Global Merchant Pig Iron Market 2025 – 2034

Reports Description

The Global Merchant Pig Iron Market size was estimated at USD 86078.6 Million in 2025 and is anticipated to reach around USD 198838.7 Million by 2034, growing at a CAGR of roughly 8.73% between 2025 and 2034. 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

Merchant Pig Iron is produced at dedicated merchant plants or integrated steel mills. It is cold pig iron, which is cast into ingots and is purchased as feedstock by third parties for ferrous and steel casting industries. There are three types of Merchant Pig Iron: basic pig iron, foundry pig iron, and high purity pig iron. Sub-types include semi-modular and low manganese basic pig iron.

Merchant Pig Iron Market: COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic resulted in affected economies and industries in several countries owing to travel bans, lockdowns, and business shutdowns. The metal industry is also one of the key industries which suffered serious supply chain disruptions owing to trade restrictions and the temporary cease of manufacturing operations. The overall global supply chain disruption destructively impacted the manufacturing, sales, and delivery schedules. Thus, the market witnessed a sharp drop in 2020. However, after the revocation of the preventive measures, the market is experiencing tremendous growth and is anticipated to show a similar trend during the forecast period.

Merchant Pig Iron Market: Growth Drivers

Robust steel demand is influencing the market growth

The demand for steel is constantly increasing as it is one of the significant metals used in industries, such as shipbuilding, building construction, car manufacturing, industrial equipment manufacturing, and others. Merchant Pig Iron is a key material required for steel production. Since, Merchant Pig Iron providers play a prime role in the steel industry’s growth, the rise in demand for steel influences the demand for Merchant Pig Iron.

The rise in demand for casting compounds

The Merchant Pig Iron molds are used in the manufacture of ductile iron casting. Thus, its application is widespread in cast iron compound manufacturing in automotive, engineering, and energy industries. It helps in reducing the cost of scrap, which in turn helps in reducing storage space and improves the final casting composition. Thus, the rise in demand for casting compounds boosts the market for Merchant Pig Iron.

Merchant Pig Iron Market Segmentation Analysis

In our research scope, the merchant pig iron market is segmented into type, production facility, and end-use industry. By type, the basic pig iron is estimated to hold the largest market share in 2025. Basic pig iron is commonly used in the process of steel marking in an electric arc furnace. Based on production facility, merchant plants hold the largest share owing to sales of the whole production to third parties. The end-use industry segment is dominated by the engineering and industrial industry, which accounted for nearly 28% market share in 2025.

Merchant pig iron was primarily used for structural engineering applications. One of the significant characteristics of merchant pig iron is that it can be re-melted, which helps in reducing silicon and carbon contents. The end product is more brittle compared to steel and is appropriate for applications, including car parts, machine parts, pipes, steel furniture, and engine blocks.

Report Scope

Key Insights:

• As per the analysis shared by our research analyst, the Merchant Pig Iron market is estimated to grow annually at a CAGR of around 8.73% over the forecast period (2025-2034).
• In terms of revenue, the Merchant Pig Iron market size was valued at around USD 86078.6 Million in 2025 and is projected to reach USD 198838.7 Million by 2034. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on type segmentation, the basic merchant pig iron segment was predicted to show maximum market share in the year 2025.
• Based on production facility segmentation, the dedicated merchant plants segment was the leading revenue-generating category in 2025.
• Based on end-user industry segmentation, the engineering and industrial segment was the leading revenue-generating category in 2025.
• On the basis of geography/region, the North American region was the leading revenue generator in 2025.

Recent Development

• June 2022: US-based company, Steel Dynamics Inc., announced a joint venture with Aymium.
• June 2022: Cleveland-Cliffs Inc. canceled its plans to potentially provide merchant pig iron into the US market after its steel mill acquisitions as well as growth into an integrated steelmaker.

Regional Landscape

In 2025, the North America region dominated the merchant pig iron market. The growth is driven by high urban development in the US. Also, the rising demand for electric-arc furnaces is boosting the market. Moreover, the presence of aerospace, automotive, and other engineering industries in the region is driving the market.

Asia Pacific region is also expected to witness high growth. For instance, pig iron exports in India recorded a histrionic increase of more than 170% in FY’21. In comparison to 0.38 million tonnes in 2020, the region’s total exports accounted for 1.03 million tonnes in 2025. Though the majority of demand in 2020 was hampered due to the outbreak of COVID-19, the constant demand for process industries, for example, steel, remained operational. Since operations of blast furnaces cannot be stopped at short notice, the production of steel continued in the plants even in the absence of demand. A majority of pig iron was exported to China in FY’21 owing to the need for disposal of inventory. Other significant markets for Indian manufacturers include Italy, the US, and Bangladesh.

Competitive Landscape

Partnerships, collaborations, and joint ventures are some of the key strategies adopted by the market players. Some of the key players included in our research report include. Cleveland-Cliffs Inc, Maritime Iron, DXC Technology Company, Baosteel Co., Ltd., and Donetsk Metallurgical Holding, among others. The report offers comprehensive company profiles comprising the details such as geographical presence, services & products offered, financials, and recent developments in the market.

Our report offers both quantitative and qualitative insights into the merchant pig iron market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and recent developments of the players profiled.

The global Merchant Pig Iron market is segmented as follows:

By Type

• Basic Pig Iron
• Foundry Pig Iron
• High Purity Pig Iron

By Production Facility

• Dedicated Merchant Plants
• Integrated Steel Mills

By End-Use Industry

• Automotive
• Engineering and Industrial
• Power Generation
• Pipes and Fittings
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America