Expanded Metal Market

The global market for iron or steel expanded metal is forecasted to grow at a CAGR of +3.2% in volume and +5.1% in value from 2022 to 2030, reaching 1.6M tons and $4.7B respectively by the end of 2030. Consumption decreased in 2022 but had been growing steadily prior. China, India, and the US were the top consumers while China dominated production and exports. Import prices varied by country, with Germany having the highest price and Central African Republic the lowest. Italy and China led in export value, with China showing significant growth in export volume and value over the last decade.

Market Forecast

Driven by increasing demand for iron or steel expanded metal 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 +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $4.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Expanded Metal

In 2022, consumption of iron or steel expanded metal decreased by -3.5% to 1.2M tons, falling for the second year in a row after seven years of growth. The total consumption volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when the consumption volume increased by 6.9% against the previous year. As a result, consumption reached the peak volume of 1.3M tons. From 2021 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global expanded metal market revenue contracted to $3.2B in 2022, dropping by -6.2% 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). The market value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $3.4B in 2021, and then dropped in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (214K tons), India (120K tons) and the United States (101K tons), together accounting for 35% of global consumption. Japan, Russia, Indonesia, Mexico, France, Italy, Germany, South Korea, Thailand and Ukraine lagged somewhat behind, together comprising a further 31%.

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

In value terms, Japan ($783M), China ($426M) and the United States ($327M) constituted the countries with the highest levels of market value in 2022, with a combined 48% share of the global market. India, Mexico, Indonesia, Italy, Germany, Thailand, France, Russia, South Korea and Ukraine lagged somewhat behind, together accounting for a further 24%.

Ukraine, with a CAGR of +9.7%, recorded the highest growth rate of 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.

The countries with the highest levels of expanded metal per capita consumption in 2022 were Japan (613 kg per 1000 persons), Ukraine (474 kg per 1000 persons) and South Korea (447 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +11.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Iron Or Steel Expanded Metal

In 2022, global production of iron or steel expanded metal stood at 1.2M tons, increasing by 1.6% against the previous year. The total output volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 when the production volume increased by 7.2% against the previous year. As a result, production attained the peak volume of 1.3M tons. From 2021 to 2022, global production growth failed to regain momentum.

In value terms, expanded metal production declined modestly to $3.3B in 2022 estimated in export price. Overall, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +52.7% against 2015 indices. The pace of growth was the most pronounced in 2016 with an increase of 14% against the previous year. Global production peaked at $3.4B in 2021, and then shrank in the following year.

Production By Country

China (342K tons) remains the largest expanded metal producing country worldwide, comprising approx. 28% of total volume. Moreover, expanded metal production in China exceeded the figures recorded by the second-largest producer, India (120K tons), threefold. The United States (81K tons) ranked third in terms of total production with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +4.7%. In the other countries, the average annual rates were as follows: India (+4.9% per year) and the United States (+5.2% per year).

Imports

World Imports of Iron Or Steel Expanded Metal

After six years of growth, purchases abroad of iron or steel expanded metal decreased by -0.1% to 221K tons in 2022. The total import volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. As a result, imports attained the peak of 221K tons, leveling off in the following year.

In value terms, expanded metal imports stood at $451M in 2022. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +82.1% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 46% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports By Country

The United States (27K tons) and France (26K tons) represented roughly 24% of total imports in 2022. Russia (12K tons) held the next position in the ranking, followed by Canada (11K tons). All these countries together held near 10% share of total imports. The following importers - Burkina Faso (8.3K tons), Slovakia (8.2K tons), Italy (7.6K tons), Senegal (5.8K tons), Germany (5.5K tons), the Czech Republic (5.4K tons), Portugal (5.4K tons), Mexico (5.4K tons) and Central African Republic (4.6K tons) - together made up 26% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Central African Republic (with a CAGR of +69.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest expanded metal importing markets worldwide were the United States ($80M), France ($52M) and Germany ($19M), with a combined 33% share of global imports. Mexico, Canada, the Czech Republic, Italy, Portugal, Slovakia, Russia, Senegal, Burkina Faso and Central African Republic lagged somewhat behind, together comprising a further 20%.

Central African Republic, with a CAGR of +42.4%, saw 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

The average expanded metal import price stood at $2,043 per ton in 2022, approximately mirroring the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 18%. Global import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($3,405 per ton), while Central African Republic ($160 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+6.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Expanded Metal

In 2022, shipments abroad of iron or steel expanded metal increased by 38% to 229K tons, rising for the sixth year in a row after two years of decline. In general, total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% 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 +103.0% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, expanded metal exports skyrocketed to $838M in 2022. Overall, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China dominates exports structure, accounting for 129K tons, which was approx. 56% of total exports in 2022. Italy (17K tons) took the second position in the ranking, followed by Mexico (14K tons). All these countries together took approx. 14% share of total exports. The United States (7.1K tons), the UK (6.7K tons), Germany (6.3K tons), the United Arab Emirates (5K tons), Canada (3.6K tons) and Vietnam (3.6K tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the iron or steel expanded metal exports, with a CAGR of +16.6% from 2012 to 2022. At the same time, the United Arab Emirates (+7.4%) and Vietnam (+6.8%) displayed positive paces of growth. The United States, Germany and Mexico experienced a relatively flat trend pattern. By contrast, the UK (-1.1%), Canada (-1.7%) and Italy (-1.7%) illustrated a downward trend over the same period. China (+35 p.p.) significantly strengthened its position in terms of the global exports, while Canada, Germany, the United States, the UK, Mexico and Italy saw its share reduced by -1.7%, -2%, -2.2%, -2.8%, -4.9% and -7.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($540M) remains the largest expanded metal supplier worldwide, comprising 64% of global exports. The second position in the ranking was held by Italy ($74M), with an 8.8% share of global exports. It was followed by Mexico, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +28.4%. In the other countries, the average annual rates were as follows: Italy (+4.1% per year) and Mexico (+4.7% per year).

Export Prices By Country

In 2022, the average expanded metal export price amounted to $3,667 per ton, with an increase of 38% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, expanded metal export price increased by +81.1% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Italy ($4,356 per ton), while the United Arab Emirates ($1,671 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform