In 2023, the pig iron consumption at iron foundries and miscellaneous users in the US was 2.65 million metric tons. The forecast for 2024-2028 shows a steady increase in consumption:
- 2024: 2.7 million metric tons
- 2025: 2.75 million metric tons
- 2026: 2.8 million metric tons
- 2027: 2.85 million metric tons
- 2028: 2.9 million metric tons
This represents a consistent year-on-year growth of approximately 1.85%. The compound annual growth rate (CAGR) over the forecasted period is around 1.85% as well.
Future trends to watch for include the impact of technology advancements in iron production, environmental regulations, and shifts in demand due to economic changes. Additionally, the transition towards sustainable practices may influence pig iron consumption patterns in the coming years.
