Global Merchant Pig Iron market is expected to reach US$ 124,179.0 million by 2027, growing at an estimated CAGR of 8.7% over the forecast period mainly due to rise in the demand for steel at global level, says Absolute Markets Insights

An increase in demand for steel on the global level has boosted the global merchant pig iron market. Steel has been in demand since the time of industrialization. Steel is a necessary element in the growth of any economy as it is a crucial for both manufacturing and construction applications. Carbon content is the element that makes pig iron and steel different from each other. Pig iron has higher carbon content as compared to steel. Pig iron is a major component for the production of steel. Pig iron is the intermediated product which is sent to basic oxygen furnace to turn into steel. The vast majority of pig iron that is produced is consumed within integrated steel complex. The integrated steel complex uses the pig iron for the production of steel directly. Integrated steel complex does all the functions including coke making, iron making, steel making, casting and product rolling which are required for primary steel production. The focus of the majority of companies that are producing pig iron is to drastically reduce costs by optimizing usage of hot metal from the blast furnace in the complex which causes major changes in the way production. New rules and regulations have created more efficient and environment-friendly techniques of production. Recent surge in the production from integrated steel complex has boosted the merchant pig iron market. However, increasing prices of merchant pig iron is expected to hinder the overall market growth.

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Steel is used as a raw material in various industries. The construction, railways and automobile industries are the major consumers of steel. The continuous growth of these industries is driving the merchant pig iron market. The construction industry requires pig iron at different places like sanitary. Pipe industry is one of the major consumers of pig iron where it is mainly used in the production of large diameter pipes and also manhole covers. In the automobile industry, merchant pig iron is purchased in the form of ingots that are used for the manufacturing of casting iron parts. The agriculture industry also has equipment such as tractor gearboxes, brake drums which are made up of cast iron, which is produced by using pig iron.

The detailed research study provides qualitative and quantitative analysis of merchant pig iron market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major regions across North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

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Key Findings of the Report:

Asia Pacific merchant pig iron market is expected to grow at a fastest among all regions with a growth rate of 9.8% from 2019 to 2027. China is expected to remain an active buyer of pig iron in the year 2020, with a pause for the lunar New Year shutdowns in late January. High scrap prices compared to BPI and sintering restrictions have lent support to Chinese buying in the latter half of 2019.

There is high demand of merchant pig iron for the casting components used in automotive and engineering industries. Metal casting is backbone of the US manufacturing economy. The industry is crucial for modern infrastructure, national defense and growing economy

Dedicated merchant plants who sell most of their produce to the external customers' accounts the major share in end user segmentation. There is huge demand of merchant pig iron by clients from different industries. The dedicated merchant plants segment is expected to register CAGR of 9.4% over the forecast period.

Some of the players operating in the global merchant pig iron market are Baosteel Co.,Ltd., Benxi steel group, Cleveland-Cliffs Inc., Donetsk metallurgical plant, Industrial Metallurgical Holding, KOBE Steel Ltd., Severstal, Tata Metaliks Limited , Maritime Iron, Metalloinvest MC LLC, Metinvest, DXC Technology Companyand other market participants.

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By Type:
Basic Pig Iron
Foundry Pig Iron
High Purity Pig Iron

By Production Facility Type:
Dedicated Merchant Plants
Integrated Steel Mills

By End User:
Engineering and Industrial
Automobile
Railways
Agriculture and Tractor
Power Generation
Pipes and Fittings
Sanitary and Decorative
Others

By Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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This release was published on openPR.