Global Iron or Steel Nuts Market to Witness Steady Growth with +0.7% CAGR from 2023-2030

IndexBox has just published a new report: World - Iron Or Steel Nuts (Including Self-Locking Nuts) - Market Analysis, Forecast, Size, Trends And Insights.

The demand for iron or steel nuts, including self-locking nuts, is on the rise worldwide, leading to an anticipated increase in market volume to 3.5M tons and market value to $14.6B by the end of 2030. The market is projected to maintain its current trend pattern, with a steady growth rate over the next seven years.

Market Forecast

Driven by increasing demand for iron or steel nuts (including self-locking nuts) worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.7% for the period from 2023 to 2030, which is projected to bring the market volume to 3.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2023 to 2030, which is projected to bring the market value to $14.6B (in in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Nuts (Including Self-Locking Nuts)

In 2023, after three years of growth, there was decline in consumption of iron or steel nuts (including self-locking nuts), when its volume decreased by -3.6% to 3.3M tons. The total consumption volume increased at an average annual rate of +1.1% over the period from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked at 3.5M tons in 2022, and then shrank in the following year.

The global metal self-locking nut market size reduced to $11.9B in 2023, which is down by -5.4% 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, however, continues to indicate a slight expansion. The growth pace was the most rapid in 2017 when the market value increased by 9.6% against the previous year. Over the period under review, the global market hit record highs at $12.6B in 2022, and then contracted in the following year.

Consumption By Country

The country with the largest volume of metal self-locking nut consumption was China (804K tons), comprising approx. 24% of total volume. Moreover, metal self-locking nut consumption in China exceeded the figures recorded by the second-largest consumer, Canada (372K tons), twofold. The third position in this ranking was taken by the United States (344K tons), with a 10% share.

In China, metal self-locking nut consumption remained relatively stable over the period from 2013-2023. In the other countries, the average annual rates were as follows: Canada (+1.8% per year) and the United States (+0.1% per year).

In value terms, China ($1.9B), the United States ($1.4B) and Japan ($1.1B) were the countries with the highest levels of market value in 2023, with a combined 37% share of the global market. India, Indonesia, Mexico, Brazil, Canada, Turkey and Germany lagged somewhat behind, together comprising a further 33%.

Among the main consuming countries, Mexico, with a CAGR of +6.1%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2023, the highest levels of metal self-locking nut per capita consumption was registered in Canada (9.5 kg per person), followed by Mexico (1.3 kg per person), Germany (1.2 kg per person) and Japan (1.1 kg per person), while the world average per capita consumption of metal self-locking nut was estimated at 0.4 kg per person.

In Canada, metal self-locking nut per capita consumption remained relatively stable over the period from 2013-2023. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Mexico (+5.7% per year) and Germany (-0.8% per year).

Production

World Production of Iron Or Steel Nuts (Including Self-Locking Nuts)

Global metal self-locking nut production stood at 3M tons in 2023, therefore, remained relatively stable against 2022 figures. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21%. Over the period under review, global production attained the maximum volume at 3M tons in 2021; afterwards, it flattened through to 2023.

In value terms, metal self-locking nut production shrank to $12.1B in 2023 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 7.6% against the previous year. Over the period under review, global production attained the peak level at $12.4B in 2020; however, from 2021 to 2023, production remained at a lower figure.

Production By Country

China (1.4M tons) remains the largest metal self-locking nut producing country worldwide, accounting for 47% of total volume. Moreover, metal self-locking nut production in China exceeded the figures recorded by the second-largest producer, India (292K tons), fivefold. Taiwan (Chinese) (271K tons) ranked third in terms of total production with a 9.1% share.

In China, metal self-locking nut production expanded at an average annual rate of +1.6% over the period from 2013-2023. In the other countries, the average annual rates were as follows: India (+1.1% per year) and Taiwan (Chinese) (+0.4% per year).

Imports

World Imports of Iron Or Steel Nuts (Including Self-Locking Nuts)

In 2023, supplies from abroad of iron or steel nuts (including self-locking nuts) decreased by -9.2% to 1.9M tons for the first time since 2020, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.8% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. Global imports peaked at 2.1M tons in 2022, and then fell in the following year.

In value terms, metal self-locking nut imports contracted slightly to $7.8B in 2023. The total import value increased at an average annual rate of +2.5% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 24%. Global imports peaked at $8.2B in 2022, and then fell modestly in the following year.

Imports By Country

Canada (389K tons) and the United States (302K tons) represented the largest importers of iron or steel nuts (including self-locking nuts) in 2023, recording near 21% and 16% of total imports, respectively. It was distantly followed by Mexico (163K tons) and Germany (135K tons), together generating a 16% share of total imports. The Netherlands (74K tons), Spain (49K tons), Russia (47K tons), Italy (44K tons), South Korea (42K tons), Poland (41K tons), India (38K tons), France (37K tons) and China (35K tons) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for Spain (with a CAGR of +7.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.3B), Germany ($765M) and Mexico ($618M) constituted the countries with the highest levels of imports in 2023, with a combined 35% share of global imports. China, Canada, France, the Netherlands, Poland, Spain, India, Italy, South Korea and Russia lagged somewhat behind, together accounting for a further 30%.

Poland, with a CAGR of +7.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2023, the average metal self-locking nut import price amounted to $4,111 per ton, rising by 4.8% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 5.3% against the previous year. Over the period under review, average import prices hit record highs in 2023 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($13,742 per ton), while Mexico ($925 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by China (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Nuts (Including Self-Locking Nuts)

In 2023, shipments abroad of iron or steel nuts (including self-locking nuts) decreased by -3.5% to 1.5M tons for the first time since 2020, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +1.6% over the period from 2013 to 2023; 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 2021 when exports increased by 23% against the previous year. Over the period under review, the global exports hit record highs at 1.6M tons in 2022, and then contracted modestly in the following year.

In value terms, metal self-locking nut exports reached $7.9B in 2023. The total export value increased at an average annual rate of +3.6% from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 24%. Over the period under review, the global exports reached the maximum in 2023 and are likely to see gradual growth in the immediate term.

Exports By Country

China represented the largest exporting country with an export of about 638K tons, which recorded 42% of total exports. Taiwan (Chinese) (275K tons) took the second position in the ranking, distantly followed by Germany (111K tons), the United States (85K tons) and Japan (73K tons). All these countries together took approx. 35% share of total exports. The following exporters - the Netherlands (61K tons), South Korea (38K tons), Italy (31K tons), Turkey (27K tons) and India (26K tons) - together made up 12% of total exports.

From 2013 to 2023, average annual rates of growth with regard to metal self-locking nut exports from China stood at +3.0%. At the same time, Turkey (+17.8%), the Netherlands (+4.0%), Italy (+2.4%), Germany (+2.0%) and South Korea (+1.9%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.8% from 2013-2023. Taiwan (Chinese) and the United States experienced a relatively flat trend pattern. By contrast, Japan (-1.1%) and India (-6.4%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China increased by +5.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.6B), Germany ($1.1B) and Taiwan (Chinese) ($1.1B) were the countries with the highest levels of exports in 2023, together accounting for 48% of global exports. The United States, Japan, Italy, the Netherlands, South Korea, Turkey and India lagged somewhat behind, together accounting for a further 32%.

Among the main exporting countries, Turkey, with a CAGR of +16.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average metal self-locking nut export price amounted to $5,158 per ton, surging by 3.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2022 when the average export price increased by 6.3%. The global export price peaked in 2023 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United States ($12,307 per ton), while China ($2,484 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform