Iron Angle Market

The global market for angles, shapes, and sections of iron or non-alloy steel is projected to grow steadily over the next eight years, with an expected CAGR of +3.6% in volume and +5.7% in value from 2022 to 2030. China dominates both consumption and production in this market, with significant growth rates. Import and export trends also indicate steady growth, with fluctuations in average prices recorded over the years.

Market Forecast

Driven by increasing demand for angles, shapes and sections (of iron or non-alloy steel) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 213M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market value to $228.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Angles, Shapes And Sections (Of Iron Or Non-Alloy Steel)

In 2022, the amount of angles, shapes and sections (of iron or non-alloy steel) consumed worldwide stood at 161M tons, approximately equating 2021. The total consumption volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the maximum volume at 166M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global iron angle market revenue rose markedly to $146.6B in 2022, growing by 9.6% 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, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2020 indices. Global consumption peaked at $150.1B in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (98M tons) constituted the country with the largest volume of iron angle consumption, accounting for 61% of total volume. Moreover, iron angle consumption in China exceeded the figures recorded by the second-largest consumer, India (8.8M tons), more than tenfold. The United States (6.6M tons) ranked third in terms of total consumption with a 4.1% share.

In China, iron angle consumption expanded at an average annual rate of +6.2% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+5.6% per year) and the United States (+0.3% per year).

In value terms, China ($88.7B) led the market, alone. The second position in the ranking was held by the United States ($5.8B). It was followed by Japan.

In China, the iron angle market increased at an average annual rate of +8.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+0.4% per year) and Japan (-2.9% per year).

The countries with the highest levels of iron angle per capita consumption in 2022 were South Korea (79 kg per person), Iran (74 kg per person) and China (69 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by China (with a CAGR of +6.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Angles, Shapes And Sections (Of Iron Or Non-Alloy Steel)

In 2022, the amount of angles, shapes and sections (of iron or non-alloy steel) produced worldwide stood at 161M tons, remaining stable against the previous year's figure. The total output volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 13% against the previous year. Over the period under review, global production reached the maximum volume at 165M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, iron angle production amounted to $183.5B in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 40%. Over the period under review, global production reached the peak level at $194B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

China (100M tons) remains the largest iron angle producing country worldwide, comprising approx. 62% of total volume. Moreover, iron angle production in China exceeded the figures recorded by the second-largest producer, India (9.1M tons), more than tenfold. The third position in this ranking was held by Iran (6.7M tons), with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +6.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+5.9% per year) and Iran (-3.5% per year).

Imports

World Imports of Angles, Shapes And Sections (Of Iron Or Non-Alloy Steel)

In 2022, purchases abroad of angles, shapes and sections (of iron or non-alloy steel) decreased by -1% to 15M tons, falling for the seventh consecutive year after two years of growth. Overall, imports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2015 with an increase of 3.1%. As a result, imports reached the peak of 18M tons. From 2016 to 2022, the growth of global imports remained at a lower figure.

In value terms, iron angle imports soared to $16.4B in 2022. In general, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 47%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The purchases of the twelve major importers of angles, shapes and sections (of iron or non-alloy steel), namely Germany, Canada, South Korea, the United States, France, the Netherlands, the UK, Malaysia, Algeria, the Philippines, Italy and Hong Kong SAR, represented more than third of total import. Belgium (325K 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 the Philippines (with a CAGR of +26.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1B), Canada ($978M) and the United States ($933M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 18% of global imports. France, the Netherlands, South Korea, the UK, Italy, Malaysia, Belgium, the Philippines, Hong Kong SAR and Algeria lagged somewhat behind, together comprising a further 31%.

In terms of the main importing countries, the Philippines, with a CAGR of +27.3%, saw 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.

Imports By Type

H-sections of of non-alloy steel was the largest type of angles, shapes and sections (of iron or non-alloy steel) in the world, with the volume of imports resulting at 6M tons, which was near 39% of total imports in 2022. I-sections of non-alloy steel (3.4M tons) took the second position in the ranking, distantly followed by u-sections of non-alloy steel (1.9M tons), iron or non-alloy steel; l sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm (1.3M tons), iron or non-alloy steel; angles, shapes and sections, n.e.s. in heading no. 7216, hot-rolled, hot-drawn or extruded (1.2M tons) and iron or non-alloy steel; l or t sections, hot-rolled, hot-drawn or extruded, of a height of 80mm or more (1.1M tons). All these products together took approx. 58% share of total imports. Iron or non-alloy steel; u, i or h sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm (456K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for h-sections of of non-alloy steel (with a CAGR of -0.1%), while purchases for the other products experienced a decline in the imports figures.

In value terms, the largest types of imported angles, shapes and sections (of iron or non-alloy steel) were h-sections of of non-alloy steel ($6.6B), i-sections of non-alloy steel ($3.6B) and u-sections of non-alloy steel ($2B), together accounting for 74% of global imports.

