World's Pig Iron Granules and Powders Market Set for Steady 2.2% CAGR Growth Through 2035

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

The global market for granules and powders of pig iron is forecast to grow at a CAGR of +0.5% in volume to 17M tons and +2.2% in value to $35.9B by 2035. In 2024, consumption was 16M tons, valued at $28.2B, with China being the largest consumer and producer. Global imports stood at 1.7M tons ($2.4B), led by Malaysia and the Philippines, while exports were 1.3M tons ($2.2B), led by Sweden and China. Key product types include granules, powders, and alloy steel powders, with significant price variations between them and across different countries.

Key Findings

• Market value projected to grow at a 2.2% CAGR, reaching $35.9B by 2035
• China is the world's largest consumer and producer, accounting for 20% of volume
• Malaysia and the Philippines are the fastest-growing import markets
• Alloy steel powders command the highest price at over $3,400 per ton
• Global export prices have increased at an average annual rate of 2.9% since 2013

Market Forecast

Driven by increasing demand for granules and powders of pig iron worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 17M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.2% for the period from 2024 to 2035, which is projected to bring the market value to $35.9B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Granules and Powders of Pig Iron

Global pig iron articles consumption fell modestly to 16M tons in 2024, standing approx. at the year before. Over the period under review, consumption, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the consumption volume increased by 2.8%. Over the period under review, global consumption reached the maximum volume at 17M tons in 2019; however, from 2020 to 2024, consumption failed to regain momentum.

The global pig iron articles market value stood at $28.2B in 2024, approximately reflecting 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 +3.7% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level in 2024 and is likely to continue growth in years to come.

Consumption By Country

China (3.3M tons) constituted the country with the largest volume of pig iron articles consumption, accounting for 20% of total volume. Moreover, pig iron articles consumption in China exceeded the figures recorded by the second-largest consumer, the United States (1.5M tons), twofold. The third position in this ranking was held by India (1.4M tons), with an 8.3% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China totaled +1.9%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+0.6% per year) and India (+2.0% per year).

In value terms, China ($5.7B) led the market, alone. The second position in the ranking was held by the United States ($2.6B). It was followed by India.

In China, the pig iron articles market expanded at an average annual rate of +5.0% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+3.5% per year) and India (+5.2% per year).

The countries with the highest levels of pig iron articles per capita consumption in 2024 were Russia (8.6 kg per person), France (5.6 kg per person) and Japan (5.1 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +1.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World's Production of Granules and Powders of Pig Iron

In 2024, the amount of granules and powders of pig iron produced worldwide reduced modestly to 16M tons, approximately mirroring 2023. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 3.4% against the previous year. Global production peaked at 17M tons in 2021; however, from 2022 to 2024, production stood at a somewhat lower figure.

In value terms, pig iron articles production declined modestly to $25B in 2024 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 20%. Global production peaked at $28B in 2022; however, from 2023 to 2024, production failed to regain momentum.

Production By Country

China (3.4M tons) remains the largest pig iron articles producing country worldwide, accounting for 21% of total volume. Moreover, pig iron articles production in China exceeded the figures recorded by the second-largest producer, the United States (1.5M tons), twofold. The third position in this ranking was taken by India (1.3M tons), with an 8.4% share.

In China, pig iron articles production expanded at an average annual rate of +2.3% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.2% per year) and India (+2.3% per year).

Imports

World's Imports of Granules and Powders of Pig Iron

In 2024, the amount of granules and powders of pig iron imported worldwide stood at 1.7M tons, growing by 7% compared with 2023 figures. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 11% against the previous year. Global imports peaked at 1.7M tons in 2022; afterwards, it flattened through to 2024.

In value terms, pig iron articles imports dropped modestly to $2.4B in 2024. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 41% against the previous year. Global imports peaked at $3B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

In 2024, Malaysia (327K tons), distantly followed by the Philippines (124K tons), the United States (106K tons), South Korea (101K tons), China (100K tons), Italy (93K tons) and Germany (87K tons) were the main importers of granules and powders of pig iron, together comprising 56% of total imports. Japan (64K tons), India (60K tons) and Spain (50K tons) held a minor share of total imports.

Imports into Malaysia increased at an average annual rate of +23.6% from 2013 to 2024. At the same time, the Philippines (+54.6%) and India (+1.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +54.6% from 2013-2024. South Korea, Italy, China and Spain experienced a relatively flat trend pattern. By contrast, the United States (-1.7%), Japan (-2.4%) and Germany (-4.7%) illustrated a downward trend over the same period. Malaysia (+18 p.p.) and the Philippines (+7.4 p.p.) significantly strengthened its position in terms of the global imports, while Japan, the United States and Germany saw its share reduced by -1.6%, -1.9% and -4.4% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($280M), the United States ($225M) and Germany ($211M) constituted the countries with the highest levels of imports in 2024, with a combined 30% share of global imports. South Korea, Japan, Italy, Spain, India, the Philippines and Malaysia lagged somewhat behind, together comprising a further 32%.

In terms of the main importing countries, the Philippines, with a CAGR of +45.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Granules of pig iron or spiegeleisen represented the main type of granules and powders of pig iron in the world, with the volume of imports amounting to 873K tons, which was approx. 52% of total imports in 2024. Powders of pig iron (561K tons) ranks second in terms of the total imports with a 34% share, followed by alloy steel powders (14%).

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by granules of pig iron or spiegeleisen (with a CAGR of +2.3%), while imports for the other products experienced mixed trends in the imports figures.

In value terms, powders of pig iron ($973M), alloy steel powders ($801M) and granules of pig iron or spiegeleisen ($652M) constituted the products with the highest levels of imports in 2024.

Alloy steel powders, with a CAGR of +1.8%, saw the highest growth rate of the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced mixed trends in the imports figures.

Import Prices By Type

The average pig iron articles import price stood at $1,455 per ton in 2024, reducing by -11.1% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 27% against the previous year. Global import price peaked at $1,742 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was alloy steel powders ($3,443 per ton), while the price for granules of pig iron or spiegeleisen ($746 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by powders of pig iron (+0.9%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

The average pig iron articles import price stood at $1,455 per ton in 2024, which is down by -11.1% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 27% against the previous year. Over the period under review, average import prices attained the peak figure at $1,742 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was China ($2,805 per ton), while Malaysia ($168 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by China (+3.0%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Granules and Powders of Pig Iron

In 2024, shipments abroad of granules and powders of pig iron decreased by -3.2% to 1.3M tons, falling for the third consecutive year after two years of growth. Overall, exports showed a noticeable downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 25%. As a result, the exports reached the peak of 1.9M tons. From 2022 to 2024, the growth of the global exports failed to regain momentum.

In value terms, pig iron articles exports shrank modestly to $2.2B in 2024. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 42% against the previous year. As a result, the exports reached the peak of $2.8B. From 2022 to 2024, the growth of the global exports remained at a lower figure.

Exports By Country

In 2024, Sweden (245K tons) and China (208K tons) represented the largest exporters of granules and powders of pig ironaround the world, together committing 35% of total exports. Germany (91K tons) ranks next in terms of the total exports with a 6.9% share, followed by the United States (6.7%), Canada (6.2%), Japan (5%) and France (4.9%). The following exporters - India (48K tons), Romania (46K tons) and South Korea (28K tons) - together made up 9.4% of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +12.7%), while the other global leaders experienced more modest paces of growth.

In value terms, Sweden ($454M), Germany ($230M) and China ($224M) constituted the countries with the highest levels of exports in 2024, together comprising 41% of global exports. Japan, the United States, Canada, Romania, France, South Korea and India lagged somewhat behind, together accounting for a further 36%.

India, with a CAGR of +11.4%, 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 global leaders experienced more modest paces of growth.

Exports By Type

In 2024, powders of pig iron (590K tons) and granules of pig iron or spiegeleisen (517K tons) were the main types of granules and powders of pig ironin the world, together achieving 85% of total exports. It was distantly followed by alloy steel powders (200K tons), comprising a 15% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by alloy steel powders (with a CAGR of +1.8%), while the other products experienced a decline in the exports figures.

In value terms, powders of pig iron ($960M), alloy steel powders ($741M) and granules of pig iron or spiegeleisen ($524M) appeared to be the products with the highest levels of exports in 2024.

Among the main exported products, alloy steel powders, with a CAGR of +3.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced mixed trends in the exports figures.

Export Prices By Type

The average pig iron articles export price stood at $1,703 per ton in 2024, approximately equating the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2014 an increase of 18%. Over the period under review, the average export prices attained the peak figure at $1,723 per ton in 2023, and then dropped slightly in the following year.

Prices varied noticeably by the product type; the product with the highest price was alloy steel powders ($3,702 per ton), while the average price for exports of granules of pig iron or spiegeleisen ($1,015 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by powders of pig iron (+3.3%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2024, the average pig iron articles export price amounted to $1,703 per ton, stabilizing at the previous year. Over the last eleven-year period, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 18%. Over the period under review, the average export prices hit record highs at $1,723 per ton in 2023, and then reduced slightly 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 Japan ($3,190 per ton), while India ($713 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+21.3%), while the other global leaders experienced more modest paces of growth.