The forecast for pig iron consumption by iron foundries and miscellaneous users in the states of Iowa, Kansas, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin, reveals a steady upward trend from 2024 to 2028. The consumption is projected to increase from 2.37 million metric tons in 2024 to 2.61 million metric tons in 2028. As of 2023, the consumption stood slightly below 2.37 million metric tons, marking a consistent yearly increase.
Year-on-year percentage increases are projected as follows:
- 2024 to 2025: Increase of approximately 2.53%
- 2025 to 2026: Increase of approximately 2.47%
- 2026 to 2027: Increase of approximately 2.41%
- 2027 to 2028: Increase of approximately 2.35%
Over the five-year span from 2024 to 2028, the compound annual growth rate (CAGR) is expected to reflect an average annual increase consistent with the steady rise in demand for pig iron in this region.
Future Trends:
Long-term developments such as technological advancements in foundry processes and shifts in manufacturing demand may further influence pig iron consumption. Additionally, environmental policies and sustainability practices could also impact production and consumption patterns. Monitoring these trends is essential for anticipating future shifts in this market segment.
