Asia-Pacific's Hot-Rolled Steel Bars and Rods Market to See +2.5% CAGR Growth Through 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Asia-Pacific - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights.

The demand for hot-rolled steel bars and rods in Asia-Pacific is set to rise, leading to a forecasted CAGR of +2.5% in market performance and a projected market value of $949.1B by 2035.

Driven by increasing demand for hot-rolled steel bars and rods in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market volume to 1,052M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2024 to 2035, which is projected to bring the market value to $949.1B (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 798M tons of hot-rolled steel bars and rods were consumed in Asia-Pacific; standing approx. at 2023. The total consumption indicated a noticeable expansion from 2013 to 2024: its volume increased at an average annual rate of +4.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -1.9% against 2022 indices. Over the period under review, consumption hit record highs at 814M tons in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The value of the market for hot-rolled steel bars and rods in Asia-Pacific was estimated at $615.5B in 2024, increasing by 2.6% 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 enjoyed a prominent expansion. Over the period under review, the market attained the maximum level at $635.8B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

China (699M tons) constituted the country with the largest volume of hot-rolled steel bar and rod consumption, comprising approx. 88% of total volume. Moreover, hot-rolled steel bar and rod consumption in China exceeded the figures recorded by the second-largest consumer, South Korea (26M tons), more than tenfold. India (22M tons) ranked third in terms of total consumption with a 2.8% share.

In China, hot-rolled steel bar and rod consumption increased at an average annual rate of +4.6% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: South Korea (+4.2% per year) and India (+5.1% per year).

In value terms, China ($525.5B) led the market, alone. The second position in the ranking was held by South Korea ($26B). It was followed by India.

From 2013 to 2024, the average annual growth rate of value in China stood at +6.2%. In the other countries, the average annual rates were as follows: South Korea (+5.4% per year) and India (+5.1% per year).

The countries with the highest levels of hot-rolled steel bar and rod per capita consumption in 2024 were South Korea (503 kg per person), China (490 kg per person) and Vietnam (136 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +7.3%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, production of hot-rolled steel bars and rods in Asia-Pacific was estimated at 807M tons, with an increase of 1.7% compared with 2023 figures. The total production indicated a tangible expansion from 2013 to 2024: its volume increased at an average annual rate of +4.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.6% against 2022 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 9.2%. Over the period under review, production reached the peak volume at 820M tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, hot-rolled steel bar and rod production expanded to $644.8B in 2024 estimated in export price. Overall, production posted a buoyant increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 46% against the previous year. Over the period under review, production attained the peak level at $666.9B in 2022; however, from 2023 to 2024, production failed to regain momentum.

China (711M tons) constituted the country with the largest volume of hot-rolled steel bar and rod production, accounting for 88% of total volume. Moreover, hot-rolled steel bar and rod production in China exceeded the figures recorded by the second-largest producer, South Korea (25M tons), more than tenfold. The third position in this ranking was held by India (23M tons), with a 2.8% share.

In China, hot-rolled steel bar and rod production increased at an average annual rate of +4.4% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: South Korea (+4.6% per year) and India (+5.5% per year).

In 2024, the amount of hot-rolled steel bars and rods imported in Asia-Pacific fell to 15M tons, shrinking by -12.7% compared with 2023. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 with an increase of 23% against the previous year. Over the period under review, imports attained the maximum at 24M tons in 2016; however, from 2017 to 2024, imports failed to regain momentum.

In value terms, hot-rolled steel bar and rod imports reduced slightly to $11.7B in 2024. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 62%. As a result, imports attained the peak of $15.5B. From 2022 to 2024, the growth of imports remained at a somewhat lower figure.

Thailand (2.7M tons), South Korea (2M tons), Hong Kong SAR (1.9M tons) and Singapore (1.6M tons) represented roughly 54% of total imports in 2024. Vietnam (831K tons) took a 5.5% share (based on physical terms) of total imports, which put it in second place, followed by Australia (5.3%) and Malaysia (5.2%). The following importers - Indonesia (575K tons), the Philippines (562K tons) and Taiwan (Chinese) (543K tons) - each accounted for an 11% share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +11.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in Asia-Pacific were Thailand ($2.3B), South Korea ($1.2B) and Hong Kong SAR ($1.1B), with a combined 39% share of total imports. Singapore, Vietnam, Malaysia, Australia, Taiwan (Chinese), Indonesia and the Philippines lagged somewhat behind, together accounting for a further 37%.

