Steel And Iron Articles Market

The article provides a detailed analysis of the global market for articles of iron or steel, projecting an upward consumption trend over the next eight years. Consumption, production, imports, and exports trends from 2012 to 2022 are extensively discussed, with forecasts for the period up to 2030. China emerges as the largest consumer and producer of steel and iron articles, while countries like Mexico, India, and the United States also play significant roles in the market. In terms of value, China leads in exports, followed by Germany and the United States. The data highlights fluctuations in market performance, with notable growth rates in certain countries and regions. The article also discusses average import and export prices, showcasing variations among the major exporting countries. Overall, the analysis provides valuable insights into the global market for articles of iron or steel, emphasizing key trends and growth opportunities.

Market Forecast

Driven by increasing demand for articles of iron or steel worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market volume to 47M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.4% for the period from 2022 to 2030, which is projected to bring the market value to $252.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Articles Of Iron Or Steel

In 2022, after two years of growth, there was significant decline in consumption of articles of iron or steel, when its volume decreased by -7.4% to 34M tons. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +4.9% against 2019 indices. Over the period under review, global consumption attained the maximum volume at 37M tons in 2021, and then contracted in the following year.

The global steel and iron articles market size shrank slightly to $153.7B in 2022, flattening at 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, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +11.1% against 2019 indices. Global consumption peaked at $155B in 2021, and then contracted in the following year.

Consumption By Country

The country with the largest volume of steel and iron articles consumption was China (7.7M tons), comprising approx. 23% of total volume. Moreover, steel and iron articles consumption in China exceeded the figures recorded by the second-largest consumer, India (3M tons), threefold. The third position in this ranking was held by Mexico (2.7M tons), with a 7.9% share.

In China, steel and iron articles consumption increased at an average annual rate of +3.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+9.2% per year) and Mexico (+15.5% per year).

In value terms, the largest steel and iron articles markets worldwide were China ($24.1B), Japan ($22.1B) and the United States ($18.7B), with a combined 42% share of the global market. India, Thailand, Mexico, Brazil, Indonesia, Germany, Italy, Russia, South Korea and Turkey lagged somewhat behind, together comprising a further 33%.

Among the main consuming countries, Mexico, with a CAGR of +15.1%, saw the highest rates of growth with regard to market size 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 steel and iron articles per capita consumption in 2022 were Mexico (20 kg per person), Japan (12 kg per person) and South Korea (12 kg per person).

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +14.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Articles Of Iron Or Steel

In 2022, the amount of articles of iron or steel produced worldwide dropped to 32M tons, approximately reflecting 2021 figures. Overall, the total production indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 25%. Global production peaked at 37M tons in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, steel and iron articles production amounted to $138.8B in 2022 estimated in export price. Over the period under review, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +7.8% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 22% against the previous year. Global production peaked at $142.6B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of steel and iron articles production was China (11M tons), accounting for 33% of total volume. Moreover, steel and iron articles production in China exceeded the figures recorded by the second-largest producer, India (3.1M tons), threefold. The third position in this ranking was held by the United States (1.9M tons), with a 6.1% share.

In China, steel and iron articles production increased at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+8.9% per year) and the United States (+5.8% per year).

Imports

World Imports of Articles Of Iron Or Steel

In 2022, approx. 14M tons of articles of iron or steel were imported worldwide; with a decrease of -13.3% on the previous year's figure. Overall, imports, however, continue to indicate measured growth. The pace of growth was the most pronounced in 2013 when imports increased by 113% against the previous year. As a result, imports attained the peak of 19M tons. From 2014 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, steel and iron articles imports rose markedly to $57.8B in 2022. The total import value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 22% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, Mexico (3.3M tons), distantly followed by the United States (1.3M tons), Germany (1.1M tons) and France (0.6M tons) were the largest importers of articles of iron or steel, together mixing up 44% of total imports. Thailand (594K tons), South Korea (472K tons), Japan (411K tons), Vietnam (354K tons), Austria (341K tons), the Netherlands (314K tons), Poland (303K tons), Italy (290K tons) and Spain (275K tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +10.8% from 2012 to 2022. At the same time, Vietnam (+19.2%), Thailand (+10.3%), Spain (+6.6%), the Netherlands (+6.5%), the United States (+6.2%), France (+5.6%), Italy (+5.3%), Poland (+4.7%), Germany (+3.1%) and South Korea (+1.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +19.2% from 2012-2022. Austria and Japan experienced a relatively flat trend pattern. While the share of Mexico (+9.7 p.p.), Vietnam (+1.8 p.p.) and Thailand (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Japan (-1.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($6.1B), Germany ($5.4B) and Mexico ($3.5B) were the countries with the highest levels of imports in 2022, together comprising 26% of global imports. Thailand, Vietnam, France, South Korea, Japan, the Netherlands, Austria, Poland, Italy and Spain lagged somewhat behind, together comprising a further 32%.

Vietnam, with a CAGR of +19.0%, 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

In 2022, the average steel and iron articles import price amounted to $4,042 per ton, jumping by 26% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 110%. Over the period under review, average import prices reached the peak figure at $4,991 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($6,732 per ton), while Mexico ($1,072 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Articles Of Iron Or Steel

In 2022, global steel and iron articles exports reached 12M tons, growing by 3.7% on the previous year. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 28%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, steel and iron articles exports amounted to $58.6B in 2022. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +39.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

China represented the largest exporting country with an export of about 3.2M tons, which recorded 25% of total exports. Germany (864K tons) held the second position in the ranking, followed by France (705K tons), Mexico (683K tons) and Italy (648K tons). All these countries together held near 23% share of total exports. The following exporters - the United States (536K tons), Poland (487K tons), Thailand (428K tons), the Netherlands (412K tons), South Korea (395K tons), Austria (383K tons), the Czech Republic (373K tons) and Turkey (335K tons) - together made up 27% of total exports.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles exports from China stood at +5.6%. At the same time, France (+13.9%), the Netherlands (+8.9%), Thailand (+5.1%), Poland (+4.5%), Turkey (+4.1%), Austria (+2.7%), Mexico (+2.4%), Italy (+1.7%) and the Czech Republic (+1.4%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +13.9% from 2012-2022. South Korea, Germany and the United States experienced a relatively flat trend pattern. While the share of China (+5 p.p.) and France (+3.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-2.2 p.p.) and Germany (-2.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($13.6B) remains the largest steel and iron articles supplier worldwide, comprising 23% of global exports. The second position in the ranking was taken by Germany ($5.5B), with a 9.4% share of global exports. It was followed by the United States, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +10.5%. In the other countries, the average annual rates were as follows: Germany (+2.0% per year) and the United States (+4.5% per year).

Export Prices By Country

The average steel and iron articles export price stood at $4,693 per ton in 2022, surging by 4.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2016 when the average export price increased by 11%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($9,391 per ton), while Mexico ($2,140 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform