The pig iron production in India has demonstrated a steady upward trend from 2013 to 2023, with a noteworthy upsurge in 2021 and a slight decline in 2020 due to global disruptions.
Over the past two years (from 2022 to 2023), the year-on-year variations were modest, at 2.89% and 2.76% respectively. In 2023, the pig iron production stood at 76.6 million metric tons.
The Compound Annual Growth Rate (CAGR) over the last five years was 3.06%, which indicates a steady but moderate growth trajectory.
Looking ahead, the forecasted data from 2024 to 2028 suggests a continued upward trend with a forecast 5-year CAGR of 2.06%, leading to a projected growth rate of 10.75% by 2028.
Future trends to watch for include advancements in manufacturing technology, fluctuations in raw material prices, and potential impacts of policy changes and global trade dynamics which could notably influence production volumes.
