Steel Stranded Wire Market

The global market for iron or steel stranded wire, ropes, and cables is expected to witness a steady increase in demand over the next eight years, with consumption forecasted to grow at a CAGR of +2.1% by 2030. Market volume is projected to reach 11M tons, valued at $29.4B. Despite a slight decline in consumption in 2022, trends are expected to pick up. Key players include China, the United States, and India, with notable growth seen in the Democratic Republic of the Congo. Production and import prices are on the rise, with exports also showing steady growth. China leads as the largest exporter and importer, with Vietnam and South Korea following suit. Overall, the industry is poised for continued expansion in the coming years.

Market Forecast

Driven by increasing demand for iron or steel stranded wire, ropes and cables worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 11M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $29.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Stranded Wire, Ropes And Cables

In 2022, approx. 8.9M tons of iron or steel stranded wire, ropes and cables were consumed worldwide; which is down by -3.3% compared with 2021 figures. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume at 9.8M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global steel stranded wire market value amounted to $22B in 2022, almost unchanged from 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). The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Global consumption peaked at $22.7B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.6M tons), the United States (1.4M tons) and India (741K tons), together accounting for 42% of global consumption. Japan, Brazil, Indonesia, Spain, South Korea, Mexico, Russia, Germany, Democratic Republic of the Congo and Turkey lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +10.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($6.7B) led the market, alone. The second position in the ranking was taken by China ($2.3B). It was followed by Japan.

In the United States, the steel stranded wire market increased at an average annual rate of +3.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (-2.2% per year) and Japan (-2.2% per year).

The countries with the highest levels of steel stranded wire per capita consumption in 2022 were Spain (5.6 kg per person), the United States (4.2 kg per person) and Japan (3.3 kg per person).

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +6.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Iron Or Steel Stranded Wire, Ropes And Cables

Global steel stranded wire production dropped modestly to 9.1M tons in 2022, falling by -2.6% on the previous year. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 16%. Over the period under review, global production hit record highs at 9.7M tons in 2018; however, from 2019 to 2022, production failed to regain momentum.

In value terms, steel stranded wire production fell modestly to $19.3B in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16% against the previous year. Global production peaked at $20.8B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of steel stranded wire production was China (3.1M tons), comprising approx. 34% of total volume. Moreover, steel stranded wire production in China exceeded the figures recorded by the second-largest producer, the United States (884K tons), fourfold. The third position in this ranking was taken by India (730K tons), with an 8.1% share.

In China, steel stranded wire production expanded at an average annual rate of +1.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.4% per year) and India (+2.6% per year).

Imports

World Imports of Iron Or Steel Stranded Wire, Ropes And Cables

Global steel stranded wire imports rose remarkably to 3.6M tons in 2022, increasing by 5.8% on 2021 figures. The total import volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 15% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, steel stranded wire imports surged to $8.8B in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 31% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (573K tons), distantly followed by South Korea (184K tons) were the major importers of iron or steel stranded wire, ropes and cables, together making up 21% of total imports. The following importers - Germany (145K tons), Thailand (131K tons), Japan (120K tons), India (112K tons), Poland (110K tons), Canada (103K tons), Belgium (99K tons), the Netherlands (94K tons), Australia (86K tons), Spain (83K tons) and France (82K tons) - together made up 32% of total imports.

Imports into the United States increased at an average annual rate of +3.8% from 2012 to 2022. At the same time, India (+15.8%), Belgium (+9.1%), Thailand (+8.9%), Poland (+5.3%), Australia (+4.3%), South Korea (+4.1%), Japan (+2.6%), the Netherlands (+1.6%) and Canada (+1.1%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +15.8% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, Germany (-1.4%) and Spain (-4.7%) illustrated a downward trend over the same period. While the share of India (+2.2 p.p.), the United States (+1.6 p.p.) and Thailand (+1.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2 p.p.) and Spain (-2.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.5B) constitutes the largest market for imported iron or steel stranded wire, ropes and cables worldwide, comprising 17% of global imports. The second position in the ranking was held by Germany ($467M), with a 5.3% share of global imports. It was followed by South Korea, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled +4.4%. In the other countries, the average annual rates were as follows: Germany (+1.0% per year) and South Korea (+2.4% per year).

Import Prices By Country

In 2022, the average steel stranded wire import price amounted to $2,459 per ton, picking up by 12% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 14%. Global import price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($3,219 per ton), while South Korea ($1,649 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Stranded Wire, Ropes And Cables

In 2022, shipments abroad of iron or steel stranded wire, ropes and cables increased by 7.1% to 3.8M tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, steel stranded wire exports skyrocketed to $8.8B in 2022. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2022; 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 34% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (1.6M tons) was the largest exporter of iron or steel stranded wire, ropes and cables, making up 42% of total exports. Thailand (193K tons) held a 5.1% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (4.9%). Vietnam (165K tons), Turkey (126K tons), Malaysia (118K tons), Italy (109K tons), India (101K tons), Portugal (95K tons), Romania (93K tons), Germany (89K tons), Hungary (71K tons) and Belgium (69K tons) took a little share of total exports.

Exports from China increased at an average annual rate of +6.8% from 2012 to 2022. At the same time, Belgium (+17.4%), Vietnam (+15.6%), Thailand (+7.3%), Turkey (+7.3%), India (+4.3%), Romania (+4.1%), Hungary (+2.4%) and Portugal (+1.4%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.4% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Germany (-1.5%), Italy (-1.7%) and South Korea (-4.6%) illustrated a downward trend over the same period. China (+13 p.p.), Vietnam (+3 p.p.) and Thailand (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while Italy and South Korea saw its share reduced by -1.6% and -5.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.7B) remains the largest steel stranded wire supplier worldwide, comprising 31% of global exports. The second position in the ranking was taken by Vietnam ($526M), with a 6% share of global exports. It was followed by South Korea, with a 6% share.

In China, steel stranded wire exports expanded at an average annual rate of +7.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+16.2% per year) and South Korea (-2.4% per year).

Export Prices By Country

In 2022, the average steel stranded wire export price amounted to $2,337 per ton, increasing by 9.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 14%. The global export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($5,309 per ton), while Hungary ($1,669 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform