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Market Overview of Global Merchant Pig Iron market:
According to our latest research, the global Merchant Pig Iron market looks promising in the next 5 years. As of 2022, the global Merchant Pig Iron market was estimated at USD 63238.32 million, and it's anticipated to reach USD 75193.13 million in 2028, with a CAGR of 2.93% during the forecast years.
Pig iron is the product of smelting iron ore (also ilmenite) with a high-carbon fuel and reductant such as coke, usually with limestone as a flux. Merchant pig iron is cold pig iron, cast into ingots and sold to third parties as feedstock for the steel and ferrous casting industries.
More than 6.28 million people have died from COVID-19 globally since the outbreak began, and the death toll continues to rise. At present, the global economy continues to recover, but due to the disruption of supply chains, the uncertainty of the epidemic has increased, the uncertainty of global economic recovery has increased, and the momentum of recovery has weakened. It's the worst global recession in decades, despite huge efforts by governments to fight it, backed by fiscal and monetary policy. But in the longer term, a severe recession triggered by the pandemic is expected to lead to a prolonged downturn in the economy by reducing investment. The recession could get worse if the COVID-19 outbreak continues, if restrictions on liquidity are extended or reintroduced, or if economic activity is disrupted for a prolonged period. Businesses may struggle to service debt, increased risk aversion could lead to higher borrowing costs, and bankruptcy and defaults could lead to financial crises in many countries.
The outbreak has had a complex impact on the Merchant Pig Iron industry. First, for the Merchant Pig Iron industry, the outbreak has had an impact on the production plans of companies in the Merchant Pig Iron industry. Due to the outbreak of the COVID-19 outbreak, operations in the iron ore mining industry have been affected and mining activities have decreased, thereby affecting iron ore production. This could lead to disruptions in the supply of raw materials for the Merchant Pig Iron industry, affecting the company's production plans. On the other hand, affected by the new crown pneumonia epidemic, in order to prevent the further spread of the epidemic, the government has issued travel restrictions and related isolation policies, which reduced the management efficiency of industry enterprises and affected the company's production plan. At the same time, due to the disruption of the global supply chain caused by the epidemic, the vast majority of the world's manufacturing industries have been affected, such as automobile manufacturing, nuclear power, hydropower, construction and other industries have been greatly affected, and production plans have been delayed. Therefore, the demand for steel and iron castings in these industries has decreased, and the development of the industry has been hit. In general, the outbreak of the new crown epidemic is not conducive to the development of the Merchant Pig Iron industry.
Market demand for high-purity pig iron increases
Merchant Pig Iron is the basic guarantee raw material for the development of the foundry and manufacturing industries. The improvement of the quality of iron castings depends to a considerable extent on the quality of pig iron. Compared with basic pig iron, high-purity pig iron is mainly used in wind power castings, nuclear power castings, large-section ductile iron castings, and high-end ductile iron castings with low temperature impact toughness and fatigue performance requirements.
In recent years, with the development of industries such as automobiles, wind power, ships, and high-speed trains, the demand for high-quality cast iron parts, austempered ductile iron parts (ADI), large-section ductile iron parts and ductile iron parts with special performance requirements has continued to increase. The market demand for high-purity pig iron is increasing day by day. For example, in the field of wind power, the increasing demand for renewable energy has led to the rapid growth of wind turbine generators, especially high-power turbine engines, which has brought development opportunities for high-demand ADI castings. In the automotive manufacturing process, high-quality castings are required for components such as cylinder heads, bases, brackets and couplings, ingot molds, bases, brackets and couplings, and hydraulic components. In general, with the development of the manufacturing industry, the market for various high-performance castings has increased, thereby increasing the market demand for high-purity pig iron. Rising demand for high-speed pig iron will boost the Merchant Pig Iron industry.
Fluctuations in raw material prices
The main raw materials required for the company's production are iron ore, scrap steel, coke, etc. Among them, iron ore is one of the main raw materials produced by the company. The supply of major raw materials and the risk of price fluctuations will have a material adverse impact on the company's continued profitability.
The industry characteristics of Merchant Pig Iron manufacturers make them reliant on major suppliers for raw material procurement. Adverse changes in the company's partnership with these key suppliers, or adverse changes in the operations and financial conditions of key suppliers, may result in the company's inability to procure regular quantities in a timely and sufficient manner. At the same time, the price fluctuation of raw materials will also have an impact on the company's production costs. If the price of raw materials increases, it will cause the production cost of Merchant Pig Iron to rise and reduce the profit margin of the product. The company's production and operation plan will be adjusted.
Region Overview:
Geographically, China held the largest market share - 60.21% in 2022.
Company Overview:
Tulachermet is one of the major players operating in the Merchant Pig Iron market, holding a share of 2.03% in 2023.
Tulachermet
Tulachermet produces more than 20 various Russian grades of pig iron for steel works and foundries, seven of which are steel-making pig iron grades, and the rest 13 are foundry pig iron grades. Tulachermet produces nine pig iron grades for export markets, including steel-making pig iron for steel works and foundries, nodular and semi-nodular grades for manufacturers of malleable iron castings and six grades of foundry pig iron for foundries.
Metalloinvest
Metalloinvest is a global leader in the production of commercial hot briquette iron (HBI), a leading manufacturer and supplier of iron ore and metallized products, and one of the regional producers of high-quality steel.
Segmentation Overview:
By type, Basic Pig Iron segment accounted for the largest share of market in 2022.
Basic Pig Iron
Basic Pig Iron is used mainly in electric arc steelmaking.
Foundry Pig Iron
Foundry Pig Iron is also known as haematite pig iron. Used in mainly in the manufacture of grey iron castings in cupola furnaces
High Purity Pig
Iron High purity pig iron is also known as nodular pig iron. Used in the manufacture of ductile iron castings.
Application Overview:
The market's largest segment by application is the segment Electric Arc Steelmaking, with a market share of 95.36% in 2022.
Electric Arc Steelmaking
Electric arc steelmaking is a steelmaking method that uses the thermal effect of the electric arc to heat the charge for smelting. Electric arc furnace steelmaking is the main method for producing medium and high alloy steels and high-quality steels.
Grey Iron Castings
Gray cast iron castings are usually made by smelting Foundry Pig Iron, which is an alloy of iron and carbon. Gray iron castings have the ability to withstand larger compressive forces, so they have higher compressive strength, which is about three times the tensile strength. Gray cast iron castings have high damping capacity and excellent processing capabilities, which makes them very suitable for all types of machine bases, cylinder blocks and brake components. Another important feature of gray cast iron castings is that they have strong oxidation resistance, which can prevent rust.
Ductile Iron Castings
Ductile iron castings are solid metal objects that result from molten ductile iron being poured into voids in a mold. The ductile iron subsequently cools and solidifies in the shape of the void it occupies. Ductile Iron contains spheroidal (nodular) shaped graphite, is higher strength than Gray Iron, and weighs less than steel for the same section size.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Merchant Pig Iron market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Merchant Pig Iron Market Report:
Market Size Estimates: Merchant Pig Iron market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Merchant Pig Iron market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Merchant Pig Iron market
Segment Market Analysis: Merchant Pig Iron market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Merchant Pig Iron market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Merchant Pig Iron Market: Revenue and sales volume of major countries in each region
Merchant Pig Iron Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Merchant Pig Iron market in major regions.
Merchant Pig Iron Industry Value Chain: Merchant Pig Iron market raw materials & suppliers, manufacturing process, distributors, downstream customers
Merchant Pig Iron Industry News, Policies & Regulations
Key players in the global Merchant Pig Iron market are covered in Chapter 12:
Tronox
Longfengshan Casting Industry
Tulachermet
SAIL
NINL
Rio Tinto Group
Metinvest
China Hanking
DMZ
Guoming Ductile Iron Pipes
Metalloinvest
NLMK Group
Vedanta
In Chapter 2 and Chapter 15.1, based on types, the Merchant Pig Iron market from 2018 to 2028 is primarily split into:
Basic Pig Iron
Foundry Pig Iron
High Purity Pig Iron
In Chapter 3 and Chapter 15.2, based on applications, the Merchant Pig Iron market from 2018 to 2028 covers:
Electric Arc Steelmaking
Grey Iron Castings
Ductile Iron Castings
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Merchant Pig Iron market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028