Iron or Steel Wire Product Market

The global market for iron and steel wire products is anticipated to experience an upward trend in both consumption and value terms from 2022 to 2030. Consumption declined in 2022 but is expected to grow steadily, reaching 7M tons by 2030. Market value is also forecasted to increase, reaching $19.8B by 2030. The United States, China, and Russia are the top consumers and producers of iron and steel wire products, with the United States leading in imports and exports. China is the largest exporter, while the United States is the largest importer. Overall, the global market is expected to see steady growth in the coming years.

Market Forecast

Driven by increasing demand for iron or steel wire products worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 7M 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 $19.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron or Steel Wire Products

Global iron or steel wire product consumption declined to 6.3M tons in 2022, reducing by -5.1% on the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Global consumption peaked at 6.8M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The revenue of the market for iron or steel wire products worldwide shrank to $15.4B in 2022, which is down by -3.2% 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). Overall, consumption showed a relatively flat trend pattern. Global consumption peaked at $16.4B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (1.9M tons), China (981K tons) and Russia (458K tons), with a combined 54% share of global consumption. India, Germany, Indonesia, Brazil, Pakistan, Italy, Mexico and South Korea lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +3.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($5.4B) led the market, alone. The second position in the ranking was held by China ($1.7B). It was followed by Germany.

In the United States, the iron or steel wire product market expanded at an average annual rate of +1.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-0.9% per year) and Germany (+0.4% per year).

The countries with the highest levels of iron or steel wire product per capita consumption in 2022 were the United States (5.7 kg per person), Russia (3.2 kg per person) and Germany (2.7 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +3.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Iron or Steel Wire Products

In 2022, the amount of iron or steel wire products produced worldwide dropped to 7M tons, falling by -1.6% against the previous year. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 18% against the previous year. Over the period under review, global production hit record highs at 7.5M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, iron or steel wire product production dropped modestly to $15.5B in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 11% against the previous year. Over the period under review, global production reached the peak level at $16.4B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.9M tons), the United States (1.8M tons) and Russia (459K tons), together accounting for 61% of global production. India, Germany, Indonesia, Brazil, Pakistan, the Czech Republic, Mexico and Italy lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +6.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Iron or Steel Wire Products

In 2022, the amount of iron or steel wire products imported worldwide shrank to 1.4M tons, which is down by -6.4% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 30% against the previous year. As a result, imports reached the peak of 1.4M tons, and then reduced in the following year.

In value terms, iron or steel wire product imports expanded slightly to $3.7B in 2022. Over the period under review, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.4% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 35% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States (136K tons) and Belgium (131K tons) represented roughly 20% of total imports in 2022. France (86K tons) ranks next in terms of the total imports with a 6.3% share, followed by Germany (6.1%), the Netherlands (5.5%) and Japan (4.8%). The following importers - the UK (44K tons), Canada (35K tons), Poland (34K tons), Saudi Arabia (28K tons), Thailand (28K tons), Mexico (28K tons) and Sweden (26K tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Belgium (with a CAGR of +16.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($581M) constitutes the largest market for imported iron or steel wire products worldwide, comprising 16% of global imports. The second position in the ranking was held by Germany ($276M), with a 7.4% share of global imports. It was followed by France, with a 6.5% share.

In the United States, iron or steel wire product imports increased at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+1.7% per year) and France (+4.7% per year).

Import Prices By Country

The average import price for iron or steel wire products stood at $2,743 per ton in 2022, with an increase of 10% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($4,284 per ton), while Belgium ($1,254 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron or Steel Wire Products

In 2022, approx. 2M tons of iron or steel wire products were exported worldwide; with an increase of 7.1% against 2021. Overall, total exports indicated a prominent increase from 2012 to 2022: its volume 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 +57.1% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 17%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, iron or steel wire product exports totaled $5.2B in 2022. In general, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +92.1% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

In 2022, China (948K tons) was the largest exporter of iron or steel wire products, committing 47% of total exports. The Netherlands (137K tons) took a 6.8% share (based on physical terms) of total exports, which put it in second place, followed by the Czech Republic (6.2%). Poland (77K tons), Belgium (74K tons), Germany (57K tons), Mexico (47K tons), Vietnam (46K tons), the United States (41K tons), Canada (34K tons), Croatia (33K tons) and India (32K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iron or steel wire product exports from China stood at +7.3%. At the same time, Vietnam (+19.2%), the Netherlands (+13.9%), Croatia (+10.1%), Canada (+10.0%), the Czech Republic (+6.8%), Mexico (+4.7%), Germany (+3.0%), Poland (+3.0%) and India (+2.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.2% from 2012-2022. By contrast, the United States (-2.0%) and Belgium (-3.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, the Netherlands and Vietnam increased by +8.2, +3.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.3B) remains the largest iron or steel wire product supplier worldwide, comprising 44% of global exports. The second position in the ranking was held by the Czech Republic ($292M), with a 5.6% share of global exports. It was followed by Germany, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +9.5%. The remaining exporting countries recorded the following average annual rates of exports growth: the Czech Republic (+10.2% per year) and Germany (+3.9% per year).

Export Prices By Country

The average export price for iron or steel wire products stood at $2,560 per ton in 2022, growing by 3.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($5,097 per ton), while Vietnam ($410 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform