Northern America: Metal Wool Market 2024

Metal Wool Market Size in Northern America

The North American metal wool market rose significantly to $X in 2022, growing by 9.2% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Metal Wool Production in Northern America

In value terms, metal wool production totaled $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 -4.3% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by 36% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Metal Wool Exports

Exports in Northern America

In 2022, overseas shipments of iron or steel wool decreased by -8.3% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a deep slump. The growth pace was the most rapid in 2020 when exports increased by 52%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, metal wool exports contracted modestly to $X in 2022. Over the period under review, exports saw a pronounced setback. The growth pace was the most rapid in 2020 when exports increased by 29% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States dominates exports structure, resulting at X tons, which was near 97% of total exports in 2022. Canada (X tons) followed a long way behind the leaders.

Exports from the United States decreased at an average annual rate of -5.3% from 2012 to 2022. At the same time, Canada (+6.2%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +6.2% from 2012-2022. While the share of Canada (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United States (-2 p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest metal wool supplier in Northern America, comprising 96% of total exports. The second position in the ranking was held by Canada ($X), with a 3.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United States stood at -3.2%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, rising by 8.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2019 an increase of 13% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.1%).

Metal Wool Imports

Imports in Northern America

In 2022, overseas purchases of iron or steel wool increased by 9.6% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, recorded a slight setback. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, metal wool imports rose rapidly to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 14% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The United States was the major importing country with an import of around X tons, which accounted for 82% of total imports. It was distantly followed by Canada (X tons), making up an 18% share of total imports.

Imports into the United States decreased at an average annual rate of -1.8% from 2012 to 2022. Canada experienced a relatively flat trend pattern. While the share of Canada (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United States (-3.3 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported iron or steel wool in Northern America, comprising 83% of total imports. The second position in the ranking was held by Canada ($X), with a 16% share of total imports.

In the United States, metal wool imports remained relatively stable over the period from 2012-2022.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, stabilizing at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2014 an increase of 9% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.4%).

Source: IndexBox Platform

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