Hot-Rolled Wire Stainless Steel Rod Market

The global market for hot-rolled wire rod in coil of stainless steel is forecasted to continue an upward consumption trend over the next eight years, with expectations of increased market volume and value by 2030. The article analyzes market performance, consumption patterns, production volumes, and import/export data to provide a comprehensive overview of the market dynamics. Significant fluctuations in consumption, production, and import/export figures are noted over the years, with various countries playing key roles in the market. Pricing trends for imports and exports are also analyzed, highlighting differences among major importing and exporting countries. Overall, the market is expected to see gradual growth, with steady expansion in both volume and value terms.

Market Forecast

Driven by increasing demand for hot-rolled wire rod in coil of stainless steel worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market volume to 1.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $4.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hot-Rolled Wire Rod In Coil Of Stainless Steel

In 2022, consumption of hot-rolled wire rod in coil of stainless steel decreased by -3.2% to 845K tons for the first time since 2018, thus ending a three-year rising trend. The total consumption volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 1M tons. From 2016 to 2022, the growth of the global consumption failed to regain momentum.

The revenue of the market for hot-rolled wire rod in coil of stainless steel worldwide surged to $3B in 2022, growing by 17% 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). Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +84.8% against 2016 indices. Over the period under review, the global market reached the peak level in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Singapore (102K tons), Italy (82K tons) and China (73K tons), with a combined 30% share of global consumption. Germany, Vietnam, Taiwan (Chinese), Thailand, the United States, Switzerland, France, Malaysia and the Czech Republic lagged somewhat behind, together accounting for a further 50%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Switzerland (with a CAGR of +42.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled wire stainless steel rod markets worldwide were China ($342M), Italy ($338M) and Germany ($325M), together accounting for 34% of the global market. The United States, Switzerland, Thailand, Taiwan (Chinese), Vietnam, France, Singapore, the Czech Republic and Malaysia lagged somewhat behind, together accounting for a further 44%.

Among the main consuming countries, Switzerland, with a CAGR of +45.8%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of hot-rolled wire stainless steel rod per capita consumption was registered in Singapore (18 kg per person), followed by Switzerland (4.7 kg per person), the Czech Republic (1.9 kg per person) and Italy (1.4 kg per person), while the world average per capita consumption of hot-rolled wire stainless steel rod was estimated at 0.1 kg per person.

From 2012 to 2022, the average annual growth rate of the hot-rolled wire stainless steel rod per capita consumption in Singapore was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Switzerland (+41.3% per year) and the Czech Republic (+3.7% per year).

Production

World Production of Hot-Rolled Wire Rod In Coil Of Stainless Steel

In 2022, global hot-rolled wire stainless steel rod production fell to 834K tons, with a decrease of -6.6% compared with the previous year. The total output volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when the production volume increased by 15% against the previous year. As a result, production attained the peak volume of 893K tons, and then dropped in the following year.

In value terms, hot-rolled wire stainless steel rod production dropped to $2.3B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 24%. As a result, production reached the peak level of $2.4B, and then reduced in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Taiwan (Chinese) (148K tons), China (131K tons) and Singapore (102K tons), with a combined 46% share of global production. Japan, France, India, Spain, Italy and Sweden lagged somewhat behind, together accounting for a further 46%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by India (with a CAGR of +0.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

In 2022, overseas purchases of hot-rolled wire rod in coil of stainless steel decreased by -3.9% to 720K tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +21.8% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 34% against the previous year. As a result, imports attained the peak of 997K tons. From 2016 to 2022, the growth of global imports remained at a lower figure.

In value terms, hot-rolled wire stainless steel rod imports skyrocketed to $2.9B in 2022. Overall, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +86.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 50%. Over the period under review, global imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports By Country

Italy (104K tons), Germany (74K tons), Vietnam (66K tons), South Korea (66K tons), China (55K tons), Thailand (52K tons), the United States (51K tons), Switzerland (42K tons), Malaysia (29K tons), the Czech Republic (21K tons), Taiwan (Chinese) (21K tons) and India (17K tons) represented roughly 83% of total imports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Switzerland (with a CAGR of +26.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($473M), Germany ($379M) and China ($299M) were the countries with the highest levels of imports in 2022, with a combined 39% share of global imports. The United States, Switzerland, Thailand, South Korea, Vietnam, the Czech Republic, Malaysia, India and Taiwan (Chinese) lagged somewhat behind, together comprising a further 43%.

Among the main importing countries, Switzerland, with a CAGR of +58.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average import price for hot-rolled wire rod in coil of stainless steel stood at $4,071 per ton in 2022, jumping by 29% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled wire stainless steel rod import price increased by +56.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 36% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Czech Republic ($5,434 per ton), while Vietnam ($2,062 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+25.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

In 2022, global hot-rolled wire stainless steel rod exports fell to 709K tons, reducing by -7.8% on 2021 figures. The total export volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 26%. Over the period under review, the global exports reached the maximum at 835K tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled wire stainless steel rod exports surged to $2.9B in 2022. Over the period under review, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +85.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 60% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

Taiwan (Chinese) (115K tons), China (113K tons), India (82K tons), Italy (79K tons), Japan (75K tons), Spain (61K tons), South Korea (53K tons), France (41K tons) and Sweden (35K tons) represented roughly 92% of total exports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +8.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled wire stainless steel rod supplying countries worldwide were Italy ($441M), Japan ($368M) and China ($344M), together accounting for 40% of global exports. Taiwan (Chinese), Spain, India, Sweden, France and South Korea lagged somewhat behind, together comprising a further 50%.

Among the main exporting countries, India, with a CAGR of +10.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for hot-rolled wire rod in coil of stainless steel stood at $4,060 per ton in 2022, surging by 26% against the previous year. In general, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled wire stainless steel rod export price increased by +60.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 28% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sweden ($6,860 per ton), while South Korea ($2,384 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform