Africa's Flat-Rolled Iron or Non-Alloy Steel Market to Grow at a CAGR of +1.4% to Reach $2.7B by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Africa - Flat-Rolled Products Of Iron Or Non-Alloy Steel - Market Analysis, Forecast, Size, Trends and Insights.

The article discusses the increasing demand for flat-rolled iron and non-alloy steel products in Africa, with market performance expected to decelerate but still show growth. By 2035, the market is forecasted to reach 1.9M tons in volume and $2.7B in value, showcasing a steady upward trend over the next decade.

Driven by increasing demand for flat-rolled products of iron or non-alloy steel in Africa, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.1% for the period from 2024 to 2035, which is projected to bring the market volume to 1.9M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market value to $2.7B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of flat-rolled products of iron or non-alloy steel increased by 0.7% to 1.9M tons for the first time since 2020, thus ending a three-year declining trend. The total consumption volume increased at an average annual rate of +1.6% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the consumption volume increased by 7.4% against the previous year. The volume of consumption peaked at 2.2M tons in 2020; however, from 2021 to 2024, consumption failed to regain momentum.

The size of the flat-rolled steel products market in Africa stood at $2.3B in 2024, 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 +2.5% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $2.4B in 2021; however, from 2022 to 2024, consumption remained at a lower figure.

The countries with the highest volumes of consumption in 2024 were South Africa (324K tons), Kenya (227K tons) and Ghana (148K tons), with a combined 38% share of total consumption. Angola, Zambia, Chad, Mali, Egypt, Senegal and Rwanda lagged somewhat behind, together accounting for a further 37%.

From 2013 to 2024, the biggest increases were recorded for Egypt (with a CAGR of +7.0%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, Kenya ($356M), South Africa ($353M) and Ghana ($168M) constituted the countries with the highest levels of market value in 2024, together comprising 37% of the total market.

Ghana, with a CAGR of +8.0%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of flat-rolled steel products per capita consumption in 2024 were Chad (5.9 kg per person), Zambia (5.6 kg per person) and South Africa (5.2 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Egypt (with a CAGR of +4.9%), while consumption for the other leaders experienced more modest paces of growth.

Flat-rolled steel products production shrank slightly to 1.5M tons in 2024, approximately reflecting the year before. The total output volume increased at an average annual rate of +1.1% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 7.4%. The volume of production peaked at 1.8M tons in 2020; however, from 2021 to 2024, production stood at a somewhat lower figure.

In value terms, flat-rolled steel products production declined modestly to $2B in 2024 estimated in export price. The total production indicated temperate growth from 2013 to 2024: its value increased at an average annual rate of +2.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -0.4% against 2021 indices. The growth pace was the most rapid in 2018 with an increase of 13% against the previous year. The level of production peaked at $2B in 2021; afterwards, it flattened through to 2024.

The countries with the highest volumes of production in 2024 were South Africa (228K tons), Kenya (211K tons) and Ghana (142K tons), with a combined 38% share of total production.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Ghana (with a CAGR of +6.5%), while production for the other leaders experienced more modest paces of growth.

In 2024, supplies from abroad of flat-rolled products of iron or non-alloy steel was finally on the rise to reach 328K tons for the first time since 2021, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.2% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 26%. Over the period under review, imports hit record highs at 425K tons in 2018; however, from 2019 to 2024, imports failed to regain momentum.

In value terms, flat-rolled steel products imports expanded sharply to $444M in 2024. Total imports indicated a tangible expansion from 2013 to 2024: its value increased at an average annual rate of +2.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -24.2% against 2022 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 27% against the previous year. The level of import peaked at $585M in 2022; however, from 2023 to 2024, imports failed to regain momentum.

South Africa (104K tons) and Egypt (85K tons) represented roughly 57% of total imports in 2024. Algeria (27K tons) held an 8.3% share (based on physical terms) of total imports, which put it in second place, followed by Tunisia (7.6%), Morocco (5.4%) and Kenya (5%). Mozambique (9.3K tons) held a minor share of total imports.

From 2013 to 2024, the biggest increases were recorded for South Africa (with a CAGR of +16.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($125M), Egypt ($120M) and Algeria ($38M) appeared to be the countries with the highest levels of imports in 2024, together accounting for 64% of total imports.

South Africa, with a CAGR of +15.3%, saw the highest rates of growth with regard to 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.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm dominates imports structure, recording 307K tons, which was approx. 93% of total imports in 2024. It was distantly followed by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (15K tons), making up a 4.7% share of total imports. Iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (6.2K tons) followed a long way behind the leaders.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm was also the fastest-growing in terms of imports, with a CAGR of +3.7% from 2013 to 2024. iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-3.9%) and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-8.6%) illustrated a downward trend over the same period. Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (+13 p.p.) significantly strengthened its position in terms of the total imports, while iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more saw its share reduced by -1.8% and -11.3% from 2013 to 2024, respectively.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($410M) constitutes the largest type of flat-rolled products of iron or non-alloy steel imported in Africa, comprising 93% of total imports. The second position in the ranking was taken by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($22M), with a 5% share of total imports.

From 2013 to 2024, the average annual growth rate of the value of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm imports stood at +3.3%. With regard to the other imported products, the following average annual rates of growth were recorded: iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-5.3% per year) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-1.4% per year).

In 2024, the import price in Africa amounted to $1,351 per ton, approximately mirroring the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of 33%. As a result, import price attained the peak level of $1,683 per ton. From 2023 to 2024, the import prices remained at a lower figure.

Average prices varied somewhat amongst the major imported products. In 2024, the product with the highest price was iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($1,766 per ton), while the price for iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($1,339 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; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+3.5%), while the other products experienced mixed trends in the import price figures.

In 2024, the import price in Africa amounted to $1,351 per ton, remaining relatively unchanged against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the import price increased by 33%. As a result, import price reached the peak level of $1,683 per ton. From 2023 to 2024, the import prices remained at a somewhat 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 Morocco ($1,668 per ton), while Mozambique ($562 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Tunisia (+2.3%), while the other leaders experienced more modest paces of growth.

In 2024, flat-rolled steel products exports in Africa contracted to 9.2K tons, shrinking by -13.2% against the previous year. Over the period under review, exports faced a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 31%. Over the period under review, the exports reached the peak figure at 64K tons in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

In value terms, flat-rolled steel products exports contracted to $13M in 2024. In general, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 58%. Over the period under review, the exports reached the maximum at $54M in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

South Africa dominates exports structure, accounting for 7.1K tons, which was near 77% of total exports in 2024. It was distantly followed by Kenya (764 tons), creating an 8.3% share of total exports. Egypt (384 tons), Senegal (349 tons), Tanzania (154 tons) and Tunisia (142 tons) held a minor share of total exports.

Exports from South Africa decreased at an average annual rate of -13.1% from 2013 to 2024. At the same time, Senegal (+13.7%) and Kenya (+2.2%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Africa, with a CAGR of +13.7% from 2013-2024. By contrast, Tunisia (-12.7%), Tanzania (-24.7%) and Egypt (-31.5%) illustrated a downward trend over the same period. From 2013 to 2024, the share of South Africa, Kenya and Senegal increased by +25, +7.4 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($9.4M) remains the largest flat-rolled steel products supplier in Africa, comprising 70% of total exports. The second position in the ranking was held by Kenya ($2.1M), with a 15% share of total exports. It was followed by Egypt, with a 4.1% share.

From 2013 to 2024, the average annual rate of growth in terms of value in South Africa stood at -8.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Kenya (+5.2% per year) and Egypt (-28.4% per year).

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (4.6K tons) and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (3.7K tons) prevails in exports structure, together making up 90% of total exports. It was distantly followed by iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (913 tons), generating a 9.9% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (with a CAGR of -5.8%), while the other products experienced a decline in the exports figures.

In value terms, the largest types of exported flat-rolled products of iron or non-alloy steel were iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($5.9M), iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($5M) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($2.5M), with a combined 99.9% share of total exports.

Among the main exported products, iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin, with a CAGR of +4.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced a decline in the exports figures.

In 2024, the export price in Africa amounted to $1,461 per ton, growing by 8.2% against the previous year. Over the period under review, the export price recorded a resilient increase. The pace of growth appeared the most rapid in 2018 when the export price increased by 45%. The level of export peaked in 2024 and is likely to see steady growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($2,773 per ton), while the average price for exports of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($1,298 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; flat-rolled, width less than 600mm, plated or coated with tin (+11.1%), while the other products experienced more modest paces of growth.

The export price in Africa stood at $1,461 per ton in 2024, with an increase of 8.2% against the previous year. Overall, the export price posted a strong expansion. The most prominent rate of growth was recorded in 2018 when the export price increased by 45% against the previous year. Over the period under review, the export prices hit record highs in 2024 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kenya ($2,699 per ton), while Senegal ($1,050 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Africa (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the flat-rolled steel products market 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.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

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