Report Update Nov 1, 2024

Sri Lanka - Iron and Steel Wire - Market Analysis, Forecast, Size, Trends and Insights

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Sri Lanka: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Sri Lanka

For the third year in a row, the Sri Lankan iron and steel wire market recorded growth in sales value, which increased by 54% to $X in 2021. In general, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Iron and Steel Wire

Exports from Sri Lanka

Iron and steel wire exports from Sri Lanka skyrocketed to X tons in 2021, with an increase of 93% compared with 2020. In general, exports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 367% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, iron and steel wire exports skyrocketed to $X in 2021. Overall, exports, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 319%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for iron and steel wire exports from Sri Lanka, accounting for a 96% share of total exports. Moreover, iron and steel wire exports to India exceeded the volume sent to the second major destination, Maldives (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India totaled -6.0%.

In value terms, India ($X) remains the key foreign market for iron and steel wire exports from Sri Lanka, comprising 90% of total exports. The second position in the ranking was held by Maldives ($X), with a 5.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at -2.5%.

Export Prices by Country

The average iron and steel wire export price stood at $X per ton in 2021, growing by 41% against the previous year. Over the period under review, the export price saw notable growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 47% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to India stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Sri Lanka

For the third consecutive year, Sri Lanka recorded growth in overseas purchases of iron and steel wire, which increased by 22% to X tons in 2021. Over the period under review, imports posted a prominent increase. The pace of growth was the most pronounced in 2014 when imports increased by 59% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, iron and steel wire imports soared to $X in 2021. Overall, imports showed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), India (X tons) and Thailand (X tons) were the main suppliers of iron and steel wire imports to Sri Lanka, together accounting for 84% of total imports. These countries were followed by the United Arab Emirates, Malaysia, Qatar, Oman and South Korea, which together accounted for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +149.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire suppliers to Sri Lanka were China ($X), India ($X) and Thailand ($X), together comprising 81% of total imports. Malaysia, the United Arab Emirates, Qatar, Oman and South Korea lagged somewhat behind, together accounting for a further 13%.

Oman, with a CAGR of +44.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2021, surging by 43% against the previous year. In general, the import price continues to indicate slight growth. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for iron and steel wire in the world?

China remains the largest iron and steel wire consuming country worldwide, accounting for 32% of total volume. Moreover, iron and steel wire consumption in China exceeded the figures recorded by the second-largest consumer, the United States, fivefold. The third position in this ranking was occupied by Japan, with a 5.7% share.

What are the largest producers of iron and steel wire in the world?

The country with the largest volume of iron and steel wire production was China, comprising approx. 39% of total volume. Moreover, iron and steel wire production in China exceeded the figures recorded by the second-largest producer, Japan, sevenfold. The third position in this ranking was occupied by the United States, with a 4.9% share.

What are the leading suppliers of iron and steel wire to Sri Lanka?

In value terms, China, India and Thailand appeared to be the largest iron and steel wire suppliers to Sri Lanka, with a combined 84% share of total imports. These countries were followed by the United Arab Emirates, Malaysia and Qatar, which together accounted for a further 11%.

What are the leading importers of iron and steel wire from Sri Lanka?

In value terms, India remains the key foreign market for iron and steel wire exports from Sri Lanka, comprising 90% of total exports. The second position in the ranking was occupied by Maldives, with a 5.4% share of total exports.

What is the average export price for iron and steel wire in Sri Lanka?

In 2021, the average iron and steel wire export price amounted to $1,466 per ton, rising by 27% against the previous year.

What is the average import price for iron and steel wire in Sri Lanka?

The average iron and steel wire import price stood at $1,213 per ton in 2021, growing by 37% against the previous year.

This report provides an in-depth analysis of the market for iron and steel wire in Sri Lanka. 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.

Product coverage:

Prodcom 24341130 - Iron or non-alloy steel wire containing < 0,25 % of carbon including crimping wire excluding stranded wire, barbed wire used for fencing - duplex wire - saw-tooth wire, insulated electric wire
Prodcom 24341150 - Iron or non-alloy steel wire containing 0,25-0,6 % of carbon including crimped wire excluding stranded wire, barbed wire used for fencing, duplex wire, saw-tooth wire, insulated electric wire
Prodcom 24341170 - Iron or non-alloy steel wire containing . 0,6 % of carbon including crimping wire excluding stranded wire, barbed wire used for fencing, duplex wire, saw-tooth wire, insulated electric wire
Prodcom 24341200 - Stainless steel wire (excluding very fine sterile stainless wire used for surgical sutures)
Prodcom 24341300 - Alloy steel wire (excluding stranded wire, barbed wire of a kind used for fencing, duplex wire, saw-tooth wire, insulated electric wire, of stainless steel)

Country coverage:

Sri Lanka

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Sri Lanka
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023