Asia: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Asia

In 2022, the Asian market for iron or steel wire products decreased by X% to $X, falling for the third year in a row after three years of growth. In general, consumption continues to indicate a pronounced shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Iron or Steel Wire Products in Asia

In value terms, iron or steel wire product production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Iron or Steel Wire Products

Exports in Asia

In 2022, the amount of iron or steel wire products exported in Asia was estimated at X tons, surging by X% on 2021. Total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, iron or steel wire product exports rose sharply to $X in 2022. Overall, exports posted prominent growth. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China dominates exports structure, recording X tons, which was near X% of total exports in 2022. Vietnam (X tons), India (X tons), Turkey (X tons), Indonesia (X tons) and South Korea (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to iron or steel wire product exports from China stood at X%. At the same time, Vietnam (X%), Turkey (X%), South Korea (X%), Indonesia (X%) and India (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. China (X p.p.) and Vietnam (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron or steel wire product supplier in Asia, comprising X% of total exports. The second position in the ranking was held by South Korea ($X), with a X% share of total exports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China totaled X%. In the other countries, the average annual rates were as follows: South Korea (X% per year) and India (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

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

Imports of Iron or Steel Wire Products

Imports in Asia

Iron or steel wire product imports fell modestly to X tons in 2022, remaining relatively unchanged against 2021 figures. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced modestly in the following year.

In value terms, iron or steel wire product imports declined to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Japan (X tons), distantly followed by Saudi Arabia (X tons), Thailand (X tons), the United Arab Emirates (X tons), Bangladesh (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons) and South Korea (X tons) were the major importers of iron or steel wire products, together mixing up X% of total imports. Singapore (X tons), the Philippines (X tons), Sri Lanka (X tons), Indonesia (X tons) and Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iron or steel wire product imports into Japan stood at X%. At the same time, South Korea (X%), the Philippines (X%), Thailand (X%), Bangladesh (X%), Sri Lanka (X%), the United Arab Emirates (X%), Taiwan (Chinese) (X%), Saudi Arabia (X%) and Malaysia (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (X%) and Vietnam (X%) illustrated a downward trend over the same period. Thailand (X p.p.), South Korea (X p.p.), Bangladesh (X p.p.), the United Arab Emirates (X p.p.) and the Philippines (X p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Singapore and Vietnam saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported iron or steel wire products in Asia, comprising X% of total imports. The second position in the ranking was taken by Thailand ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to X%. In the other countries, the average annual rates were as follows: Thailand (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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