UK's Iron and Steel Wire Market to See Steady Growth with +1.0% CAGR through 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: United Kingdom - Iron and Steel Wire - Market Analysis, Forecast, Size, Trends and Insights.

The UK market for iron and steel wire is on the rise, driven by increasing demand. Forecasts indicate a steady growth trend with a +1.0% CAGR in volume and +2.5% CAGR in value from 2024 to 2035. Stay informed on the market performance and anticipated expansion in the coming decade.

Driven by increasing demand for iron and steel wire in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 274K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $682M (in nominal wholesale prices) by the end of 2035.

In 2024, after two years of decline, there was growth in consumption of iron and steel wire, when its volume increased by 0.3% to 245K tons. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, consumption reached the maximum volume at 286K tons in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

The size of the iron and steel wire market in the UK contracted to $518M in 2024, declining by -13% 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). Over the period under review, the total consumption indicated a perceptible increase from 2013 to 2024: its value increased at an average annual rate of +2.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $596M in 2023, and then shrank in the following year.

In 2024, the amount of iron and steel wire produced in the UK shrank modestly to 92K tons, standing approx. at the previous year's figure. Overall, production saw a noticeable setback. The most prominent rate of growth was recorded in 2018 when the production volume increased by 60% against the previous year. Iron and steel wire production peaked at 142K tons in 2013; however, from 2014 to 2024, production remained at a lower figure.

In value terms, iron and steel wire production fell notably to $306M in 2024 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 2018 with an increase of 69% against the previous year. Over the period under review, production hit record highs at $368M in 2023, and then shrank markedly in the following year.

In 2024, supplies from abroad of iron and steel wire was finally on the rise to reach 177K tons after two years of decline. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 49%. Imports peaked at 232K tons in 2017; however, from 2018 to 2024, imports remained at a lower figure.

In value terms, iron and steel wire imports reduced to $297M in 2024. In general, total imports indicated a slight expansion from 2013 to 2024: its value increased at an average annual rate of +1.2% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -23.6% against 2022 indices. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. Imports peaked at $388M in 2022; however, from 2023 to 2024, imports remained at a lower figure.

China (27K tons), Spain (26K tons) and Turkey (18K tons) were the main suppliers of iron and steel wire imports to the UK, with a combined 40% share of total imports. The Czech Republic, Luxembourg, Germany, the Netherlands, Slovakia, Italy, India and France lagged somewhat behind, together accounting for a further 42%.

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +9.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($35M), Spain ($32M) and the Czech Republic ($29M) constituted the largest iron and steel wire suppliers to the UK, with a combined 32% share of total imports. Turkey, India, Germany, Italy, Luxembourg, Slovakia, the Netherlands and France lagged somewhat behind, together comprising a further 43%.

Turkey, with a CAGR of +9.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Iron or non-alloy steel wire, plated or coated with zinc (69K tons), iron or non-alloy steel wire, not plated or coated (50K tons) and steel alloy wire of materials other than silico-manganese steel (24K tons) were the main products of iron and steel wire imports to the UK, together comprising 81% of total imports.

From 2013 to 2024, the biggest increases were recorded for steel alloy wire of materials other than silico-manganese steel (with a CAGR of +4.4%), while purchases for the other products experienced mixed trend patterns.

In value terms, iron or non-alloy steel wire, plated or coated with zinc ($94M), iron or non-alloy steel wire, not plated or coated ($74M) and stainless steel wire ($50M) appeared to be the most imported types of iron and steel wire in the UK, with a combined 73% share of total imports.

Iron or non-alloy steel wire, plated or coated with zinc, with a CAGR of +2.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main product categories over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the average iron and steel wire import price amounted to $1,677 per ton, with a decrease of -8.9% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 an increase of 25%. As a result, import price attained the peak level of $1,999 per ton. From 2023 to 2024, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplied products. In 2024, the product with the highest price was stainless steel wire ($4,315 per ton), while the price for iron or non-alloy steel wire, plated or coated with zinc ($1,350 per ton) was amongst the lowest.

From 2013 to 2024, 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 (+3.7%), while the prices for the other products experienced more modest paces of growth.

The average iron and steel wire import price stood at $1,677 per ton in 2024, which is down by -8.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the average import price increased by 25%. As a result, import price reached the peak level of $1,999 per ton. From 2023 to 2024, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($2,572 per ton), while the price for Turkey ($1,211 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by France (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, after two years of decline, there was significant growth in overseas shipments of iron and steel wire, when their volume increased by 17% to 24K tons. Overall, exports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 18% against the previous year. Over the period under review, the exports attained the peak figure at 80K tons in 2013; however, from 2014 to 2024, the exports failed to regain momentum.

In value terms, iron and steel wire exports declined to $85M in 2024. Over the period under review, exports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2021 with an increase of 58% against the previous year. The exports peaked at $176M in 2014; however, from 2015 to 2024, the exports failed to regain momentum.

Brazil (5.7K tons) was the main destination for iron and steel wire exports from the UK, with a 24% share of total exports. Moreover, iron and steel wire exports to Brazil exceeded the volume sent to the second major destination, France (2.3K tons), twofold. The United States (2K tons) ranked third in terms of total exports with an 8.2% share.

From 2013 to 2024, the average annual rate of growth in terms of volume to Brazil stood at +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-9.5% per year) and the United States (-1.2% per year).

In value terms, Brazil ($22M) remains the key foreign market for iron and steel wire exports from the UK, comprising 26% of total exports. The second position in the ranking was taken by Germany ($9.9M), with a 12% share of total exports. It was followed by the United States, with an 8.7% share.

From 2013 to 2024, the average annual growth rate of value to Brazil totaled +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-14.6% per year) and the United States (+0.1% per year).

Iron or non-alloy steel wire, not plated or coated (13K tons), steel alloy wire of silico-manganese steel (6.5K tons) and stainless steel wire (1.9K tons) were the main products of iron and steel wire exports from the UK, with a combined 88% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by steel alloy wire of silico-manganese steel (with a CAGR of +33.9%), while the other products experienced mixed trend patterns.

In value terms, iron and steel wire with the largest exports in the UK were iron or non-alloy steel wire, not plated or coated ($41M), stainless steel wire ($22M) and steel alloy wire of silico-manganese steel ($10M), with a combined 86% share of total exports.

Among the main product categories, steel alloy wire of silico-manganese steel, with a CAGR of +9.0%, recorded 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.

In 2024, the average iron and steel wire export price amounted to $3,577 per ton, declining by -18.7% against the previous year. Overall, the export price, however, saw noticeable growth. The pace of growth was the most pronounced in 2021 when the average export price increased by 34% against the previous year. Over the period under review, the average export prices reached the peak figure at $4,402 per ton in 2023, and then declined notably in the following year.

Prices varied noticeably by the product type; the product with the highest price was stainless steel wire ($11,359 per ton), while the average price for exports of steel alloy wire of silico-manganese steel ($1,585 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: iron or non-alloy steel wire, plated or coated with non-zinc base metals (+17.9%), while the prices for the other products experienced more modest paces of growth.

In 2024, the average iron and steel wire export price amounted to $3,577 per ton, waning by -18.7% against the previous year. Overall, the export price, however, showed notable growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by 34%. The export price peaked at $4,402 per ton in 2023, and then contracted markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($5,546 per ton), while the average price for exports to Spain ($1,455 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for iron and steel wire in the UK. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles