The consumption of pig iron at iron foundries and miscellaneous users in the Mountain and Pacific regions is projected to decline significantly from 2024 to 2028. In 2023, consumption stood at 1.4 thousand metric tons. By 2024, forecasts show a decrease to 1.16 thousand metric tons, with an annual reduction in 2025 to 0.92, 2026 to 0.68, 2027 to 0.45, and eventually reaching 0.22 by 2028. This suggests a sharp contraction over the period with substantial year-on-year percentage decreases, resulting in a negative compound annual growth rate (CAGR) over five years.
Future trends to monitor include:
- The potential impact of reduced demand in key industries such as automotive and construction on pig iron consumption.
- Advancements in manufacturing technologies that may decrease reliance on pig iron.
- Environmental regulations pushing foundries towards more sustainable materials.
- Economic factors in the Mountain and Pacific regions influencing industrial growth and resource consumption.
