U.S.: Pig Iron Articles Market 2024

Pig Iron Articles Market Size in the U.S.

For the sixth year in a row, the U.S. pig iron articles market recorded growth in sales value, which increased by 0.9% to $X in 2021. In general, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +63.3% against 2013 indices. Pig iron articles consumption peaked in 2021 and is expected to retain growth in years to come.

Pig Iron Articles Production in the U.S.

In value terms, pig iron articles production stood at $X in 2021. Over the period under review, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.3% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 29%. Over the period under review, production reached the peak level at $X in 2019; afterwards, it flattened through to 2021.

Pig Iron Articles Exports

Exports from the U.S.

In 2021, shipments abroad of granules and powders of pig iron decreased by -0.5% to X tons, falling for the third year in a row after two years of growth. Overall, exports continue to indicate a mild slump. The pace of growth appeared the most rapid in 2013 when exports increased by 15% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, pig iron articles exports surged to $X in 2021. The total export value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico (X tons), Canada (X tons) and China (X tons) were the main destinations of pig iron articles exports from the United States, with a combined 66% share of total exports. These countries were followed by Taiwan (Chinese), Sweden, South Korea, Spain, Germany, Belgium, India and Romania, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of +17.6%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Canada ($X) and China ($X) were the largest markets for pig iron articles exported from the United States worldwide, with a combined 51% share of total exports. Taiwan (Chinese), Germany, Sweden, South Korea, Spain, India, Belgium and Romania lagged somewhat behind, together comprising a further 33%.

Sweden, with a CAGR of +20.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average pig iron articles export price amounted to $X per ton, growing by 32% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Articles Imports

Imports into the U.S.

In 2021, supplies from abroad of granules and powders of pig iron increased by 20% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a mild downturn. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, pig iron articles imports surged to $X in 2021. The total import value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Canada (X tons) constituted the largest pig iron articles supplier to the United States, with a 49% share of total imports. Moreover, pig iron articles imports from Canada exceeded the figures recorded by the second-largest supplier, Sweden (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 4.4% share.

From 2012 to 2021, the average annual growth rate of volume from Canada amounted to -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+1.2% per year) and Germany (+2.7% per year).

In value terms, Canada ($X) constituted the largest supplier of granules and powders of pig iron to the United States, comprising 37% of total imports. The second position in the ranking was taken by Sweden ($X), with a 15% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+0.8% per year) and Germany (+5.3% per year).

Import Prices by Country

The average pig iron articles import price stood at $X per ton in 2021, increasing by 15% against the previous year. Over the last nine years, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 26% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform