Iron Or Steel Towers Market

The article discusses the global market for iron or steel towers and lattice masts, forecasting an increase in consumption volume and value over the next eight years. It highlights key trends, such as the decline in consumption in 2022 after an increasing trend since 2016, as well as fluctuations in production and import/export patterns. Key countries like China, the United States, and India are outlined in terms of consumption and production growth rates. The analysis covers factors influencing market dynamics, such as price variations and notable growth rates among exporting countries like Turkey, China, and India.

Market Forecast

Driven by increasing demand for iron or steel towers and lattice masts worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 13M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $45.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Towers And Lattice Masts

In 2022, consumption of iron or steel towers and lattice masts decreased by -1.7% to 10M tons for the first time since 2016, thus ending a five-year rising trend. The total consumption volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 11M tons in 2021, and then shrank in the following year.

The global iron or steel towers market revenue contracted to $33.3B in 2022, with a decrease of -4.2% 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). Over the period under review, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +57.7% against 2014 indices. As a result, consumption attained the peak level of $34.8B, and then reduced slightly in the following year.

Consumption By Country

China (2.1M tons) constituted the country with the largest volume of iron or steel towers consumption, accounting for 21% of total volume. Moreover, iron or steel towers consumption in China exceeded the figures recorded by the second-largest consumer, the United States (852K tons), threefold. India (793K tons) ranked third in terms of total consumption with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +4.7%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+6.3% per year) and India (+2.8% per year).

In value terms, Canada ($7.1B), Japan ($4.5B) and the United States ($3.4B) constituted the countries with the highest levels of market value in 2022, with a combined 45% share of the global market.

Canada, with a CAGR of +8.9%, saw the highest rates of growth with regard to market size among 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 iron or steel towers per capita consumption in 2022 were Italy (5.8 kg per person), Canada (5.7 kg per person) and Spain (4.7 kg per person).

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +10.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Iron Or Steel Towers And Lattice Masts

In 2022, after five years of growth, there was decline in production of iron or steel towers and lattice masts, when its volume decreased by -3.5% to 10M tons. The total output volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when the production volume increased by 12% against the previous year. As a result, production reached the peak volume of 11M tons, and then reduced modestly in the following year.

In value terms, iron or steel towers production fell to $35.8B in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 51% against the previous year. Global production peaked at $38.6B in 2021, and then contracted in the following year.

Production By Country

China (2.5M tons) remains the largest iron or steel towers producing country worldwide, comprising approx. 24% of total volume. Moreover, iron or steel towers production in China exceeded the figures recorded by the second-largest producer, India (1M tons), twofold. The United States (694K tons) ranked third in terms of total production with a 6.8% share.

In China, iron or steel towers production increased at an average annual rate of +4.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+3.0% per year) and the United States (+5.9% per year).

Imports

World Imports of Iron Or Steel Towers And Lattice Masts

In 2022, overseas purchases of iron or steel towers and lattice masts decreased by -2.4% to 2.1M tons, falling for the second consecutive year after three years of growth. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 21%. Over the period under review, global imports reached the maximum at 2.3M tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, iron or steel towers imports totaled $4.4B in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 35%. Over the period under review, global imports attained the maximum at $4.4B in 2012; afterwards, it flattened through to 2022.

Imports By Country

The purchases of the twelve major importers of iron or steel towers and lattice masts, namely the UK, the United States, Germany, Australia, Sweden, Finland, Pakistan, France, Spain, the Philippines, Iraq and Japan, represented more than half of total import. Taiwan (Chinese) (40K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Taiwan (Chinese) (with a CAGR of +80.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the UK ($645M), the United States ($419M) and Germany ($341M) constituted the countries with the highest levels of imports in 2022, together accounting for 32% of global imports. Australia, Sweden, Finland, France, the Philippines, Taiwan (Chinese), Spain, Japan, Iraq and Pakistan lagged somewhat behind, together accounting for a further 32%.

Taiwan (Chinese), with a CAGR of +99.7%, saw the highest rates of growth with regard to 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 2022, the average iron or steel towers import price amounted to $2,114 per ton, picking up by 8.9% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 11%. Over the period under review, average import prices attained the peak figure at $2,360 per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($3,157 per ton), while Pakistan ($692 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) (+10.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Towers And Lattice Masts

After four years of growth, overseas shipments of iron or steel towers and lattice masts decreased by -10.9% to 1.9M tons in 2022. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 15%. The global exports peaked at 2.2M tons in 2021, and then declined in the following year.

In value terms, iron or steel towers exports reduced to $4B in 2022. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 19% against the previous year. The global exports peaked at $4.3B in 2021, and then dropped in the following year.

Exports By Country

In 2022, Turkey (352K tons) and China (336K tons) represented the major exporters of iron or steel towers and lattice mastsacross the globe, together achieving 36% of total exports. It was followed by India (224K tons), Spain (194K tons) and Vietnam (91K tons), together achieving a 26% share of total exports. Portugal (74K tons), Indonesia (63K tons), South Korea (61K tons), the Netherlands (58K tons), the United Arab Emirates (55K tons), Thailand (46K tons), Germany (46K tons) and Canada (42K tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +33.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest iron or steel towers supplying countries worldwide were Turkey ($596M), China ($584M) and India ($530M), together comprising 42% of global exports. Spain, Vietnam, Indonesia, Portugal, the Netherlands, the United Arab Emirates, Germany, South Korea, Canada and Thailand lagged somewhat behind, together accounting for a further 39%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +27.0%, recorded the highest rates of growth with regard to 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 2022, the average iron or steel towers export price amounted to $2,086 per ton, picking up by 6.1% against the previous year. In general, the export price, however, continues to indicate a mild reduction. The growth pace was the most rapid in 2016 an increase of 8.8% against the previous year. The global export price peaked at $2,383 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Indonesia ($2,700 per ton), while Turkey ($1,691 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform