In 2024, the forecasted pig iron consumption at manufacturers using the Basic Oxygen Process in the US stands at 17.86 million metric tons, a decrease from 2023 where it was higher. The year-on-year decline continues through 2025 to 2028 with projected values of 17.11, 16.38, 15.66, and 14.96 million metric tons respectively. This represents a steady decrease, with a compound annual growth rate (CAGR) indicating a consistent contraction in demand over the forecasted period.
Future trends to watch for include technological advancements in steel production processes that could improve efficiency and resource utilization, regulatory changes impacting raw material sourcing, shifts in domestic and global demand, and competitive pressures from alternative materials or methods of steel production.
