High Purity Pig Iron Market Size To Reach $3.30 Billion By 2033

High Purity Pig Iron Market Growth & Trends

The global high purity pig iron market size is expected to reach USD 3.30 billion by 2033, according to a new report by Grand View Research, Inc, expanding at a CAGR of 10.8% from 2025 to 2033. 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.

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High Purity Pig Iron Market Report Highlights

• Based on application, automotive & transportation dominated the market with a revenue share of over 50.0% in 2024, in the global market. 

• The high purity pig iron market in Europe is expected to grow steadily, supported by the region’s strong policy commitment to decarbonization and resource efficiency. 

• Demand for high purity pig iron market in North America is expected to grow moderately, shaped by macroeconomic conditions and industry-specific developments. 

• The high purity pig iron market in the U.S. is forecast to grow steadily in 2025, supported by a resilient manufacturing base and positive economic indicators. 

• The high purity pig iron market in Asia Pacific represents the fastest-growing, driven by rapid industrialization and infrastructure development.

High Purity Pig Iron Market Segmentation

Grand View Research has segmented the global high purity pig iron market on the basis of application and region:

High Purity Pig Iron Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Automotive & transportation

• Energy

• Industrial

High Purity Pig Iron Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Russia

  • Turkey

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • South Africa

  • Iran

List of Key Players of High Purity Pig Iron Market

• Eramet Group

• High Purity Iron Inc. (USA)

• Ironveld Plc

• Kobe Steel

• Mineral-Loy

• QIT-Fer et Titane (Rio Tinto Iron & Titanium)

• Richards Bay Minerals (RBM)

• Saraf Group

• Sesa Goa Iron Ore (Vedanta)

• Tronox Holdings plc