In 2023, pig iron consumption at US manufacturers with electric furnaces stood at 4.71 million metric tons. The forecast for 2024 to 2028 shows a steady annual increase, reaching 4.86 million metric tons by 2028. Year-on-year growth is consistent at approximately 0.63%, indicating stable demand. Over five years, the compound annual growth rate (CAGR) is approximately 0.63%. These forecasts suggest a modest but steady increase, reflecting resilience and a stable need for pig iron in the US electric furnace sector.
Future trends to watch for include technological advancements in electric furnace efficiency, environmental regulations affecting production methods, and shifts in raw material availability that may impact pig iron consumption patterns.
