Asia-Pacific: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Asia-Pacific

The Asia-Pacific market for iron or steel wire products dropped to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption showed a pronounced slump. The pace of growth was the most pronounced in 2017 when the market value increased by X%. 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-Pacific

In value terms, iron or steel wire product production declined slightly to $X in 2022 estimated in export price. Overall, production saw a mild contraction. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Exports of Iron or Steel Wire Products

Exports in Asia-Pacific

Iron or steel wire product exports expanded markedly to X tons in 2022, surging by X% on 2021. Total exports indicated a buoyant 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 growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, iron or steel wire product exports surged to $X in 2022. In general, exports showed resilient growth. The most prominent rate of growth was recorded 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 years to come.

Exports by Country

China prevails in exports structure, resulting at X tons, which was near X% of total exports in 2022. Vietnam (X tons), India (X tons), Indonesia (X tons) and South Korea (X tons) took a relatively small 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%), South Korea (X%), Indonesia (X%) and India (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2022. While the share of China (X p.p.) and Vietnam (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, iron or steel wire product exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (X% per year) and India (X% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific 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 growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady 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-Pacific

In 2022, approx. X tons of iron or steel wire products were imported in Asia-Pacific; declining by X% on 2021 figures. The total import volume 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 growth pace was the most rapid in 2017 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, iron or steel wire product imports reduced to $X in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its value 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, imports increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Japan (X tons), distantly followed by Thailand (X tons), Australia (X tons), Bangladesh (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), South Korea (X tons) and Singapore (X tons) were the largest importers of iron or steel wire products, together creating X% of total imports. The Philippines (X tons), Sri Lanka (X tons), Indonesia (X tons), Vietnam (X tons) and India (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%), Taiwan (Chinese) (X%) and Malaysia (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. Indonesia and Australia experienced a relatively flat trend pattern. By contrast, Singapore (X%), India (X%) and Vietnam (X%) illustrated a downward trend over the same period. While the share of Thailand (X p.p.), South Korea (X p.p.), Bangladesh (X p.p.), the Philippines (X p.p.) and Japan (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (X p.p.), India (X p.p.), Singapore (X p.p.), Australia (X p.p.) and Vietnam (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron or steel wire product importing markets in Asia-Pacific were Japan ($X), Australia ($X) and Thailand ($X), together comprising X% of total imports. Singapore, South Korea, Malaysia, Taiwan (Chinese), Indonesia, Bangladesh, the Philippines, Vietnam, India and Sri Lanka lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, the Philippines, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, approximately equating the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

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

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

Source: IndexBox Platform

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