Africa's Iron and Steel Wire Market to Witness Gradual Growth with CAGR of +0.8% - News and Statistics - IndexBox

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IndexBox has just published a new report: Africa - Iron and Steel Wire - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing demand for iron and steel wire in Africa, the market is expected to experience growth in both volume and value over the next decade. Forecasts indicate a slight rise in market performance, with a projected CAGR of +0.8% in volume and +2.3% in value from 2024 to 2035.

Driven by rising demand for iron and steel wire in Africa, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2024 to 2035, which is projected to bring the market volume to 943K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.3% for the period from 2024 to 2035, which is projected to bring the market value to $1.2B (in nominal wholesale prices) by the end of 2035.

For the fourth year in a row, Africa recorded decline in consumption of iron and steel wire, which decreased by -0.9% to 860K tons in 2024. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak volume of 1.1M tons. From 2019 to 2024, the growth of the consumption failed to regain momentum.

The value of the iron and steel wire market in Africa totaled $920M in 2024, increasing by 1.8% 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, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $1.1B. From 2019 to 2024, the growth of the market remained at a somewhat lower figure.

South Africa (476K tons) remains the largest iron and steel wire consuming country in Africa, comprising approx. 55% of total volume. Moreover, iron and steel wire consumption in South Africa exceeded the figures recorded by the second-largest consumer, Tunisia (85K tons), sixfold. The third position in this ranking was taken by Morocco (59K tons), with a 6.9% share.

In South Africa, iron and steel wire consumption increased at an average annual rate of +2.0% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: Tunisia (+0.1% per year) and Morocco (+1.8% per year).

In value terms, South Africa ($463M) led the market, alone. The second position in the ranking was taken by Tunisia ($100M). It was followed by Morocco.

In South Africa, the iron and steel wire market increased at an average annual rate of +1.9% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Tunisia (+2.0% per year) and Morocco (+1.5% per year).

The countries with the highest levels of iron and steel wire per capita consumption in 2024 were South Africa (7.7 kg per person), Tunisia (7 kg per person) and Libya (2 kg per person).

From 2013 to 2024, the biggest increases were recorded for Libya (with a CAGR of +6.9%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, production of iron and steel wire decreased by less than 0.1% to 671K tons, falling for the third consecutive year after two years of growth. The total output volume increased at an average annual rate of +1.8% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 20%. Over the period under review, production attained the maximum volume at 752K tons in 2021; however, from 2022 to 2024, production failed to regain momentum.

In value terms, iron and steel wire production stood at $686M in 2024 estimated in export price. The total production indicated a mild increase from 2013 to 2024: its value increased at an average annual rate of +1.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -24.0% against 2021 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 28% against the previous year. As a result, production attained the peak level of $903M. From 2022 to 2024, production growth remained at a somewhat lower figure.

The country with the largest volume of iron and steel wire production was South Africa (498K tons), comprising approx. 74% of total volume. Moreover, iron and steel wire production in South Africa exceeded the figures recorded by the second-largest producer, Tunisia (76K tons), sevenfold. The third position in this ranking was held by Egypt (63K tons), with a 9.4% share.

From 2013 to 2024, the average annual growth rate of volume in South Africa totaled +1.8%. The remaining producing countries recorded the following average annual rates of production growth: Tunisia (-0.1% per year) and Egypt (+4.6% per year).

In 2024, imports of iron and steel wire in Africa amounted to 329K tons, leveling off at the previous year's figure. Over the period under review, imports, however, showed a noticeable decline. The pace of growth was the most pronounced in 2022 when imports increased by 58% against the previous year. Over the period under review, imports reached the maximum at 534K tons in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports expanded sharply to $412M in 2024. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when imports increased by 109%. As a result, imports attained the peak of $509M. From 2023 to 2024, the growth of imports failed to regain momentum.

Morocco (60K tons) and South Africa (52K tons) represented roughly 34% of total imports in 2024. Egypt (27K tons) held the next position in the ranking, followed by Tunisia (18K tons) and Zimbabwe (17K tons). All these countries together took approx. 19% share of total imports. Libya (14K tons), Tanzania (13K tons), Ghana (13K tons), Kenya (10K tons) and Botswana (9.2K tons) held a relatively small share of total imports.

From 2013 to 2024, the biggest increases were recorded for Libya (with a CAGR of +8.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($60M), Morocco ($59M) and Egypt ($44M) were the countries with the highest levels of imports in 2024, with a combined 39% share of total imports. Libya, Tunisia, Zimbabwe, Tanzania, Ghana, Kenya and Botswana lagged somewhat behind, together comprising a further 31%.

Among the main importing countries, Libya, with a CAGR of +18.2%, recorded 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.

In 2024, iron or non-alloy steel wire, plated or coated with zinc (112K tons) and iron or non-alloy steel wire, not plated or coated (97K tons) represented the key types of iron and steel wire in Africa, together constituting 64% of total imports. Iron or non-alloy steel wire, plated or coated other than with base metals (47K tons) ranks next in terms of the total imports with a 14% share, followed by steel alloy wire of materials other than silico-manganese steel (7.1%) and steel alloy wire of silico-manganese steel (6.6%). The following types - stainless steel wire (15K tons) and iron or non-alloy steel wire, plated or coated with non-zinc base metals (13K tons) - each amounted to an 8.5% share of total imports.

From 2013 to 2024, the biggest increases were recorded for steel alloy wire of silico-manganese steel (with a CAGR of +20.8%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported iron and steel wire were iron or non-alloy steel wire, plated or coated with zinc ($149M), iron or non-alloy steel wire, not plated or coated ($100M) and iron or non-alloy steel wire, plated or coated other than with base metals ($51M), together accounting for 73% of total imports. Stainless steel wire, steel alloy wire of silico-manganese steel, steel alloy wire of materials other than silico-manganese steel and iron or non-alloy steel wire, plated or coated with non-zinc base metals lagged somewhat behind, together comprising a further 27%.

In terms of the main imported products, steel alloy wire of silico-manganese steel, with a CAGR of +16.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced mixed trends in the imports figures.

In 2024, the import price in Africa amounted to $1,253 per ton, rising by 4% against the previous year. Import price indicated moderate growth from 2013 to 2024: its price increased at an average annual rate of +4.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, iron and steel wire import price decreased by -14.7% against 2022 indices. The most prominent rate of growth was recorded in 2019 an increase of 47% against the previous year. Over the period under review, import prices reached the peak figure at $1,470 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was stainless steel wire ($2,848 per ton), while the price for iron or non-alloy steel wire, not plated or coated ($1,040 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel wire, plated or coated with zinc (+9.1%), while the other products experienced more modest paces of growth.

The import price in Africa stood at $1,253 per ton in 2024, rising by 4% against the previous year. Import price indicated a tangible expansion from 2013 to 2024: its price increased at an average annual rate of +4.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, iron and steel wire import price decreased by -14.7% against 2022 indices. The growth pace was the most rapid in 2019 an increase of 47% against the previous year. Over the period under review, import prices reached the peak figure at $1,470 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Libya ($2,959 per ton), while Ghana ($934 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Egypt (+21.2%), while the other leaders experienced more modest paces of growth.

In 2024, overseas shipments of iron and steel wire increased by 8.9% to 140K tons, rising for the third year in a row after two years of decline. In general, exports, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2022 when exports increased by 95% against the previous year. The volume of export peaked at 217K tons in 2013; however, from 2014 to 2024, the exports failed to regain momentum.

In value terms, iron and steel wire exports rose sharply to $157M in 2024. Total exports indicated tangible growth from 2013 to 2024: its value increased at an average annual rate of +2.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +129.6% against 2021 indices. The most prominent rate of growth was recorded in 2022 with an increase of 97%. Over the period under review, the exports hit record highs in 2024 and are likely to continue growth in the immediate term.

