Steel Plaited Band Market

The market for iron or steel plaited bands and slings is forecasted to experience growth in both volume and value terms from 2022 to 2030. Consumption and production are expected to rise, with notable increases in countries like India, Poland, and China. The highest levels of consumption and production are currently concentrated in China, India, and the United States. Steel plaited band imports and exports are also on the rise, with countries like China, Thailand, and Indonesia playing key roles in the global market. Overall, the outlook for the iron or steel plaited band industry is positive, with increasing demand and production trends expected to continue in the near future.

Market Forecast

Driven by increasing demand for iron or steel plaited bands and slings worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 396K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $1.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Plaited Bands And Slings

In 2022, consumption of iron or steel plaited bands and slings increased by 1.4% to 354K tons, rising for the second year in a row after three years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak volume of 371K tons. From 2015 to 2022, the growth of the global consumption remained at a lower figure.

The global steel plaited band market value rose to $1.4B in 2022, increasing 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). In general, consumption showed a relatively flat trend pattern. Global consumption peaked in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (64K tons), India (42K tons) and Poland (41K tons), together accounting for 41% of global consumption. The United States, Japan, Russia, the UK, Thailand and South Korea lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +10.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest steel plaited band markets worldwide were Japan ($214M), China ($180M) and the United States ($156M), with a combined 40% share of the global market. India, Poland, Thailand, Russia, South Korea and the UK lagged somewhat behind, together accounting for a further 20%.

Poland, with a CAGR of +7.2%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of steel plaited band per capita consumption was registered in Poland (1,078 kg per 1000 persons), followed by the UK (153 kg per 1000 persons), Thailand (129 kg per 1000 persons) and Japan (98 kg per 1000 persons), while the world average per capita consumption of steel plaited band was estimated at 0.6 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the steel plaited band per capita consumption in Poland stood at +6.0%. In the other countries, the average annual rates were as follows: the UK (+7.8% per year) and Thailand (+10.4% per year).

Production

World Production of Iron Or Steel Plaited Bands And Slings

In 2022, approx. 285K tons of iron or steel plaited bands and slings were produced worldwide; surging by 2.4% on 2021 figures. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 13% against the previous year. Over the period under review, global production reached the maximum volume at 309K tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, steel plaited band production expanded modestly to $1.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 17% against the previous year. Over the period under review, global production attained the maximum level in 2022 and is expected to retain growth in the near future.

Production By Country

China (91K tons) remains the largest steel plaited band producing country worldwide, comprising approx. 32% of total volume. Moreover, steel plaited band production in China exceeded the figures recorded by the second-largest producer, Poland (42K tons), twofold. The United States (24K tons) ranked third in terms of total production with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +3.4%. The remaining producing countries recorded the following average annual rates of production growth: Poland (+6.8% per year) and the United States (-1.1% per year).

Imports

World Imports of Iron Or Steel Plaited Bands And Slings

In 2022, purchases abroad of iron or steel plaited bands and slings increased by 3.7% to 170K tons, rising for the second consecutive year after two years of decline. In general, imports, however, showed a noticeable descent. The pace of growth was the most pronounced in 2021 with an increase of 23%. Over the period under review, global imports attained the peak figure at 215K tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, steel plaited band imports contracted to $582M in 2022. Over the period under review, imports, however, recorded a mild setback. The growth pace was the most rapid in 2021 when imports increased by 44% against the previous year. Global imports peaked at $691M in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, India (45K tons) represented the main importer of iron or steel plaited bands and slings, achieving 26% of total imports. Thailand (13K tons) ranks second in terms of the total imports with a 7.8% share, followed by the United States (4.9%). Saudi Arabia (5.6K tons), the UK (5.4K tons), Norway (4.4K tons), the Netherlands (3.5K tons), Germany (3.4K tons), Canada (2.9K tons), Australia (2.9K tons), China (2.8K tons), Japan (2.7K tons) and the United Arab Emirates (2.6K tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to steel plaited band imports into India stood at +5.1%. At the same time, the United Arab Emirates (+9.4%), Thailand (+7.8%), the UK (+5.5%) and the United States (+3.6%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the world, with a CAGR of +9.4% from 2012-2022. By contrast, Canada (-1.5%), Japan (-1.6%), Germany (-3.3%), Australia (-3.9%), Norway (-5.7%), Saudi Arabia (-5.8%), China (-8.8%) and the Netherlands (-21.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Thailand, the United States and the UK increased by +14, +4.9, +2.2 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($99M) constitutes the largest market for imported iron or steel plaited bands and slings worldwide, comprising 17% of global imports. The second position in the ranking was taken by the United States ($40M), with a 6.9% share of global imports. It was followed by Thailand, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +2.5%. In the other countries, the average annual rates were as follows: the United States (+5.3% per year) and Thailand (+2.6% per year).

Import Prices By Country

In 2022, the average steel plaited band import price amounted to $3,424 per ton, falling by -9.2% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 17% against the previous year. As a result, import price reached the peak level of $3,773 per ton, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($11,178 per ton), while India ($2,211 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 (+13.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Plaited Bands And Slings

In 2022, overseas shipments of iron or steel plaited bands and slings were finally on the rise to reach 101K tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2017 with an increase of 14%. The global exports peaked at 189K tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, steel plaited band exports surged to $419M in 2022. Over the period under review, exports, however, showed a pronounced decline. The pace of growth was the most pronounced in 2018 when exports increased by 19% against the previous year. Over the period under review, the global exports reached the peak figure at $561M in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, China (30K tons) was the key exporter of iron or steel plaited bands and slings, committing 30% of total exports. Thailand (14K tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (11%) and the United States (5.2%). Vietnam (3.2K tons), India (2.9K tons), the UK (2.9K tons), Taiwan (Chinese) (2.4K tons), Poland (2.3K tons), Turkey (2.3K tons), the United Arab Emirates (2K tons), the Netherlands (1.8K tons) and Spain (1.6K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steel plaited band exports from China stood at +5.1%. At the same time, Taiwan (Chinese) (+12.8%), Poland (+11.7%), Spain (+6.3%), the United Arab Emirates (+5.6%), Vietnam (+4.4%), Turkey (+3.0%) and Indonesia (+1.9%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.8% from 2012-2022. The UK and the United States experienced a relatively flat trend pattern. By contrast, India (-2.4%), the Netherlands (-4.2%) and Thailand (-17.4%) illustrated a downward trend over the same period. While the share of China (+20 p.p.), Indonesia (+6.3 p.p.), the United States (+2.4 p.p.), Vietnam (+2.1 p.p.), Taiwan (Chinese) (+2 p.p.) and Poland (+1.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Thailand (-35.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($107M) remains the largest steel plaited band supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Thailand ($42M), with a 10% share of global exports. It was followed by Indonesia, with an 8.4% share.

In China, steel plaited band exports increased at an average annual rate of +7.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (-12.5% per year) and Indonesia (-5.2% per year).

Export Prices By Country

The average steel plaited band export price stood at $4,160 per ton in 2022, picking up by 8.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 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 the Netherlands ($6,373 per ton), while the United Arab Emirates ($2,622 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform