S. consumption of iron or steel wire products decreased by 1.4% to 759,000 tons, marking the sixth consecutive year of decline after three years of growth. Despite this, the market value surged to $6.9 billion in 2024, an increase of 69% 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.
Over the review period, the total consumption 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. However, the trend pattern indicated some noticeable fluctuations throughout the analyzed period. As a result, consumption reached a peak level and is likely to continue growing in the immediate term.
In terms of production, the U.S. saw a slight decrease in 2024. Despite this, the market is expected to experience growth in the coming years, driven by increasing demand and favorable market conditions.
