Asia-Pacific: Market for Wire Rod Of Free-Cutting Steel 2024

Market Size for Wire Rod Of Free-Cutting Steel in Asia-Pacific

For the third consecutive year, the Asia-Pacific free-cutting steel wire rod market recorded growth in sales value, which increased by X% to $X in 2022. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Wire Rod Of Free-Cutting Steel in Asia-Pacific

In value terms, free-cutting steel wire rod production rose to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Wire Rod Of Free-Cutting Steel

Exports in Asia-Pacific

After two years of growth, shipments abroad of wire rod of free-cutting steel decreased by X% to X tons in 2022. In general, exports saw a pronounced contraction. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, free-cutting steel wire rod exports contracted markedly to $X in 2022. Overall, exports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then fell rapidly in the following year.

Exports by Country

Japan represented the main exporting country with an export of about X tons, which accounted for X% of total exports. It was distantly followed by Malaysia (X tons), India (X tons) and China (X tons), together making up a X% share of total exports. Indonesia (X tons) held a minor share of total exports.

Exports from Japan decreased at an average annual rate of X% from 2012 to 2022. At the same time, Indonesia (X%), Malaysia (X%) and China (X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2022. India experienced a relatively flat trend pattern. From 2012 to 2022, the share of Japan, Malaysia, India, China and Indonesia increased by X, X, X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest free-cutting steel wire rod supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was held by India ($X), with an X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: India (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing 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 2018 when the export price increased by X%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Wire Rod Of Free-Cutting Steel

Imports in Asia-Pacific

In 2022, free-cutting steel wire rod imports in Asia-Pacific declined markedly to X tons, reducing by X% on the previous year. Over the period under review, imports recorded a noticeable downturn. The pace of growth was the most pronounced in 2021 when imports increased by X%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, free-cutting steel wire rod imports reduced to $X in 2022. In general, imports showed a noticeable reduction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of free-cutting steel wire rod imports in 2022 were South Korea (X tons), Taiwan (Chinese) (X tons) and China (X tons), together reaching X% of total import. Lao People's Democratic Republic (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (X%), Vietnam (X%) and Myanmar (X%).

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest free-cutting steel wire rod importing markets in Asia-Pacific were South Korea ($X), China ($X) and Taiwan (Chinese) ($X), together comprising X% of total imports. Lao People's Democratic Republic, Malaysia, Vietnam and Myanmar lagged somewhat behind, together comprising a further X%.

Myanmar, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, increasing 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 import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 Malaysia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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