Metal Wool Market

The metal wool market is expected to see a decline in consumption over the next eight years, with a projected decrease in market volume and an increase in market value. Russia dominates the market in terms of both consumption and production. Global consumption and production have shown fluctuating patterns over the years, with certain countries experiencing growth in consumption and production rates. The largest importers and exporters of metal wool are also highlighted, with China leading in exports and Russia in imports.

Market Forecast

The metal wool market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.5% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market value to $6.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iron Or Steel Wool

In 2022, consumption of iron or steel wool increased by 9.9% to 1.3M tons, rising for the fourth year in a row after two years of decline. Over the period under review, the total consumption 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, consumption increased by +60.6% against 2018 indices. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

The global metal wool market revenue expanded sharply to $6.1B in 2022, surging by 12% 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). In general, consumption, however, recorded a pronounced setback. Over the period under review, the global market attained the peak level at $7.8B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

Russia (1.1M tons) constituted the country with the largest volume of metal wool consumption, accounting for 85% of total volume. Moreover, metal wool consumption in Russia exceeded the figures recorded by the second-largest consumer, China (45K tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume in Russia totaled +3.5%. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+3.4% per year) and the United States (+4.1% per year).

In value terms, Russia ($5.4B) led the market, alone. The second position in the ranking was held by China ($169M).

In Russia, the metal wool market declined by an average annual rate of -2.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (+4.7% per year) and the United States (+5.1% per year).

From 2012 to 2022, the average annual rate of growth in terms of the metal wool per capita consumption in Russia stood at +3.4%. In the other countries, the average annual rates were as follows: the United States (+3.4% per year) and China (+2.9% per year).

Production

World Production of Iron Or Steel Wool

In 2022, production of iron or steel wool increased by 10% to 1.3M tons, rising for the fourth year in a row after two years of decline. Over the period under review, the total production indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +59.9% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 26%. Global production peaked in 2022 and is expected to retain growth in the near future.

In value terms, metal wool production surged to $3.7B in 2022 estimated in export price. Overall, production, however, faced a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of 115%. Global production peaked at $10.8B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of metal wool production was Russia (1.1M tons), comprising approx. 87% of total volume. Moreover, metal wool production in Russia exceeded the figures recorded by the second-largest producer, China (91K tons), more than tenfold.

In Russia, metal wool production increased at an average annual rate of +3.5% over the period from 2012-2022.

Imports

World Imports of Iron Or Steel Wool

For the third consecutive year, the global market recorded growth in overseas purchases of iron or steel wool, which increased by 5.2% to 91K tons in 2022. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 26%. As a result, imports attained the peak of 95K tons. From 2014 to 2022, the growth of global imports failed to regain momentum.

In value terms, metal wool imports rose to $290M in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 23% against the previous year. As a result, imports reached the peak of $304M. From 2014 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

In 2022, South Africa (15K tons), distantly followed by the United States (7.7K tons) and Saudi Arabia (6.6K tons) represented the major importers of iron or steel wool, together committing 32% of total imports. Kenya (3.3K tons), Burkina Faso (2.9K tons), the Philippines (2.7K tons), Germany (2.2K tons), the UK (2.1K tons), Iraq (1.9K tons), Russia (1.9K tons), Canada (1.7K tons), France (1.6K tons) and the Netherlands (1.5K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +44.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest metal wool importing markets worldwide were the United States ($32M), Saudi Arabia ($26M) and the UK ($11M), with a combined 24% share of global imports. Germany, France, Iraq, the Netherlands, Russia, Canada, South Africa, Kenya, the Philippines and Burkina Faso lagged somewhat behind, together accounting for a further 21%.

In terms of the main importing countries, Burkina Faso, with a CAGR of +37.0%, recorded 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

In 2022, the average metal wool import price amounted to $3,178 per ton, therefore, remained relatively stable against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 12% against the previous year. As a result, import price attained the peak level of $3,566 per ton. From 2015 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($6,494 per ton), while Burkina Faso ($195 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+5.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iron Or Steel Wool

In 2022, global metal wool exports rose significantly to 67K tons, growing by 5.6% against the year before. Overall, exports, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 13%. Over the period under review, the global exports attained the peak figure at 85K tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, metal wool exports totaled $305M in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 8.3%. The global exports peaked at $367M in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports By Country

China prevails in exports structure, resulting at 46K tons, which was approx. 70% of total exports in 2022. The United States (2.4K tons), Mexico (2.1K tons), India (2K tons), Italy (1.4K tons), Egypt (1.3K tons), Germany (1.2K tons) and the United Arab Emirates (1.2K tons) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -1.7% from 2012 to 2022. At the same time, Mexico (+11.7%), Italy (+4.1%) and India (+1.0%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.7% from 2012-2022. By contrast, the United Arab Emirates (-3.4%), Germany (-4.2%), the United States (-5.3%) and Egypt (-17.0%) illustrated a downward trend over the same period. China (+4.9 p.p.) and Mexico (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while Egypt saw its share reduced by -7.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($201M) remains the largest metal wool supplier worldwide, comprising 66% of global exports. The second position in the ranking was taken by Germany ($9.8M), with a 3.2% share of global exports. It was followed by the United States, with a 3.2% share.

In China, metal wool exports expanded at an average annual rate of +1.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-3.4% per year) and the United States (-3.2% per year).

Export Prices By Country

In 2022, the average metal wool export price amounted to $4,578 per ton, dropping by -1.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2014 an increase of 20%. Over the period under review, the average export prices attained the peak figure at $5,210 per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 Germany ($7,920 per ton), while India ($3,038 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+12.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform