High Purity Pig Iron Market Size, Share & Trends Analysis Report By Application (Energy, Industrial, Automotive & Transportation), By Region (North America, Middle East & Africa , CSA, Europe, Asia Pacific), And Segment Forecasts, 2022 - 2030

High Purity Pig Iron Market Growth & Trends

The global high purity pig iron market is expected to reach USD 17.09 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 8.5% over the forecast period. Investments in wind power generation are expected to benefit the industry growth from 2022 to 2030. HPPI is the principal raw material used in the production of nodular cast iron components, which are deployed in industries, such as wind energy, automotive & transportation, etc. Increasing emissions and limited potential for fossil fuels have led to the focus on energy production from renewable sources, such as wind and solar. HPPI finds applications in different wind turbine components, such as rotors, shafts, frames, and blades among others.

China, a leader in wind energy installations, aims to double its wind and solar capacity by 2025. The pollution levels are also high in China compared to other countries around the world, therefore it is necessary to increase renewable power generation. As per the central economic plan of the country, nearly 33% of power supply will come from renewable sources by 2025, an increase from 29% in 2020. Recently, Siemens Gamesa Renewable Energy received an order for 14 offshore wind turbines from a Green Power Investment firm in Japan. This Ishikari offshore project is likely to produce 112 MW of wind energy wherein installations are planned to start in July 2023. The turbines have ClassNK certification ensuring stringent technical standards. Similar investments in wind energy are expected to provide a boost to the HPPI products demand.

Automotive & transportation is a key application segment, wherein nodular cast iron components made using HPPI are used. This segment is likely to register a growth of 8.3%, in terms of revenue, from 2022 to 2030. A rise in the production capacities for vehicles is projected to attract the demand for HPPI products. For instance, Kia Motors in India is expected to increase its production capacity to 400,000 units by the end of 2022. Increasing utilization of steel scrap in foundries, especially in China, is projected to remain a favorable factor for the industry players. The increasing shift towards electric furnaces compared to blast furnaces requires high purity iron to reduce the impurities in the melt. This is anticipated to benefit in the reduction of carbon emissions and, thus, protect the environment.

High Purity Pig Iron Market Report Highlights

• The energy application segment is projected to register the fastest CAGR over the forecast period. A shift towards renewable energy is anticipated to promote the usage of nodular cast iron components and benefit HPPI demand
• Automotive & transportation was the largest application segment in 2021. Investments for new plants and capacity additions are projected to boost the demand for HPPI products in casting parts
• Asia Pacific was the leading region in 2021 due to offshore wind projects and industrial production in China, India, and Japan
• India is anticipated to register a lucrative growth rate, in terms of revenue, over the forecast period due to the growing focus on domestic manufacturing to cater to the growing demand from various end-use industries