In terms of the main imported products, h-sections of of non-alloy steel, with a CAGR of +3.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average iron angle import price stood at $1,065 per ton in 2022, surging by 19% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron angle import price increased by +76.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 48%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major imported products. In 2022, major imported products recorded the following prices: in iron or non-alloy steel; t sections, hot-rolled, hot-drawn or extruded, of a height less than 80mm ($1,140 per ton) and iron or non-alloy steel; l or t sections, hot-rolled, hot-drawn or extruded, of a height of 80mm or more ($1,124 per ton), while the price for iron or non-alloy steel; l sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm ($931 per ton) and u-sections of non-alloy steel ($1,028 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; l or t sections, hot-rolled, hot-drawn or extruded, of a height of 80mm or more (+3.2%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average iron angle import price stood at $1,065 per ton in 2022, surging by 19% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron angle import price increased by +76.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 48%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($1,233 per ton), while Algeria ($597 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Angles, Shapes And Sections (Of Iron Or Non-Alloy Steel)

In 2022, shipments abroad of angles, shapes and sections (of iron or non-alloy steel) increased by 0.5% to 16M tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 7.8%. Over the period under review, the global exports reached the peak figure at 18M tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, iron angle exports soared to $17.4B in 2022. In general, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +92.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 60%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, China (2.3M tons), Spain (2M tons), Turkey (1.8M tons), Luxembourg (1.3M tons) and Germany (1.3M tons) was the key exporter of angles, shapes and sections (of iron or non-alloy steel) in the world, making up 54% of total export. It was distantly followed by South Korea (743K tons), comprising a 4.6% share of total exports. Japan (630K tons), Italy (494K tons), Poland (490K tons), the United States (481K tons), Thailand (391K tons), Russia (323K tons) and Bahrain (314K tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Bahrain (with a CAGR of +116.4%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($2.4B), Spain ($2.2B) and Germany ($1.6B) were the countries with the highest levels of exports in 2022, with a combined 36% share of global exports. Luxembourg, Turkey, South Korea, the United States, Italy, Poland, Japan, Thailand, Russia and Bahrain lagged somewhat behind, together accounting for a further 42%.

In terms of the main exporting countries, Bahrain, with a CAGR of +110.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

H-sections of of non-alloy steel represented the major type of angles, shapes and sections (of iron or non-alloy steel) in the world, with the volume of exports resulting at 6.6M tons, which was near 41% of total exports in 2022. I-sections of non-alloy steel (3.1M tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by u-sections of non-alloy steel (12%), iron or non-alloy steel; l sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm (8.5%), iron or non-alloy steel; l or t sections, hot-rolled, hot-drawn or extruded, of a height of 80mm or more (8.1%) and iron or non-alloy steel; angles, shapes and sections, n.e.s. in heading no. 7216, hot-rolled, hot-drawn or extruded (7.2%). Iron or non-alloy steel; u, i or h sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm (650K tons) followed a long way behind the leaders.

H-sections of of non-alloy steel experienced a relatively flat trend pattern with regard to volume of exports. Iron or non-alloy steel; u, i or h sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm experienced a relatively flat trend pattern. iron or non-alloy steel; l or t sections, hot-rolled, hot-drawn or extruded, of a height of 80mm or more (-1.1%), i-sections of non-alloy steel (-1.4%), u-sections of non-alloy steel (-1.8%), iron or non-alloy steel; l sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm (-2.0%) and iron or non-alloy steel; angles, shapes and sections, n.e.s. in heading no. 7216, hot-rolled, hot-drawn or extruded (-2.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of h-sections of of non-alloy steel increased by +5.5 percentage points, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, h-sections of of non-alloy steel ($7.2B) remains the largest type of angles, shapes and sections (of iron or non-alloy steel) supplied worldwide, comprising 41% of global exports. The second position in the ranking was held by i-sections of non-alloy steel ($3.3B), with a 19% share of global exports. It was followed by u-sections of non-alloy steel, with a 12% share.

For h-sections of of non-alloy steel, exports expanded at an average annual rate of +3.9% over the period from 2012-2022. For the other products, the average annual rates were as follows: i-sections of non-alloy steel (+1.8% per year) and u-sections of non-alloy steel (+2.4% per year).

Export Prices By Type

The average iron angle export price stood at $1,078 per ton in 2022, with an increase of 20% against the previous year. Over the period under review, export price indicated a measured expansion from 2012 to 2022: its price 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, iron angle export price increased by +77.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 48%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major exported products. In 2022, major exported products recorded the following prices: in iron or non-alloy steel; angles, shapes and sections, n.e.s. in heading no. 7216, hot-rolled, hot-drawn or extruded ($1,163 per ton) and u-sections of non-alloy steel ($1,117 per ton), while the average price for exports of iron or non-alloy steel; l sections, hot-rolled, hot-drawn or extruded, of a height of less than 80mm ($985 per ton) and iron or non-alloy steel; t sections, hot-rolled, hot-drawn or extruded, of a height less than 80mm ($987 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by non-alloy steel u-section (+4.2%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average iron angle export price amounted to $1,078 per ton, with an increase of 20% against the previous year. Over the period under review, export price indicated perceptible growth from 2012 to 2022: its price 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, iron angle export price increased by +77.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 48%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

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 the United States ($1,373 per ton), while Bahrain ($838 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform