Metal Chain Market

The global market for iron or steel chain is projected to experience growth in both consumption and production over the next eight years, with a forecasted increase in market volume and value. Key findings indicate that China, the United States, and India are the leading consumers of iron or steel chain, with noticeable increases in consumption per capita in certain countries. The report also highlights trends in production, imports, and exports, showcasing fluctuations in market prices and country rankings. Across the board, growth and potential for expansion in the global market for iron or steel chain are expected in the near future.

Market Forecast

Driven by increasing demand for iron or steel chain worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 617K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $4.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Chain

In 2022, global consumption of iron or steel chain was estimated at 551K tons, growing by 2.3% compared with the previous year's figure. 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. Over the period under review, global consumption reached the peak volume in 2022 and is likely to continue growth in the near future.

The global metal chain market revenue rose notably to $3.3B in 2022, increasing by 5.3% 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 strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +68.2% against 2014 indices. Global consumption peaked in 2022 and is likely to continue growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (110K tons), the United States (72K tons) and India (49K tons), with a combined 42% share of global consumption. Japan, Italy, Russia, Indonesia, Bangladesh, Denmark, Canada, Germany, Turkey and Senegal lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Senegal (with a CAGR of +51.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($792M) led the market, alone. The second position in the ranking was held by the United States ($370M). It was followed by China.

In Japan, the metal chain market increased at an average annual rate of +15.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+3.3% per year) and China (+2.6% per year).

In 2022, the highest levels of metal chain per capita consumption was registered in Denmark (2,055 kg per 1000 persons), followed by Senegal (505 kg per 1000 persons), Italy (417 kg per 1000 persons) and Canada (296 kg per 1000 persons), while the world average per capita consumption of metal chain was estimated at 70 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the metal chain per capita consumption in Denmark totaled +30.8%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Senegal (+48.0% per year) and Italy (-4.4% per year).

Production

World Production of Iron Or Steel Chain

For the eighth year in a row, the global market recorded growth in production of iron or steel chain, which increased by 1.4% to 504K tons in 2022. The total output volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 12% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, metal chain production stood at $3B in 2022 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.9% against 2019 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 26% against the previous year. Over the period under review, global production attained the peak level at $3.3B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (147K tons) remains the largest metal chain producing country worldwide, comprising approx. 29% of total volume. Moreover, metal chain production in China exceeded the figures recorded by the second-largest producer, the United States (71K tons), twofold. The third position in this ranking was held by India (47K tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: the United States (+2.7% per year) and India (+3.6% per year).

Imports

World Imports of Iron Or Steel Chain

In 2022, overseas purchases of iron or steel chain increased by 14% to 128K tons, rising for the second consecutive year after two years of decline. Overall, imports, however, showed a relatively flat trend pattern. Over the period under review, global imports reached the maximum at 134K tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, metal chain imports amounted to $572M in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports By Country

In 2022, Senegal (8.9K tons), the UK (8.5K tons), Norway (6.3K tons), the United States (5.8K tons), Germany (5.3K tons), Spain (5K tons), Canada (4.9K tons), India (4.2K tons), Japan (3.6K tons), the Philippines (3.4K tons), South Korea (3.3K tons) and Poland (3.2K tons) represented the major importer of iron or steel chain in the world, making up 49% of total import. Austria (3K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Senegal (with a CAGR of +51.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($85M) constitutes the largest market for imported iron or steel chain worldwide, comprising 15% of global imports. The second position in the ranking was held by the United States ($31M), with a 5.4% share of global imports. It was followed by the UK, with a 4.5% share.

In Japan, metal chain imports expanded at an average annual rate of +6.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.0% per year) and the UK (+7.8% per year).

Import Prices By Country

The average metal chain import price stood at $4,468 per ton in 2022, waning by -3.3% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 14%. Over the period under review, average import prices reached the maximum at $4,621 per ton in 2021, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($23,533 per ton), while Senegal ($973 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+11.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Chain

In 2022, shipments abroad of iron or steel chain increased by 14% to 81K tons, rising for the second year in a row after two years of decline. Overall, exports, however, showed a pronounced slump. Over the period under review, the global exports reached the maximum at 110K tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, metal chain exports skyrocketed to $395M in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 21% against the previous year. The global exports peaked at $431M in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China represented the largest exporter of iron or steel chain in the world, with the volume of exports recording 38K tons, which was near 47% of total exports in 2022. Turkey (7.1K tons) held the second position in the ranking, followed by the United States (4.8K tons) and Italy (3.9K tons). All these countries together held near 19% share of total exports. South Korea (3.1K tons), Germany (2.4K tons), Norway (2.4K tons), Belgium (1.7K tons), Taiwan (Chinese) (1.6K tons), India (1.5K tons) and Greece (1.2K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to metal chain exports from China stood at -3.8%. At the same time, Greece (+24.2%), India (+14.4%), Norway (+7.7%), Turkey (+4.2%), the United States (+1.7%) and Belgium (+1.4%) displayed positive paces of growth. Moreover, Greece emerged as the fastest-growing exporter exported in the world, with a CAGR of +24.2% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Italy (-2.6%), South Korea (-3.2%) and Taiwan (Chinese) (-6.2%) illustrated a downward trend over the same period. While the share of Turkey (+4.5 p.p.), the United States (+2.2 p.p.) and Norway (+1.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of China (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($156M) remains the largest metal chain supplier worldwide, comprising 39% of global exports. The second position in the ranking was held by Italy ($37M), with a 9.3% share of global exports. It was followed by Germany, with a 7.1% share.

In China, metal chain exports increased at an average annual rate of +1.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+0.5% per year) and Germany (+2.9% per year).

Export Prices By Country

In 2022, the average metal chain export price amounted to $4,896 per ton, surging by 5.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2021 an increase of 13% against the previous year. The global export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($11,654 per ton), while Greece ($1,564 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform