Welded And Cold-Formed Steel Sections Market

The global market for welded and cold-formed steel sections is anticipated to show growth in consumption and production volumes from 2022 to 2030, with an expected CAGR of +1.1% and +2.8% respectively. Ireland leads in per capita consumption of steel sections, while Poland, Germany, and the United States are among the top exporters. The average import and export prices have seen fluctuations over the years, with the United States having the highest import price and Poland having the highest export price in 2022.

Market Forecast

Driven by increasing demand for welded and cold-formed sections of 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 +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 4.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $13.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Welded And Cold-Formed Sections Of Steel

Global welded and cold-formed steel sections consumption was estimated at 4.1M tons in 2022, increasing by 4.7% compared with 2021 figures. The total consumption volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Global consumption peaked at 4.1M tons in 2020; afterwards, it flattened through to 2022.

The value of the market for welded and cold-formed sections of steel worldwide totaled $10.9B in 2022, picking up 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 recorded a relatively flat trend pattern. Over the period under review, the global market hit record highs at $11.1B in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (749K tons), the United States (398K tons) and India (298K tons), with a combined 36% share of global consumption. Japan, Indonesia, Pakistan, Russia, Germany, Brazil, France, the UK, Mexico and Ireland lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +29.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.7B), Brazil ($1.5B) and China ($915M) constituted the countries with the highest levels of market value in 2022, together comprising 38% of the global market. The UK, France, India, Germany, Indonesia, Pakistan, Mexico, Russia, Japan and Ireland lagged somewhat behind, together accounting for a further 35%.

Ireland, with a CAGR of +25.0%, saw 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.

In 2022, the highest levels of welded and cold-formed steel sections per capita consumption was registered in Ireland (15 kg per person), followed by Germany (1.7 kg per person), France (1.6 kg per person) and the UK (1.5 kg per person), while the world average per capita consumption of welded and cold-formed steel sections was estimated at less than 0.1 kg per person.

In Ireland, welded and cold-formed steel sections per capita consumption expanded at an average annual rate of +28.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (-0.1% per year) and France (+0.3% per year).

Production

World Production of Welded And Cold-Formed Sections Of Steel

In 2022, the amount of welded and cold-formed sections of steel produced worldwide expanded to 4M tons, surging by 4.3% on the year before. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 14% against the previous year. Over the period under review, global production attained the maximum volume at 4.1M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, welded and cold-formed steel sections production stood at $10.8B in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 22% against the previous year. Global production peaked at $11.2B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (752K tons), the United States (406K tons) and India (304K tons), with a combined 37% share of global production. Japan, Indonesia, Germany, Pakistan, Russia, Brazil, France, the UK, Mexico and Iran lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Indonesia (with a CAGR of +5.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Welded And Cold-Formed Sections Of Steel

In 2022, the amount of welded and cold-formed sections of steel imported worldwide surged to 291K tons, growing by 23% compared with 2021. Over the period under review, imports recorded a relatively flat trend pattern. Over the period under review, global imports hit record highs at 346K tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, welded and cold-formed steel sections imports soared to $520M in 2022. Overall, imports saw a relatively flat trend pattern. Global imports peaked at $539M in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports By Country

Ireland represented the major importer of welded and cold-formed sections of steel in the world, with the volume of imports finishing at 78K tons, which was approx. 27% of total imports in 2022. It was distantly followed by Saudi Arabia (27K tons), generating a 9.2% share of total imports. The following importers - the UK (13K tons), the United Arab Emirates (12K tons), Germany (12K tons), France (12K tons), South Korea (11K tons), Spain (10K tons), Denmark (9.1K tons), Iraq (8.8K tons), China (7.3K tons), the United States (5.2K tons) and the Czech Republic (4.7K tons) - together made up 36% of total imports.

Ireland was also the fastest-growing in terms of the welded and cold-formed sections of steel imports, with a CAGR of +28.8% from 2012 to 2022. At the same time, Iraq (+20.9%), the UK (+15.7%), Germany (+9.0%), France (+9.0%), the United Arab Emirates (+7.8%), Denmark (+7.3%), the Czech Republic (+5.9%), Saudi Arabia (+3.6%) and Spain (+3.6%) displayed positive paces of growth. By contrast, China (-8.2%), the United States (-10.6%) and South Korea (-11.6%) illustrated a downward trend over the same period. Ireland (+25 p.p.), the UK (+3.4 p.p.), Saudi Arabia (+2.7 p.p.), Iraq (+2.6 p.p.), Germany (+2.4 p.p.), France (+2.3 p.p.), the United Arab Emirates (+2.2 p.p.) and Denmark (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while China, the United States and South Korea saw its share reduced by -3.4%, -3.6% and -9.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($46M), Ireland ($41M) and France ($38M) were the countries with the highest levels of imports in 2022, together comprising 24% of global imports. The UK, Saudi Arabia, Denmark, Iraq, the United States, Spain, China, South Korea, the United Arab Emirates and the Czech Republic lagged somewhat behind, together accounting for a further 39%.

Among the main importing countries, Iraq, with a CAGR of +27.6%, saw the highest rates of growth with regard to the value of imports, 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 import price for welded and cold-formed sections of steel amounted to $1,784 per ton, with a decrease of -3.4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 7.8%. Over the period under review, average import prices attained the maximum at $1,847 per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($4,301 per ton), while Ireland ($531 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 (+7.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Welded And Cold-Formed Sections Of Steel

In 2022, the amount of welded and cold-formed sections of steel exported worldwide surged to 235K tons, picking up by 20% compared with the previous year. Over the period under review, exports showed a relatively flat trend pattern. Over the period under review, the global exports reached the maximum at 239K tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, welded and cold-formed steel sections exports rose sharply to $557M in 2022. The total export value increased at an average annual rate of +1.0% 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 2021 when exports increased by 13% against the previous year. Over the period under review, the global exports reached the maximum at $559M in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Oman (43K tons), distantly followed by Germany (24K tons), Bahrain (19K tons), Spain (17K tons), Poland (15K tons) and the United States (13K tons) represented the main exporters of welded and cold-formed sections of steel, together making up 55% of total exports. The United Arab Emirates (10K tons), China (10K tons), Ireland (8.1K tons), Saudi Arabia (6.3K tons), India (6K tons), Bulgaria (5.1K tons) and Romania (5K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +46.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Poland ($62M), Germany ($59M) and the United States ($43M) appeared to be the countries with the highest levels of exports in 2022, together comprising 29% of global exports. Spain, the United Arab Emirates, China, Bahrain, Ireland, Romania, India, Oman, Bulgaria and Saudi Arabia lagged somewhat behind, together accounting for a further 29%.

Bahrain, with a CAGR of +40.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 export price for welded and cold-formed sections of steel amounted to $2,374 per ton, declining by -10.3% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 28%. As a result, the export price reached the peak level of $2,647 per ton, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($4,222 per ton), while Oman ($202 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 Arab Emirates (+5.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform