EU's Pig Iron Articles Market to Reach 1.8M Tons and $3.8B in Value

IndexBox has just published a new report: EU - Granules and Powders of Pig Iron - Market Analysis, Forecast, Size, Trends And Insights.

This market analysis forecasts the EU's pig iron articles (granules and powders) market to grow slightly, with a volume CAGR of +0.3% and a value CAGR of +2.1% from 2024 to 2035, reaching 1.8M tons and $3.8B respectively. In 2024, consumption saw a slight increase to 1.8M tons, ending a two-year decline, while the market value was $3B. France, Italy, and Spain are the largest consuming countries. Production in 2024 was 1.9M tons, led by France, Sweden, and Italy. Intra-EU trade is significant, with Sweden being the largest exporter and Germany and Italy the largest importers. Import and export prices saw a decline in 2024, averaging $1,798 and $1,933 per ton, respectively, with notable price differences between product types and countries.

Key Findings

• EU market forecast for modest growth to 1.8M tons in volume and $3.8B in value by 2035
• France, Italy, and Spain are the leading consumers, accounting for over half of the market
• Sweden is the dominant exporter, while Germany and Italy are the top importers
• Powders of pig iron are the highest-value traded product type
• Romania shows the most dynamic growth in both consumption and trade value

Market Forecast

Driven by rising demand for pig iron articles in the European Union, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 1.8M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2024 to 2035, which is projected to bring the market value to $3.8B (in nominal wholesale prices) by the end of 2035.

Consumption

European Union's Consumption of Granules and Powders of Pig Iron

In 2024, consumption of granules and powders of pig iron increased by 0.2% to 1.8M tons for the first time since 2021, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, consumption attained the peak volume at 2M tons in 2018; however, from 2019 to 2024, consumption failed to regain momentum.

The size of the pig iron articles market in the European Union reached $3B in 2024, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $3.1B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were France (379K tons), Italy (331K tons) and Spain (267K tons), together comprising 55% of total consumption. Germany, Poland, Romania, the Czech Republic, the Netherlands, Greece and Belgium lagged somewhat behind, together accounting for a further 37%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Romania (with a CAGR of +0.3%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron articles markets in the European Union were France ($656M), Italy ($564M) and Spain ($454M), together accounting for 55% of the total market. Germany, Poland, Romania, the Czech Republic, the Netherlands, Greece and Belgium lagged somewhat behind, together comprising a further 37%.

Among the main consuming countries, Romania, with a CAGR of +3.2%, saw the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of pig iron articles per capita consumption in 2024 were the Czech Republic (6 kg per person), Spain (5.7 kg per person) and Italy (5.6 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Romania (with a CAGR of +0.8%), while consumption for the other leaders experienced mixed trends in the per capita consumption figures.

Production

European Union's Production of Granules and Powders of Pig Iron

In 2024, production of granules and powders of pig iron was finally on the rise to reach 1.9M tons after two years of decline. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 3.8% against the previous year. The volume of production peaked at 2.2M tons in 2017; however, from 2018 to 2024, production stood at a somewhat lower figure.

In value terms, pig iron articles production contracted slightly to $3.5B in 2024 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 21%. The level of production peaked at $3.8B in 2022; however, from 2023 to 2024, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were France (423K tons), Sweden (268K tons) and Italy (264K tons), with a combined 50% share of total production. Spain, Germany, Poland, Romania, the Netherlands and the Czech Republic lagged somewhat behind, together accounting for a further 42%.

From 2013 to 2024, the biggest increases were recorded for Germany (with a CAGR of +1.2%), while production for the other leaders experienced more modest paces of growth.

Imports

European Union's Imports of Granules and Powders of Pig Iron

After two years of decline, supplies from abroad of granules and powders of pig iron increased by 0.4% to 432K tons in 2024. In general, imports, however, saw a slight shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by 16%. The volume of import peaked at 553K tons in 2018; however, from 2019 to 2024, imports failed to regain momentum.

In value terms, pig iron articles imports declined to $777M in 2024. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 34% against the previous year. The level of import peaked at $916M in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Imports By Country

Italy (93K tons) and Germany (87K tons) represented roughly 42% of total imports in 2024. Spain (50K tons) ranks next in terms of the total imports with a 12% share, followed by Poland (6.6%), the Czech Republic (5.5%) and France (4.7%). The following importers - Romania (19K tons), Austria (19K tons), Belgium (17K tons) and the Netherlands (15K tons) - together made up 16% of total imports.

From 2013 to 2024, the biggest increases were recorded for Romania (with a CAGR of +11.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron articles importing markets in the European Union were Germany ($211M), Italy ($133M) and Spain ($97M), together accounting for 57% of total imports. Poland, France, Austria, the Czech Republic, the Netherlands, Belgium and Romania lagged somewhat behind, together accounting for a further 28%.

Among the main importing countries, Romania, with a CAGR of +7.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Imports By Type

Granules of pig iron or spiegeleisen (203K tons) and powders of pig iron (190K tons) dominates imports structure, together achieving 91% of total imports. It was distantly followed by alloy steel powders (39K tons), achieving a 9% share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading imported products, was attained by alloy steel powders (with a CAGR of +3.8%), while imports for the other products experienced a decline in the imports figures.

In value terms, the largest types of imported granules and powders of pig iron were powders of pig iron ($370M), granules of pig iron or spiegeleisen ($241M) and alloy steel powders ($166M).

Among the main imported products, alloy steel powders, with a CAGR of +1.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced a decline in the imports figures.

Import Prices By Type

The import price in the European Union stood at $1,798 per ton in 2024, declining by -9.4% against the previous year. Import price indicated a mild increase from 2013 to 2024: its price increased at an average annual rate of +1.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when the import price increased by 19%. Over the period under review, import prices reached the peak figure at $1,986 per ton in 2023, and then shrank in the following year.

Prices varied noticeably by the product type; the product with the highest price was alloy steel powders ($4,257 per ton), while the price for granules of pig iron or spiegeleisen ($1,188 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by granules of pig iron or spiegeleisen (+1.3%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2024, the import price in the European Union amounted to $1,798 per ton, falling by -9.4% against the previous year. Import price indicated modest growth from 2013 to 2024: its price increased at an average annual rate of +1.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2022 an increase of 19% against the previous year. The level of import peaked at $1,986 per ton in 2023, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($2,436 per ton), while Romania ($854 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Poland (+4.1%), while the other leaders experienced more modest paces of growth.

Exports

European Union's Exports of Granules and Powders of Pig Iron

After two years of decline, overseas shipments of granules and powders of pig iron increased by 2.1% to 574K tons in 2024. In general, exports, however, recorded a slight descent. The growth pace was the most rapid in 2021 when exports increased by 19% against the previous year. The volume of export peaked at 743K tons in 2017; however, from 2018 to 2024, the exports stood at a somewhat lower figure.

In value terms, pig iron articles exports fell to $1.1B in 2024. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 42% against the previous year. Over the period under review, the exports reached the maximum at $1.3B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Exports By Country

Sweden was the major exporting country with an export of around 245K tons, which finished at 43% of total exports. Germany (91K tons) held the second position in the ranking, followed by France (64K tons), Romania (46K tons), Spain (27K tons) and Italy (26K tons). All these countries together held approx. 44% share of total exports. Belgium (17K tons) held a minor share of total exports.

From 2013 to 2024, average annual rates of growth with regard to pig iron articles exports from Sweden stood at -1.7%. At the same time, Belgium (+7.5%), Romania (+5.5%) and Germany (+3.6%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +7.5% from 2013-2024. By contrast, Spain (-2.4%), France (-4.2%) and Italy (-5.0%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Germany, Romania and Belgium increased by +6.5, +4.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest pig iron articles supplying countries in the European Union were Sweden ($454M), Germany ($230M) and Belgium ($94M), with a combined 70% share of total exports. Romania, France, Spain and Italy lagged somewhat behind, together accounting for a further 21%.

Romania, with a CAGR of +6.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports By Type

In 2024, powders of pig iron (319K tons) represented the major type of granules and powders of pig iron, constituting 56% of total exports. Granules of pig iron or spiegeleisen (194K tons) took the second position in the ranking, distantly followed by alloy steel powders (61K tons). All these products together took approx. 44% share of total exports.

From 2013 to 2024, the biggest increases were recorded for alloy steel powders (with a CAGR of +2.9%), while shipments for the other products experienced a decline in the exports figures.

In value terms, powders of pig iron ($588M) remains the largest type of granules and powders of pig iron supplied in the European Union, comprising 53% of total exports. The second position in the ranking was taken by granules of pig iron or spiegeleisen ($268M), with a 24% share of total exports.

From 2013 to 2024, the average annual rate of growth in terms of the value of powders of pig iron exports was relatively modest. For the other products, the average annual rates were as follows: granules of pig iron or spiegeleisen (-0.1% per year) and alloy steel powders (+3.3% per year).

Export Prices By Type

In 2024, the export price in the European Union amounted to $1,933 per ton, dropping by -8.1% against the previous year. Export price indicated a perceptible increase from 2013 to 2024: its price increased at an average annual rate of +2.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 20% against the previous year. Over the period under review, the export prices reached the maximum at $2,104 per ton in 2023, and then contracted in the following year.

Prices varied noticeably by the product type; the product with the highest price was alloy steel powders ($4,160 per ton), while the average price for exports of granules of pig iron or spiegeleisen ($1,381 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by granules of pig iron or spiegeleisen (+2.6%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2024, the export price in the European Union amounted to $1,933 per ton, shrinking by -8.1% against the previous year. Export price indicated noticeable growth from 2013 to 2024: its price increased at an average annual rate of +2.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the export price increased by 20%. Over the period under review, the export prices hit record highs at $2,104 per ton in 2023, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Belgium ($5,643 per ton), while Italy ($1,167 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Italy (+3.5%), while the other leaders experienced more modest paces of growth.