The global iron ore pellets market is slated to reach US$ 58 Bn in the year 2021. Iron Ore Pellets Market to Expand US$ 156.2 Bn by 2029; Rising Steel Production Coupled with Superior Properties of Iron Ore Pellets Propelling Demand. The ongoing trend is that of blast furnace pellets being used increasingly. They account for more than 50 of the market share. The fact that steel is being produced at an exponential rate is driving the demand for iron ore. Europe is expected to register growth at the rate of 1.9% in the iron ore pellets market between 2021 and 2031.
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Iron ore pellets are a type of agglomerated ground iron ore fines converted into spherical-shaped balls, which are typically of 6–16 mm and contain 62–72% of iron (Fe) along with other materials. Iron ore pellets have good physical and metallurgical properties, owing to which, they are a vital raw material for different types of iron and steel production. Superior properties of iron ore pellets as compared to traditional iron ore feed materials as lump overs and sinter feed, and environmental benefits of iron ore pellets in iron & steel making processes, are primary factors responsible for the growth of the global iron ore pellets market.
key Companies-
- Vale SA
- LKAB
- Arya Group
- Essar Steel
- Jindal SAW Ltd.
- Cleveland-Cliffs Inc.
- FERREXPO
- Xinida
- Simec Group
- Metalloinvest MC LLC
- Iron Ore Company of Canada
- ArcelorMittal S.A.
- KIOCL Ltd.
- Bahrain Steel
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Key Takeaways from Global Iron Ore Pellets Market Study
- For integrated steel mills and iron production plants, iron ore pellets offer significant advantages in terms of capital savings, raw material flexibility, and overcoming bottleneck situations in the long term.
- DR grade iron ore pellets are the most prominent raw material choice for DRI/sponge iron production. Significant growth in DRI production activities is projected to drive the demand for DR grade iron ore pellets during the forecast period.
- In terms of grade, both, BF grade and DR grade iron ore pellets will witness substantial growth during the forecast period. Moreover, demand for DR grade iron pellets has increased substantially, and account for more than one-fourth of the iron ore pellets market.
- Imposition of stringent environmental regulations on sinter feed and adoption of lower carbon footprint across the globe have increased the adoption of iron ore pellets across the globe.
- In terms of countries/regions, China, India, and the Middle East are estimated to be attractive markets for iron ore pellets, owing to growth in steel production and increasing environmental initiatives.
“Iron ore pellets are expected to play a crucial role in achieving targets such as capacity expansion, operational cost reduction, lowering emissions of pollutants, etc., set by iron & steel manufacturers in various countries, backed by government and environmental initiatives. However, the global coronavirus pandemic is expected to adversely impact the iron ore pellets market during the initial part of the forecast period,” says a PMR analyst.
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Key Questions Answered in Report
- How much is the iron ore pellets market worth?
- What will be the demand outlook?
- What was the last 5 year market CAGR?
- What are the key trends of iron ore pellets market?
- What is driving the demand for iron ore pellets?
- What is the market share of top 5 players?
- What are the top 5 countries driving demand?
- What is North America’s market Outlook?
- At what percentage iron ore pellets market is going to register growth in Europe?
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