U.S.: Market for Iron And Steel Forging 2024

Market Size for Iron And Steel Forging in the U.S.

The U.S. iron and steel forging market reached $X in 2022, rising by X% 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, consumption showed significant growth. Iron and steel forging consumption peaked in 2022 and is likely to continue growth in the immediate term.

Exports of Iron And Steel Forging

Exports from the U.S.

Iron and steel forging exports from the United States dropped notably to X units in 2022, which is down by X% against the previous year's figure. In general, exports recorded a sharp reduction. The smallest decline of X% was in 2021. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, iron and steel forging exports shrank to $X in 2022. Over the period under review, exports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X units), the Netherlands (X units) and France (X units) were the main destinations of iron and steel forging exports from the United States, with a combined X% share of total exports. Antigua and Barbuda, Australia, Guatemala, Saudi Arabia, China and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

From 2020 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), France ($X) and the Netherlands ($X) appeared to be the largest markets for iron and steel forging exported from the United States worldwide, together comprising X% of total exports. Saudi Arabia, China, Australia, Antigua and Barbuda, Hong Kong SAR and Guatemala lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Saudi Arabia, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average iron and steel forging export price amounted to $X per unit, rising by X% against the previous year. Over the period under review, the export price continues to indicate a significant increase. As a result, the export 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 suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Antigua and Barbuda ($X per unit) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron And Steel Forging

Imports into the U.S.

In 2022, approx. X units of iron and steel forging were imported into the United States; surging by X% against the previous year. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, iron and steel forging imports amounted to $X in 2022. Over the period under review, imports posted strong growth. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

India (X units), China (X units) and Mexico (X units) were the main suppliers of iron and steel forging imports to the United States, together accounting for X% of total imports.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel forging suppliers to the United States were India ($X), China ($X) and Mexico ($X), with a combined X% share of total imports. Canada, Germany, South Korea, Italy and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

Italy, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron and steel forging import price stood at $X per unit in 2022, approximately equating the previous year. Over the period under review, the import price continues to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per unit) and Italy ($X per unit), while the price for China ($X per unit) and India ($X per unit) were amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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