Iron and Steel Wire Market

The article provides a comprehensive analysis of the global iron and steel wire market, forecasting an upward consumption trend over the next eight years. Market performance is projected to grow with a CAGR of +1.5% in volume and +3.2% in value, reaching 40M tons and $119.5B respectively by 2030. China leads in consumption and production, followed by the United States and Japan. Import and export trends, along with price fluctuations, are also discussed, highlighting significant growth rates and fluctuations in market prices.

Market Forecast

Driven by increasing demand for iron and steel wire worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 40M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $119.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron and Steel Wire

In 2022, the amount of iron and steel wire consumed worldwide declined modestly to 35M tons, reducing by -2.3% against the previous year's figure. The total consumption volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 8.6% against the previous year. Global consumption peaked at 36M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global iron and steel wire market revenue declined to $93B in 2022, waning by -5.2% 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). The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Global consumption peaked at $98.2B in 2021, and then declined in the following year.

Consumption By Country

China (14M tons) constituted the country with the largest volume of iron and steel wire consumption, comprising approx. 39% of total volume. Moreover, iron and steel wire consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.6M tons), fivefold. Japan (2.2M tons) ranked third in terms of total consumption with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +1.8%. In the other countries, the average annual rates were as follows: the United States (+0.9% per year) and Japan (-0.6% per year).

In value terms, China ($18.4B) led the market, alone. The second position in the ranking was held by the United States ($9B). It was followed by Japan.

From 2012 to 2022, the average annual growth rate of value in China stood at +3.5%. In the other countries, the average annual rates were as follows: the United States (+5.8% per year) and Japan (-1.5% per year).

The countries with the highest levels of iron and steel wire per capita consumption in 2022 were Italy (19 kg per person), Japan (18 kg per person) and Germany (16 kg per person).

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +11.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Iron and Steel Wire

In 2022, approx. 36M tons of iron and steel wire were produced worldwide; standing approx. at 2021 figures. The total output volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 7.4% against the previous year. Global production peaked at 37M tons in 2021, and then dropped slightly in the following year.

In value terms, iron and steel wire production dropped modestly to $97.2B in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 8.9%. Over the period under review, global production hit record highs at $107.7B in 2014; however, from 2015 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of iron and steel wire production was China (16M tons), comprising approx. 43% of total volume. Moreover, iron and steel wire production in China exceeded the figures recorded by the second-largest producer, Japan (2.1M tons), sevenfold. The United States (2M tons) ranked third in terms of total production with a 5.5% share.

In China, iron and steel wire production expanded at an average annual rate of +1.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-0.8% per year) and the United States (+0.3% per year).

Imports

World Imports of Iron and Steel Wire

In 2022, purchases abroad of iron and steel wire increased by 0.4% to 8.9M tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 9% against the previous year. Over the period under review, global imports reached the maximum at 9.3M tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports surged to $16.1B in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 34%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States (699K tons), Germany (651K tons), Poland (501K tons), France (425K tons), Switzerland (316K tons), Thailand (282K tons), Japan (259K tons), the Netherlands (248K tons), Canada (230K tons), South Korea (224K tons), Italy (219K tons) and the Czech Republic (208K tons) represented roughly 48% of total imports in 2022. Brazil (195K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +7.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.4B), Germany ($1.4B) and France ($754M) constituted the countries with the highest levels of imports in 2022, with a combined 22% share of global imports. Poland, Italy, the Netherlands, Switzerland, Japan, Thailand, Brazil, the Czech Republic, South Korea and Canada lagged somewhat behind, together comprising a further 29%.

In terms of the main importing countries, Poland, with a CAGR of +8.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, iron or non-alloy steel wire, not plated or coated (3.1M tons), distantly followed by iron or non-alloy steel wire, plated or coated with zinc (1,940K tons), steel alloy wire of materials other than silico-manganese steel (1,273K tons), iron or non-alloy steel wire, plated or coated with non-zinc base metals (1,025K tons), steel alloy wire of silico-manganese steel (616K tons), stainless steel wire (525K tons) and iron or non-alloy steel wire, plated or coated other than with base metals (434K tons) were the major types of iron and steel wire, together committing 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for steel alloy wire of materials other than silico-manganese steel (with a CAGR of +3.8%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported iron and steel wire were iron or non-alloy steel wire, not plated or coated ($4.2B), stainless steel wire ($3.1B) and iron or non-alloy steel wire, plated or coated with zinc ($2.9B), with a combined 63% share of global imports. Steel alloy wire of materials other than silico-manganese steel, iron or non-alloy steel wire, plated or coated with non-zinc base metals, steel alloy wire of silico-manganese steel and iron or non-alloy steel wire, plated or coated other than with base metals lagged somewhat behind, together accounting for a further 37%.

Steel alloy wire of silico-manganese steel, with a CAGR of +4.9%, saw the highest rates of growth with regard to the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average iron and steel wire import price stood at $1,802 per ton in 2022, jumping by 20% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2021 an increase of 23% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was stainless steel wire ($5,985 per ton), while the price for iron or non-alloy steel wire, not plated or coated ($1,340 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel wire, plated or coated other than with base metals (+3.1%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average iron and steel wire import price amounted to $1,802 per ton, with an increase of 20% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2021 an increase of 23% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($2,465 per ton), while Poland ($1,481 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron and Steel Wire

In 2022, overseas shipments of iron and steel wire increased by 7% to 9.9M tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 8.8% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, iron and steel wire exports soared to $19.6B in 2022. Overall, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +78.9% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, China (2M tons), distantly followed by Italy (1,001K tons), the Netherlands (807K tons), Russia (626K tons) and Turkey (506K tons) represented the largest exporters of iron and steel wire, together committing 50% of total exports. The Czech Republic (444K tons), Germany (432K tons), South Korea (408K tons), Belarus (268K tons), Slovakia (250K tons), France (219K tons), Mexico (218K tons) and India (196K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iron and steel wire exports from China stood at +1.2%. At the same time, the Netherlands (+24.5%), Russia (+14.2%), Turkey (+11.8%), Italy (+8.5%), India (+5.7%), Mexico (+2.9%) and Slovakia (+2.0%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +24.5% from 2012-2022. The Czech Republic and Belarus experienced a relatively flat trend pattern. By contrast, South Korea (-1.6%), Germany (-2.8%) and France (-4.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands, Italy, Russia and Turkey increased by +7, +4.6, +4.3 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($6.1B) remains the largest iron and steel wire supplier worldwide, comprising 31% of global exports. The second position in the ranking was held by Italy ($1.4B), with a 7.2% share of global exports. It was followed by Germany, with a 5.3% share.

In China, iron and steel wire exports expanded at an average annual rate of +11.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (+8.4% per year) and Germany (+1.1% per year).

Exports By Type

In 2022, iron or non-alloy steel wire, not plated or coated (3.5M tons), distantly followed by iron or non-alloy steel wire, plated or coated with zinc (2.2M tons), steel alloy wire of materials other than silico-manganese steel (1.7M tons), iron or non-alloy steel wire, plated or coated with non-zinc base metals (1M tons), steel alloy wire of silico-manganese steel (0.6M tons) and stainless steel wire (0.5M tons) represented the key types of iron and steel wire, together committing 97% of total exports. Iron or non-alloy steel wire, plated or coated other than with base metals (284K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by steel alloy wire of materials other than silico-manganese steel (with a CAGR of +6.4%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported iron and steel wire were iron or non-alloy steel wire, plated or coated with zinc ($5.3B), iron or non-alloy steel wire, not plated or coated ($5.2B) and stainless steel wire ($3.1B), with a combined 69% share of global exports.

In terms of the main exported products, iron or non-alloy steel wire, plated or coated with zinc, with a CAGR of +7.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average iron and steel wire export price amounted to $1,982 per ton, rising by 29% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron and steel wire export price increased by +55.2% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was stainless steel wire ($6,037 per ton), while the average price for exports of iron or non-alloy steel wire, not plated or coated ($1,475 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel wire, plated or coated with zinc (+7.6%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average iron and steel wire export price amounted to $1,982 per ton, rising by 29% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron and steel wire export price increased by +55.2% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($2,998 per ton), while Russia ($751 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform