Africa's Iron and Steel Wire Market to See Modest Growth with Volume Reaching 943K Tons and Value Hitting $1.2B by 2035 - 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.

The article discusses the forecasted rise in consumption of iron and steel wire in Africa, with an anticipated CAGR of +0.8% in volume and +2.3% in value from 2024 to 2035. The market is expected to experience slight growth, reflecting the growing demand for these materials in the region.

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.

In 2024, consumption of iron and steel wire in Africa fell modestly to 860K tons, flattening at 2023. Over the period under review, consumption saw 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 remained at a somewhat lower figure.

The size of the iron and steel wire market in Africa rose slightly to $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). Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained 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) constituted the country with the largest volume of iron and steel wire consumption, 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. Morocco (59K tons) ranked third in terms of total consumption with a 6.9% share.

From 2013 to 2024, the average annual growth rate of volume in South Africa totaled +2.0%. 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 held by Tunisia ($100M). It was followed by Morocco.

From 2013 to 2024, the average annual rate of growth in terms of value in South Africa amounted to +1.9%. 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 year in a row after two years of growth. The total output volume increased at an average annual rate of +1.8% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 20%. Over the period under review, production hit record highs at 752K tons in 2021; however, from 2022 to 2024, production stood at a somewhat lower figure.

In value terms, iron and steel wire production amounted to $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 pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. As a result, production reached the peak level of $903M. From 2022 to 2024, production growth remained at a lower figure.

South Africa (498K tons) remains the largest iron and steel wire producing country in Africa, 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. Egypt (63K tons) ranked third in terms of total production with a 9.4% share.

From 2013 to 2024, the average annual rate of growth in terms 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, the amount of iron and steel wire imported in Africa amounted to 329K tons, almost unchanged from 2023 figures. Overall, imports, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2022 when imports increased by 58% against the previous year. Over the period under review, imports reached the peak figure at 534K tons in 2013; however, from 2014 to 2024, imports remained at a lower figure.

In value terms, iron and steel wire imports expanded sharply to $412M in 2024. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of 109%. As a result, imports reached the peak of $509M. From 2023 to 2024, the growth of imports remained at a lower figure.

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. The following importers - Libya (14K tons), Tanzania (13K tons), Ghana (13K tons), Kenya (10K tons) and Botswana (9.2K tons) - together made up 18% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Libya (with a CAGR of +8.2%), while imports for the other leaders experienced more modest paces of growth.

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

In terms of 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.

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 roughly 64% of total imports in 2024. 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 resulted at 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, 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) appeared to be the products with the highest levels of imports in 2024, together comprising 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 accounting for a further 27%.

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

The import price in Africa stood at $1,253 per ton in 2024, growing by 4% against the previous year. Import price indicated notable growth from 2013 to 2024: its price increased at an average annual rate of +4.1% over the last eleven-year period. 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 when the import price increased by 47%. Over the period under review, import prices hit record highs at $1,470 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

Prices varied noticeably by the product type; 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, surging by 4% against the previous year. Import price indicated pronounced 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 when the import price increased by 47% against the previous year. The level of import peaked at $1,470 per ton in 2022; however, from 2023 to 2024, import prices stood 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 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. Over the period under review, exports, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2022 with an increase of 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 expanded markedly to $157M in 2024. Total exports indicated a notable increase from 2013 to 2024: its value increased at an average annual rate of +2.6% over the last eleven-year period. 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 when exports increased by 97%. The level of export peaked in 2024 and is likely to see gradual growth in the immediate term.

South Africa represented the key exporter of iron and steel wire in Africa, with the volume of exports reaching 74K tons, which was near 53% of total exports in 2024. Egypt (33K tons) ranks second in terms of the total exports with a 23% share, followed by Tunisia (6.6%) and Kenya (5.2%). The following exporters - Tanzania (5.7K tons), Ghana (5.5K tons) and Cote d'Ivoire (2.4K tons) - together made up 9.7% 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. From 2013 to 2024, the share of South Africa, Kenya, Tanzania and Tunisia increased by +21, +4.3, +4 and +3.4 percentage points, 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%.

Tanzania, with a CAGR of +25.2%, saw the highest growth rate of the value of exports, among the main exporting countries 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, committing 54% of total exports. Iron or non-alloy steel wire, not plated or coated (33K tons) took the second position in the ranking, followed by iron or non-alloy steel wire, plated or coated other than with base metals (28K tons). All these products together held near 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. From 2013 to 2024, the share of iron or non-alloy steel wire, plated or coated with zinc and iron or non-alloy steel wire, not plated or coated increased by +30 and +6.2 percentage points, 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 held 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 rate of growth in terms 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, increasing 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-year period. 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% against the previous year. The level of export peaked at $1,208 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

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, growing by 4.7% against the previous year. Export price indicated a resilient increase from 2013 to 2024: its price increased at an average annual rate of +6.7% over the last eleven-year period. 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 growth pace was the most rapid in 2014 when the export price increased by 77%. The level of export peaked at $1,208 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, 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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