Iron or steel stranded wire and ropes market in Hungary

Earlier Report Observations

The Hungarian market for iron or steel stranded wire and ropes contracted sharply from $81.1 million in 2018 to $54.9 million in 2020. This decline was reflected in falling domestic production, which dropped from $98.2 million to $85.6 million over the same period. The market then staged a strong recovery, reaching $89.5 million in 2023 and edging up to $92.6 million in 2024.

Alongside the shrinking domestic market, Hungary's trade in these goods shifted significantly. While imports fluctuated, exports grew notably from $60.8 million in 2018 to a peak of $119.1 million in 2022 before moderating. This export surge, particularly during 2021-2022, coincided with the period of domestic market recovery from 2023.

During this period, the growing importance of steel scrap recycling emerged as a relevant industry trend. The increased use of secondary raw materials became essential for producing innovative steels, a development that likely influenced manufacturing processes for wire and ropes in Hungary, particularly as the market rebounded after 2020.

Production iron or steel stranded wire and ropes in Hungary

In value, 2018-2021, K $ US

Hungary's production of iron or steel stranded wire and ropes declined for the second consecutive year. In 2019, output was valued at 88 800 K $ US, but by 2020 it had fallen to 85 595 K $ US, marking a modest reduction of 3.6%. Over the three-year period from 2018 to 2020, production decreased by 12.9%, which translates to an annualized decline rate of 4.5%.

Annual dynamics of production in Hungary in value, 2018-2021, K $ US

In kind, 2018-2021, t

Hungary's production volume of iron or steel stranded wire and ropes increased for the second consecutive year. In 2020, the country produced 72 638 tons, representing an 8.6% rise compared to the previous year. From 2018 to 2020, production grew by 15.4%, with a compound annual growth rate (CAGR) of 4.9%.

Annual dynamics of production in Hungary in kind, 2018-2021, t

Exports iron or steel stranded wire and ropes from Hungary

Exports in kind, t

Hungary's exports of iron or steel stranded wire and ropes increased for the third consecutive year. In 2021, export volumes reached 75 441 tons, showing a 3.3% advance over 2020. Over the period from 2018 to 2021, exports surged by 48.2%, with a CAGR of 14.0%.

Annual dynamics of product's exports from Hungary in kind, 2018-2021, t

From 2018 to 2021, the Netherlands, Poland, and Czechia were the main markets for Hungary's exports in kind. The Netherlands accounted for 20.4% of exports, Poland for 15.5%, and Czechia for 14.3%. Together, these three countries represented 50.2% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Hungary in kind, 2018-2021

Exports in value, K $ US

Hungary's exports of iron or steel stranded wire and ropes in value terms increased for the third consecutive year. In 2021, exports totaled 94 491 K $ US, marking a significant rise of 34.4% compared to 2020. From 2018 to 2021, exports grew by 55.3%, with a CAGR of 15.8%.

Annual dynamics of product's exports from Hungary in value, 2018-2021, K $ US

Between 2018 and 2021, Hungary's exports in value terms were not heavily concentrated. The Netherlands led with 18.2% of exports, followed by Poland at 12.6% and Romania at 12.0%. Collectively, these three countries accounted for 42.9% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Hungary in value, 2018-2021

Imports iron or steel stranded wire and ropes to Hungary

Imports in kind, t

Hungary's imports of iron or steel stranded wire and ropes in kind totaled 23 749 tons in 2021, reflecting a sharp advance of 47.0% over the previous year. From 2018 to 2021, imports increased by 34.5%, equating to an annualized growth rate of 10.4%. The lowest import volume was recorded in 2020 at 16 154 tons, which also saw the largest decline of 10.4%.

Annual dynamics of product's imports to Hungary in kind, 2018-2021, t

From 2018 to 2021, China, Vietnam, and Slovakia were the leading sources for Hungary's imports in kind. China accounted for 33.5% of imports, Vietnam for 12.1%, and Slovakia for 10.6%. Together, these three countries made up 56.2% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Hungary in kind, 2018-2021

Imports in value, K $ US

Hungary's imports of iron or steel stranded wire and ropes in value terms reached 58 440 K $ US in 2021, up by 47.7% compared to 2020. Over the period from 2018 to 2021, imports increased by 33.8%, with an annualized growth rate of 10.2%. The minimum value was recorded in 2020 at 39 576 K $ US, which also experienced the largest decline of 10.9%.

Annual dynamics of product's imports to Hungary in value, 2018-2021, K $ US

Throughout 2018 to 2021, China, Slovakia, and Germany formed the core of Hungary's imports in value terms. China accounted for 26.3% of imports, Slovakia for 13.7%, and Germany for 12.6%. Collectively, these three countries represented 52.6% of total import flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Hungary in value, 2018-2021