Global Merchant Pig Iron Market Share Likely to Reach At a CAGR of 9% By 2030 - Custom Market Insights
Custom Market Insights?
Accelerate Strategy Execution and Consistency in Revenue Growth!!
?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.
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.