In 2024, South Africa (74K tons) was the main exporter of iron and steel wire, constituting 53% of total exports. Egypt (33K tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by Tunisia (6.6%) and Kenya (5.2%). Tanzania (5.7K tons), Ghana (5.5K tons) and Cote d'Ivoire (2.4K tons) took a relatively small share of total exports.

South Africa experienced a relatively flat trend pattern with regard to volume of exports of iron and steel wire. At the same time, Tanzania (+56.4%), Kenya (+12.7%) and Tunisia (+2.8%) displayed positive paces of growth. Moreover, Tanzania emerged as the fastest-growing exporter exported in Africa, with a CAGR of +56.4% from 2013-2024. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Ghana (-4.9%) and Egypt (-11.4%) illustrated a downward trend over the same period. South Africa (+21 p.p.), Kenya (+4.3 p.p.), Tanzania (+4 p.p.) and Tunisia (+3.4 p.p.) significantly strengthened its position in terms of the total exports, while Egypt saw its share reduced by -33.7% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron and steel wire supplying countries in Africa were South Africa ($73M), Egypt ($46M) and Tunisia ($12M), together comprising 83% of total exports. Tanzania, Kenya, Ghana and Cote d'Ivoire lagged somewhat behind, together comprising a further 13%.

Among the main exporting countries, Tanzania, with a CAGR of +25.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

In 2024, iron or non-alloy steel wire, plated or coated with zinc (76K tons) was the key type of iron and steel wire, generating 54% of total exports. It was distantly followed by iron or non-alloy steel wire, not plated or coated (33K tons) and iron or non-alloy steel wire, plated or coated other than with base metals (28K tons), together creating a 43% share of total exports.

Iron or non-alloy steel wire, plated or coated with zinc was also the fastest-growing in terms of exports, with a CAGR of +3.4% from 2013 to 2024. iron or non-alloy steel wire, not plated or coated (-1.1%) and iron or non-alloy steel wire, plated or coated other than with base metals (-12.4%) illustrated a downward trend over the same period. Iron or non-alloy steel wire, plated or coated with zinc (+30 p.p.) and iron or non-alloy steel wire, not plated or coated (+6.2 p.p.) significantly strengthened its position in terms of the total exports, while iron or non-alloy steel wire, plated or coated other than with base metals saw its share reduced by -35.2% from 2013 to 2024, respectively.

In value terms, iron or non-alloy steel wire, plated or coated with zinc ($85M) remains the largest type of iron and steel wire supplied in Africa, comprising 54% of total exports. The second position in the ranking was taken by iron or non-alloy steel wire, not plated or coated ($37M), with a 24% share of total exports. It was followed by iron or non-alloy steel wire, plated or coated other than with base metals, with an 18% share.

From 2013 to 2024, the average annual growth rate of the value of iron or non-alloy steel wire, plated or coated with zinc exports totaled +3.9%. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel wire, not plated or coated (+0.6% per year) and iron or non-alloy steel wire, plated or coated other than with base metals (+4.3% per year).

The export price in Africa stood at $1,119 per ton in 2024, surging by 4.7% against the previous year. Export price indicated strong growth from 2013 to 2024: its price increased at an average annual rate of +6.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, iron and steel wire export price decreased by -7.4% against 2022 indices. The most prominent rate of growth was recorded in 2014 an increase of 77%. Over the period under review, the export prices reached the maximum at $1,208 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was steel alloy wire of silico-manganese steel ($3,824 per ton), while the average price for exports of iron or non-alloy steel wire, plated or coated other than with base metals ($1,027 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel wire, plated or coated other than with base metals (+19.1%), while the other products experienced more modest paces of growth.

The export price in Africa stood at $1,119 per ton in 2024, surging by 4.7% against the previous year. Export price indicated buoyant growth from 2013 to 2024: its price increased at an average annual rate of +6.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, iron and steel wire export price decreased by -7.4% against 2022 indices. The pace of growth was the most pronounced in 2014 when the export price increased by 77%. Over the period under review, the export prices hit record highs at $1,208 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Egypt ($1,415 per ton), while Ghana ($561 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Egypt (+21.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for iron and steel wire in Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

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