Asia Pacific region to offer lucrative growth opportunities
The global Merchant Pig Iron market was estimated at USD 60.5 billion and is anticipated to reach around USD 132.5 billion by 2030, growing at a CAGR of roughly 9% between 2022 and 2030. Our research report offers a 360-degree view of the Merchant Pig Iron market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Merchant Pig Iron market.
Browse the full “Merchant Pig Iron Market Size, Share, Growth Analysis Report By Type (Basic Pig Iron, Foundry Pig Iron, High Purity Pig Iron), By Production Facility (Dedicated Merchant Plants, Integrated Steel Mills), By End-Use Industry (Automotive, Engineering and Industrial, Power Generation, Pipes and Fittings, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/merchant-pig-iron-market/
Merchant Pig Iron Market: Overview
The key role of merchant pig iron is to manufacture castings. These castings are majorly used by the engineering industry. Pig iron is majorly manufactured at foundries. It is brittle and can only be used for making wrought iron, cast iron, or steel. The major use of pig iron is electric-arc steel making. However, a high-purity form is used for manufacturing ductile iron castings in foundries. Additionally, foundry-grade pig iron is used in grey iron castings.
Manufacturing of steel in blast furnaces is one the key factor propelling the market for merchant pig iron. The demand for steel is constantly rising, particularly in urban cities, which, in turn, results in the surging demand for merchant pig iron. The ingots are cast and sold to manufacturers and industries utilizing them as raw materials for steel and ferrous casting. Additionally, the increase in demand for casting components is propelling the demand. These casting components are used majorly by the automotive and engineering industries. Thus, growth in these industries directly influences the demand for merchant pig iron.
The market for Merchant Pig Iron is segmented into type, production facility, and end-use industry. Based on type, the market is categorized into basic pig iron, foundry pig iron, and high purity pig iron. By production facility, the market is classified into integrated steel mills and dedicated merchant plants. The dedicated merchant plants are estimated to be dominant. By end-use industry, the automotive and power generation market is expected to exhibit tremendous growth owing to increasing demand for power as well as growth in the automotive industry.
Asia Pacific is estimated to witness a high CAGR growth during the projected period. The growth of various industries in the region coupled with urban development is anticipated to accelerate the growth of the market. Moreover, the rising manufacturing sector of Asian economies along with infrastructural development is boosting the market.
On the other hand, the North America region is estimated to dominate. The majority of demand is from the US. Pig iron sales prices in the US surged by over USD 1,000/tonne in March 2022. Around 60% of the pig iron in the country is imported from Russia and Ukraine, as per US Census Bureau data. In 2021, the country imported around 6 million tonnes of pig iron, which was around 34% compared to 2020. The demand is further expected to surge in 2022 with the new steelmaking capacity started production. The significant rise in imports of pig iron by the US is further expected to support the market growth in the coming years.
|Feature of the Report
|Market Size in 2021
|USD 60.5 Billion
|Projected Market Size in 2030
|USD 132.5 Billion
|CAGR Growth Rate
|9% CAGR (2022-2030)
|Cleveland-Cliffs Inc., Marinetime Iron, DXC Technology Company, Baosteel Co., Ltd., Donetsk Metallurgical Holding, and Others
|By Type, Production Facility, End-Use Industry, and Region
|Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
|North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
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Competitive Landscape/ Key Players Insights
The players operating in the merchant pig iron market are focused on collaborations and joint ventures with steel foundries. The majority of the merchant pig iron is imported to other countries. Russia is one of the key countries comprising merchant pig iron manufacturers.
January 2021: Stelco Inc., a Canadian steelmaker, custom-built the new pig iron caster at its Lake Erie Works based in Ontario. As per the company officials, with the rise in demand for EAF steel production across North America, the merchant pig iron is witnessing high demand.
Some of the prominent players
- Cleveland-Cliffs Inc.
- Marinetime Iron
- DXC Technology Company
- Baosteel Co., Ltd.,
- Donetsk Metallurgical Holding
The global Merchant Pig Iron market is segmented as follows:
- Basic Pig Iron
- Foundry Pig Iron
- High Purity Pig Iron
By Production Facility
- Dedicated Merchant Plants
- Integrated Steel Mills
By End-Use Industry
- Engineering and Industrial
- Power Generation
- Pipes and Fittings
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America