The global commercial pig iron market is expected to reach a compound annual growth rate of 8.7% and reach US$124.179 billion by 2027
"According to the research report, the global commercial pig iron market is estimated to be 58.897 billion U.S. dollars in 2018 and is expected to reach 124.179 billion U.S. dollars by 2027. The global commercial pig iron market is expected to grow at a compound annual growth rate (CAGR) of 8.7 from 2020 to 2026. %".
Pig iron is a kind of molten iron, which is solidified by a pig casting machine to produce lumps. It is used to make castings. Castings are mainly used in the engineering department. Pig iron mainly exists in foundries. It contains 2% Si and 4% C. The white pig iron is formed due to the combined form of carbon and has a lighter color. The free form of carbon contributes to gray pig iron. In addition, pig iron is not used for welding purposes because it has neither ductility nor ductility. Therefore, it is used in wrought iron and steelmaking furnaces as well as steel. Further develop the mixed intermediate products to provide finer metals or refined pig iron. There are currently three types of pig iron on the market-basic, cast and high purity.5
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The main growth driver of the commercial pig iron market is the growing demand for pig iron from the engineering and automotive industries to manufacture various cast parts. The application of pig iron is widely used in the manufacture of cast parts in the automotive, energy and engineering industries. Cast iron molds are used for ductile iron castings. It helps reduce scrap costs, helps reduce storage space, and improves the final composition of castings. In addition, the growing global demand for steel has also promoted the commercial pig iron market, of which commercial pig iron is its main raw material.
The main players operating in the commercial pig iron market are Baosteel, Benxi Iron and Steel, Cleveland-Crives, Donetsk Metallurgical Plant, Kobe Steel, Tata Metals, Maritime Steel, Metinvest, DXC Technology, Metalloinvest MC, Severstal and Industrial Metallurgical Holding, etc.
In 2018, the basic pig iron system segment accounted for more than 48.89% of the commercial pig iron market. As it is the main raw material for global steel manufacturing, it is expected to have a compound annual growth rate of 8.5% during the forecast period.
The dedicated commercial plant part will be the fastest growing part of the commercial pig iron market in the future. Due to the increasing demand for the manufacture of various castings in the engineering and automotive industries, and the increasing demand for commercial pig iron, the compound annual growth rate will reach 9.4% within the expected time period.
The study provides a decisive view of the commercial pig iron market by segmenting it by type, type of production facility, end user, and region. All market segments are analyzed based on current and future trends, and the market is estimated to be from 2019 to 2027.
The most important growth factor driving the commercial pig iron market is the increase in the speed of blast furnace steelmaking. The high demand for steel, especially in cities, has led to an increasing demand for commercial pig iron. It is cast into ingots. These ingots are then sold to companies and industries that use them as raw materials for ferrous metal casting and steel. In addition, the growing demand for cast parts widely used in the industrial and automotive industries has also promoted the development of the commercial pig iron market.
According to the type, the market is divided into high-purity pig iron, cast iron and alkaline pig iron. According to the types of production facilities, the market is divided into dedicated commercial plants and integrated steel plants. The end user segment includes automobiles, engineering and industry, pipelines and fittings, sanitation and decoration, power generation, agriculture and tractors, railways, etc.
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The Asia-Pacific region is the fastest growing pig iron market, with a compound annual growth rate of 9.8% in the future. This can be attributed to the growing technological advancement in the region, the changing market trends in the commercial pig iron end-user industry, the increasing availability of raw materials, and the increasing population.
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