Global Merchant Pig Iron Market Share Likely to Reach At a CAGR of 9% By 2030

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.

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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.

Growth Factors

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 a raw material 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.

Segmental Overview

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.

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Regional Overview

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.