New York, NY, March 17, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Merchant Pig Iron Market By Type (Basic, High Purity, and Foundry), By Production Facility Type (Dedicated Merchant Plants and Integrated Steel Mills), and By End-User (Engineering & Industrial, Automobile, Railways, Agriculture & Tractor, Power Generation, Pipes & Fittings, Sanitary & Decorative, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027” .
“According to the research report, the global Merchant Pig Iron Market was estimated at USD 58,897 Million in 2018 and is expected to reach USD 1,24,179 Million by 2027. The global Merchant 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 hot metal that is solidified by a pig casting machine for producing a lumpy form. It is used to manufacture castings. Castings are mainly used by the engineering sector. Pig iron is mostly found in foundries. It comprises 2% Si and 4% C. White pig iron is formed due to the combined form of carbon and is light in color. The free form of carbon contributes to the grey pig iron. Additionally, pig iron is not used for welding purposes, as it is neither ductile nor malleable. Thus, it is used in wrought iron and puddling furnaces, and steel. An intermediate product of puddling is developed further to give finers metal or refined pig iron. There are three types of pig iron available in the market currently—basic, foundry, and high purity.
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Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Merchant Pig Iron Market?
2) What is the market size, share of the Merchant Pig Iron Market?
3) Who are the top market players in the Merchant Pig Iron Market?
4) What will be the future market of Merchant Pig Iron Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
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Rising product demand by various end-user industries majorly driving the merchant pig iron market
The primary growth driver of the merchant pig iron market is the rising demand for pig iron by the engineering and automotive industries for manufacturing a wide range of casting components. The applications of pig iron are extensively found in the manufacturing of casting components in the automotive, energy, and engineering industries. Ductile iron casting uses pig iron molds. It helps in the depleted cost of scrap, aids in reducing storage space, and enhances the final composition of casting. In addition, the market for merchant pig iron is also propelled by the growing demand for steel across the world, for which merchant pig iron is the major raw material.
Top Market Players:
Key players operating in the merchant pig iron market are Baosteel, Benxi Steel, Cleveland-Cliffs, Donetsk Metallurgical Plant, KOBE Steel, Tata Metaliks, Maritime Iron, Metinvest, DXC Technology, Metalloinvest MC, Severstal, and Industrial Metallurgical Holding, among others.
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The basic pig iron segment is projected to dominate the type segment
In 2018, the basic pig iron systems segment held more than 48.89% of share in the merchant pig iron market. It is also estimated to grow at a CAGR of 8.5% over the forecast time period, owing to it being a major raw material for steel manufacturing across the world.
Dedicated merchant plants are likely to lead the production facility type segment in the future
The dedicated merchant plants segment will be the fastest-growing in the future in the merchant pig iron market. It will register a CAGR of 9.4% over the estimated time period, owing to the rising demand for merchant pig iron due to its increasing requirement by engineering and automobile industries for manufacturing various casting parts.
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The study provides a decisive view of the merchant pig iron market by segmenting it based on type, production facility type, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027.
The most significant growth factor driving the merchant pig iron market is the increasing rate of steel manufacturing in blast furnaces. There is a high demand for steel, especially in urban cities that results in the increasing demand for merchant pig iron. It is cast into ingots. These ingots are then sold to companies and industries that use them as a raw material for ferrous casting and steel. In addition, the market for merchant pig iron is also fuelled by the rising product demand for casting components that are widely used by engineering and automotive industries.
By type, the market is categorized into high purity, foundry, and basic pig iron. Based on production facility type, the market is sectored into dedicated merchant plants and integrated steel mills. The end-user segment includes automobile, engineering, and industrial, pipes and fittings, sanitary and decorative, power generation, agriculture and tractor, railways, and others.
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Asia Pacific to record the highest CAGR over the estimated timeline
The Asia Pacific is the fastest-growing merchant pig iron market and will register a CAGR of 9.8% in the future. This can be attributed to the growing technological advancements across the region, constantly changing market trends of the end-user industries of merchant pig iron, rising raw material affluence, and ever-increasing population.
Browse the full “Merchant Pig Iron Market By Type (Basic, High Purity, and Foundry), By Production Facility Type (Dedicated Merchant Plants and Integrated Steel Mills), and By End-User (Engineering & Industrial, Automobile, Railways, Agriculture & Tractor, Power Generation, Pipes & Fittings, Sanitary & Decorative, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027” report at https://www.fnfresearch.com/merchant-pig-iron-market-by-type-basic-high-175
Key Features of Merchant Pig Iron Market Report:
- Merchant Pig Iron Market structure: Overview, industry life cycle analysis, supply chain analysis
- Merchant Pig Iron Market: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Merchant Pig Iron Market size, trend, and forecast analysis
- Merchant Pig Iron Market segments’ trend and forecast
- Merchant Pig Iron Market’s competitive landscapes: Market share, Product portfolio, New product launches, etc.
- Merchant Pig Iron Market attractiveness and associated growth opportunities
- Emerging Trends in the Merchant Pig Iron Market.
- Strategic growth opportunities for the existing and new players
- Key success factors
This report segments the merchant pig iron market into:
Global Merchant Pig Iron Market: By Type
Global Merchant Pig Iron Market: By Production Facility Type
- Dedicated Merchant Plants
- Integrated Steel Mills
Global Merchant Pig Iron Market: By End-User
- Engineering and Industrial
- Power Generation
- Agriculture and Tractor
- Pipes and Fittings
- Sanitary and Decoration
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Industry vertical Adopted in the Market
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