Global Hot-Rolled Non-Alloy Steel Wire Rods Market to Witness Steady Growth with a CAGR of +1.2% through 2035, Reaching $173.5B in Value - News and Statistics - IndexBox

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IndexBox has just published a new report: World - Hot-Rolled Non-Alloy Steel Wire Rods - Market Analysis, Forecast, Size, Trends And Insights.

The market for hot-rolled non-alloy steel wire rods is expected to see continuous growth, with a forecasted increase in market volume and value by the end of 2035. Market performance is anticipated to expand with a CAGR of +1.2% in volume and +2.0% in value from 2024 to 2035, reaching 203M tons and $173.5B respectively.

Driven by increasing demand for hot-rolled non-alloy steel wire rods worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for the period from 2024 to 2035, which is projected to bring the market volume to 203M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market value to $173.5B (in nominal wholesale prices) by the end of 2035.

Global hot-rolled non-alloy steel wire rod consumption dropped slightly to 179M tons in 2024, approximately mirroring the year before. The total consumption volume increased at an average annual rate of +1.1% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 when the consumption volume increased by 9.3% against the previous year. Global consumption peaked at 188M tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.

The revenue of the market for hot-rolled non-alloy steel wire rods worldwide amounted to $140B in 2024, approximately mirroring 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 +1.8% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $143.9B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The countries with the highest volumes of consumption in 2024 were China (36M tons), the United States (24M tons) and India (16M tons), with a combined 42% share of global consumption. Brazil, Japan, Nigeria, Russia, Indonesia, the UK and France lagged somewhat behind, together accounting for a further 24%.

From 2013 to 2024, the biggest increases were recorded for Nigeria (with a CAGR of +10.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($26.5B), the United States ($25.2B) and India ($10.7B) were the countries with the highest levels of market value in 2024, with a combined 45% share of the global market. Japan, Brazil, the UK, Nigeria, Russia, Indonesia and France lagged somewhat behind, together comprising a further 23%.

Nigeria, with a CAGR of +11.2%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of hot-rolled non-alloy steel wire rod per capita consumption in 2024 were the UK (73 kg per person), the United States (70 kg per person) and France (66 kg per person).

From 2013 to 2024, the biggest increases were recorded for Nigeria (with a CAGR of +7.6%), while consumption for the other global leaders experienced more modest paces of growth.

In 2024, approx. 180M tons of hot-rolled non-alloy steel wire rods were produced worldwide; remaining stable against 2023 figures. The total output volume increased at an average annual rate of +1.3% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 11%. Over the period under review, global production attained the peak volume at 188M tons in 2019; however, from 2020 to 2024, production remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod production expanded to $144.2B in 2024 estimated in export price. In general, the total production indicated a noticeable expansion from 2013 to 2024: its value increased at an average annual rate of +2.2% 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 -4.0% against 2022 indices. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. Over the period under review, global production attained the peak level at $150.1B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2024 were China (40M tons), the United States (23M tons) and India (16M tons), together accounting for 44% of global production. Brazil, Japan, Russia, Nigeria, Indonesia, the UK and France lagged somewhat behind, together accounting for a further 25%.

From 2013 to 2024, the biggest increases were recorded for Nigeria (with a CAGR of +11.1%), while production for the other global leaders experienced more modest paces of growth.

In 2024, global imports of hot-rolled non-alloy steel wire rods declined to 18M tons, shrinking by -2.8% on 2023 figures. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 21%. As a result, imports reached the peak of 23M tons. From 2022 to 2024, the growth of global imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports reduced modestly to $13.4B in 2024. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 78%. Global imports peaked at $18.8B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

The purchases of the nine major importers of hot-rolled non-alloy steel wire rods, namely the United States, Israel, Thailand, the Netherlands, South Korea, Romania, Belgium, Malaysia and Spain, represented more than third of total import. The Philippines (496K tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +16.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($844M), South Korea ($633M) and Israel ($613M) were the countries with the highest levels of imports in 2024, with a combined 16% share of global imports. Thailand, Romania, the Netherlands, Spain, Belgium, Malaysia and the Philippines lagged somewhat behind, together accounting for a further 21%.

The Philippines, with a CAGR of +18.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

In 2024, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter (13M tons) represented the largest type of hot-rolled non-alloy steel wire rods, mixing up 71% of total imports. Ribbed or other deformed wire rod of non-alloy steel (3.5M tons) ranks second in terms of the total imports with a 19% share, followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (5.4%) and wire rod of free-cutting steel (4.5%).

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter experienced a relatively flat trend pattern with regard to volume of imports. At the same time, ribbed or other deformed wire rod of non-alloy steel (+2.5%) displayed positive paces of growth. Moreover, ribbed or other deformed wire rod of non-alloy steel emerged as the fastest-growing type imported in the world, with a CAGR of +2.5% from 2013-2024. By contrast, wire rod of free-cutting steel (-1.4%) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (-4.4%) illustrated a downward trend over the same period. Ribbed or other deformed wire rod of non-alloy steel (+5.4 p.p.) significantly strengthened its position in terms of the global imports, while iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter saw its share reduced by -2% and -3% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($9.1B) constitutes the largest type of hot-rolled non-alloy steel wire rods imported worldwide, comprising 68% of global imports. The second position in the ranking was taken by ribbed or other deformed wire rod of non-alloy steel ($2.6B), with a 19% share of global imports. It was followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter, with a 6.7% share.

For iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter, imports remained relatively stable over the period from 2013-2024. For the other products, the average annual rates were as follows: ribbed or other deformed wire rod of non-alloy steel (+3.5% per year) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (-2.9% per year).

The average import price for hot-rolled non-alloy steel wire rods stood at $734 per ton in 2024, standing approx. at the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 47%. Global import price peaked at $895 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major imported products. In 2024, major imported products recorded the following prices: in wire rod of free-cutting steel ($1,009 per ton) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter ($916 per ton), while the price for iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($702 per ton) and ribbed or other deformed wire rod of non-alloy steel ($733 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by free-cutting steel wire rod (+1.8%), while the other products experienced more modest paces of growth.

In 2024, the average import price for hot-rolled non-alloy steel wire rods amounted to $734 per ton, approximately equating the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 47%. Global import price peaked at $895 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($936 per ton), while the Philippines ($556 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+2.7%), while the other global leaders experienced more modest paces of growth.

In 2024, shipments abroad of hot-rolled non-alloy steel wire rods decreased by -3% to 20M tons, falling for the third year in a row after two years of growth. The total export volume increased at an average annual rate of +1.6% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 15%. Over the period under review, the global exports reached the peak figure at 23M tons in 2021; however, from 2022 to 2024, the exports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod exports contracted to $13.3B in 2024. In general, exports, however, saw a modest increase. The growth pace was the most rapid in 2021 when exports increased by 67%. The global exports peaked at $18.8B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

In 2024, China (4.7M tons), distantly followed by Malaysia (1.8M tons), Germany (1.2M tons), Russia (1M tons) and Turkey (0.9M tons) were the key exporters of hot-rolled non-alloy steel wire rods, together committing 49% of total exports. The following exporters - Italy (687K tons), Japan (617K tons), Egypt (520K tons), Vietnam (520K tons) and Portugal (515K tons) - together made up 15% of total exports.

China was also the fastest-growing in terms of the hot-rolled non-alloy steel wire rods exports, with a CAGR of +50.7% from 2013 to 2024. At the same time, Malaysia (+35.7%), Vietnam (+20.1%), Russia (+10.8%) and Egypt (+5.0%) displayed positive paces of growth. Italy, Portugal and Turkey experienced a relatively flat trend pattern. By contrast, Japan (-4.5%) and Germany (-4.8%) illustrated a downward trend over the same period. From 2013 to 2024, the share of China, Malaysia, Russia and Vietnam increased by +24, +8.9, +3 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.5B) remains the largest hot-rolled non-alloy steel wire rod supplier worldwide, comprising 19% of global exports. The second position in the ranking was taken by Malaysia ($975M), with a 7.3% share of global exports. It was followed by Germany, with a 7.1% share.

From 2013 to 2024, the average annual rate of growth in terms of value in China stood at +46.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+32.8% per year) and Germany (-3.5% per year).

In 2024, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter (14M tons) represented the major type of hot-rolled non-alloy steel wire rods, generating 72% of total exports. It was distantly followed by ribbed or other deformed wire rod of non-alloy steel (3.6M tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (1.2M tons), together making up a 25% share of total exports. Wire rod of free-cutting steel (652K tons) held a relatively small share of total exports.

From 2013 to 2024, average annual rates of growth with regard to iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter exports of stood at +1.8%. At the same time, ribbed or other deformed wire rod of non-alloy steel (+3.6%) displayed positive paces of growth. Moreover, ribbed or other deformed wire rod of non-alloy steel emerged as the fastest-growing type exported in the world, with a CAGR of +3.6% from 2013-2024. By contrast, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (-1.0%) and wire rod of free-cutting steel (-4.0%) illustrated a downward trend over the same period. Ribbed or other deformed wire rod of non-alloy steel (+3.5 p.p.) significantly strengthened its position in terms of the global exports, while iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter and wire rod of free-cutting steel saw its share reduced by -2.1% and -2.9% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($9.1B) remains the largest type of hot-rolled non-alloy steel wire rods supplied worldwide, comprising 69% of global exports. The second position in the ranking was taken by ribbed or other deformed wire rod of non-alloy steel ($2.5B), with a 19% share of global exports. It was followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter, with a 7.6% share.

From 2013 to 2024, the average annual growth rate of the value of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter exports amounted to +1.6%. With regard to the other exported products, the following average annual rates of growth were recorded: ribbed or other deformed wire rod of non-alloy steel (+4.2% per year) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (-0.3% per year).

The average export price for hot-rolled non-alloy steel wire rods stood at $679 per ton in 2024, dropping by -2.8% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 50% against the previous year. The global export price peaked at $875 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exported products. In 2024, major exported products recorded the following prices: in wire rod of free-cutting steel ($970 per ton) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter ($821 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($647 per ton) and ribbed or other deformed wire rod of non-alloy steel ($699 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by free-cutting steel wire rod (+1.9%), while the other products experienced more modest paces of growth.

In 2024, the average export price for hot-rolled non-alloy steel wire rods amounted to $679 per ton, which is down by -2.8% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 50%. The global export price peaked at $875 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 exporting countries. In 2024, amid the top suppliers, the country with the highest price was Japan ($942 per ton), while China ($529 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Egypt (+2.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global market for hot-rolled non-alloy steel wire rod. 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.

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

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