Merchant Pig Iron Market To See Stunning Growth by 2033

According to the Market Statsville Group (MSG), the Global merchant pig iron Market was valued at USD 45000 million in 2023 and is expected to grow from USD 48825 million in 2024 to USD 86400 million by 2033, by exhibiting a CAGR of 8.5% during the forecast period (2024-2033)

Merchant pig iron operates on a global scale with a mixture of small and large-scale producers. Merchant pig iron is produced by integrated steel mills and specialized foundries. The biggest countries worldwide producing pig iron are China, India, Russia, Brazil, and the United States. Among the major consumers of pig iron include steelmakers and foundries among others that will consume the product as a feedstock for further processing. Generally, the direct cost factors governing the cost of pig iron are primarily the costs of iron ore, coke, and other feedstocks. Most of how iron is likely to be produced is bound to increase costs, mainly the electricity and fuel costs. With fluctuations in global steel demand, seasonal variations in production, and changes in trade policies, prices of merchant pig iron may vary. International relations, tariffs, trade policies, and other such factors often affect supply chain and hence the price of pig iron. 

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Scope of the Merchant Pig Iron Market

The study categorizes the merchant pig iron market based on product type, application, production method, grade, and end-user area at the regional and global levels.

By Product Type Outlook (Sales, USD Million, 2019-2033)

• Standard Pig Iron
• Foundry Pig Iron
• Specialty Pig Iron

By Application Outlook (Sales, USD Million, 2019-2033)

• Steelmaking
• Foundries
• Alloy Production

By Production Method Outlook (Sales, USD Million, 2019-2033)

• Blast Furnace (BF) Pig Iron
• Electric Arc Furnace (EAF) Pig Iron

By Grade Outlook (Sales, USD Million, 2019-2033)

• High-Carbon Pig Iron, 
• Low-Carbon Pig Iron

By End User Outlook (Sales, USD Million, 2019-2033)

• Construction
• Automotive
• Machinery

By Region Outlook (Sales, USD Million, 2019-2033)

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Pig Iron segment accounts for the largest market share by Product Type

Based on the Product Type, Pig iron is a raw material used in the production of steel. It occurs by smelting iron ore with coke and limestone in a furnace. The pig iron containing high percentages of carbon undergoes several procedures for the production of steel. Conventional production of pig iron is carried out in the form of blast furnaces with subsequent use as it takes place in basic oxygen furnaces (BOFs) or electric arc furnaces (EAFs) to form the steel. The process resulting from the blast furnace produces high carbon-containing pig iron that is then reduced to steel by reducing the carbon content. 

Moreover, according to GMK Center, the largest producer of pig iron, accounting for over 50% of global production. In 2023, China produced about 650 million metric tons of pig iron. In EAFs, pig iron is used alongside scrap steel. The EAF process allows for the production of steel from various feedstocks, including pig iron, and is more flexible in terms of raw material mix. In the BOF process, pig iron and scrap steel are charged to produce steel. In this process, the pig iron, charged into the BOF, has oxygen blown through it to reduce the carbon level and purify the steel. This process is widely practiced in large steel-producing factories. Before the sharp volatility in the last week of May, the merchant pig iron had traded between $500 and $600 per metric ton.

North America accounted for the largest market share by Region.

Based on the region, The U.S. has produced about 60 million metric tonnes of pig iron in the year 2023 in the region. It imports as well as produces domestically to meet its requirement for steel making. The related industry: automobile, construction, manufacture. Merchant pig iron is critical for various steel applications. Prices in the U.S. ranged from $550 to $600 per metric ton, reflecting local supply and demand conditions and import competition. Canada’s pig iron production is smaller compared to the U.S., with estimates of around 15 million metric tons in 2023. Canada’s consumption is driven by its steel industry, particularly in the automotive and construction sectors. Prices are generally in the $550 to $600 per metric ton range, influenced by regional production and import costs by IFPRI.

Competitive Landscape: Merchant Pig Iron Market

The merchant pig iron market is a significant competitor and extremely cutthroat in the sector using strategies including partnerships, product launches, acquisitions, agreements, and growth to enhance their positions in the market. Most sectors of businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major players in the merchant pig iron market are:

• Tata Metaliks
• Baosteel
• Cleveland-Cliffs
• Donetsk Metallurgical Plant
• Benxi Steel
• KOBE Steel
• Maritime Iron
• Metinvest
• DXC Technology
• Metalloinvest MC
• Industrial Metallurgical Holding
• Severstal
• ArcelorMittal
• Nippon Steel Corporation
• POSCO
• Vale S.A.
• Jindal Steel & Power Limited 

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Recent Development 

• In February 2024, Gerdau was one of the largest steel producers in Latin America and the United States. Despite all the challenges encountered worldwide, the company still offers its financial performance and strategic actions. This year, for instance, EBITDA and net sales for the company decreased mainly due to the devaluation of the Argentine peso. However, with these facts, Gerdau continues working on competitiveness and sustainability, with a good basis being safety and operational efficiency. The company estimated that it would invest R$6 billion in 2024, even showing good free cash flow and holding a strong liquidity position.
• In July 2024, JSW Steel, one of the leading companies in the global steel world, set aside US$110 million for the modernization of its Baytown, Texas-based plant. It is part of an overall strategy aimed at improving its production ability and consolidating its presence in the US. Market. The Baytown Works, one of the critical plants for North American operations, is to be subjected to extensive modernization in terms of increasing efficiency, capacity, and sustainability.
• In July 2024, Jindal Steel and Power Limited, JSPL, promised to increase its output capacity to an annual scale of 50 million tonnes over the next seven years. The statement follows an ambitious intent, as part of its approach to increasing its footprint in the global steel market and utilizing escalations happening in demands for steel products.