Among the main importing countries, the Philippines, with a CAGR of +11.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (6.5M tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (4.7M tons) represented roughly 72% of total imports in 2024. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (2.5M tons) held the next position in the ranking, followed by hot-rolled bars in bearing steels (1.5M tons). All these products together held approx. 26% share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading imported products, was attained by hot-rolled round bars of stainless steel (with a CAGR of +1.7%), while imports for the other products experienced more modest paces of growth.

In value terms, the largest types of imported hot-rolled steel bars and rods were iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($3.9B), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($3.3B) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils ($2B), with a combined 78% share of total imports. Hot-rolled bars in bearing steels, hot-rolled wire rod in coil of stainless steel, hot-rolled round bars of stainless steel and steel, stainless lagged somewhat behind, together accounting for a further 22%.

In terms of the main imported products, hot-rolled round bars of stainless steel, with a CAGR of +3.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the import price in Asia-Pacific amounted to $771 per ton, rising by 12% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 37% against the previous year. Over the period under review, import prices attained the maximum at $982 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was hot-rolled round bars of stainless steel ($4,934 per ton), while the price for iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($596 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by steel, stainless; bars and rods, hot-rolled, hot-drawn or extruded, other than of circular cross-section (+3.0%), while the other products experienced more modest paces of growth.

In 2024, the import price in Asia-Pacific amounted to $771 per ton, growing by 12% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 37%. The level of import peaked at $982 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Vietnam ($995 per ton), while Hong Kong SAR ($566 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced more modest paces of growth.

In 2024, approx. 24M tons of hot-rolled steel bars and rods were exported in Asia-Pacific; picking up by 9.8% on the year before. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 60% against the previous year. The volume of export peaked at 51M tons in 2015; however, from 2016 to 2024, the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports rose slightly to $17.1B in 2024. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 69%. Over the period under review, the exports reached the maximum at $22.2B in 2014; however, from 2015 to 2024, the exports remained at a lower figure.

China represented the main exporter of hot-rolled steel bars and rods in Asia-Pacific, with the volume of exports amounting to 12M tons, which was near 51% of total exports in 2024. Malaysia (4.9M tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Japan (8.2%) and South Korea (4.9%). Vietnam (1,075K tons), India (1,006K tons) and Indonesia (581K tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to hot-rolled steel bar and rod exports from China stood at -2.8%. At the same time, Malaysia (+39.2%), Indonesia (+20.8%), Vietnam (+9.3%) and India (+9.2%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +39.2% from 2013-2024. By contrast, South Korea (-1.5%) and Japan (-4.0%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Malaysia, Vietnam, India and Indonesia increased by +20, +2.7, +2.6 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.4B) remains the largest hot-rolled steel bar and rod supplier in Asia-Pacific, comprising 43% of total exports. The second position in the ranking was held by Malaysia ($2.7B), with a 16% share of total exports. It was followed by Japan, with a 14% share.

In China, hot-rolled steel bar and rod exports shrank by an average annual rate of -2.4% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Malaysia (+35.6% per year) and Japan (-2.6% per year).

Iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (9.5M tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (9.2M tons) represented the major types of hot-rolled steel bars and rods in 2024, accounting for approx. 38% and 37% of total exports, respectively. Hot-rolled bars in bearing steels (3.6M tons) ranks next in terms of the total exports with a 14% share, followed by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (8.7%).

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (with a CAGR of +12.4%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported hot-rolled steel bars and rods were iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($5.6B), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($5.3B) and hot-rolled bars in bearing steels ($2.7B), together accounting for 81% of total exports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, hot-rolled wire rod in coil of stainless steel, hot-rolled round bars of stainless steel and steel, stainless lagged somewhat behind, together accounting for a further 19%.

Steel, stainless, with a CAGR of +12.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

The export price in Asia-Pacific stood at $708 per ton in 2024, shrinking by -5.8% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 88%. The level of export peaked at $934 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was steel, stainless ($3,841 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($582 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+2.6%), while the other products experienced more modest paces of growth.

The export price in Asia-Pacific stood at $708 per ton in 2024, declining by -5.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 88%. The level of export peaked at $934 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($1,181 per ton), while Indonesia ($414 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in Asia-Pacific. 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.

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

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