Selbyville, Delaware, July 08, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Iron Ore Pellets Market was estimated at $60.4 billion in 2020 and is slated to exceed $75 billion by 2027, registering a CAGR of 3.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Iron ore pellets are becoming an enormously important material in the steelmaking sector owing to their significant improvement in production efficiency and quality of the final products. The government in major countries is planning to shut the sintering activities for ironmaking owing to growing concerns over carbon emission from the sector. This trend has led to the propagation of green pellets in the industry.
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Global steel production is dominated by Chinese manufacturers owing to the availability of a large number of small to medium-scale mills within the country. The imports for iron ore across the different province of China is growing at a steady rate, which will further drive the need for pelletizing capacities in upcoming years. For instance, Chinese steelmaker is expected to order approximately 150 – 200 million tons per year of iron ore pellets, with a year-on-year growth of 10%.
Direct reduction (DR) grade will showcase around 4% CAGR in iron ore pellets market volume. The robust growth is attributable to the growing need for high-grade iron ore in the steelmaking industry. These products help in generating low carbon emissions and utilize disintegration properties for retaining a high amount of iron content.
In 2020, the traveling grate process held around 65% share in the iron ore pellets market. This process has mainly been used for pelletizing operation of hematite ore in the past few years. Grate kiln is gaining considerable attention in the iron ore pellets market due to its greater flexibility over the traveling grate process. Other processes have the least share of the overall market due to their limited capacities across the globe.
Based on the product source, hematite will acquire a considerable share. It is estimated to account for more than 35% of the market portion. Lower particle attrition rate and high specific gravity are some of the key growth enabling factors of the market. In addition, this type of source is abundantly available across the globe, which may create a demand in the iron ore pellets market over the next few years.
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Among the regions, the growing demand for steel in North America owing to the rising construction and automotive industry will support the iron ore pellets market growth over the forecast timeframe. Shifting industry trends toward carbonless steelmaking are further providing new opportunities for industry expansion.
Prominent iron ore pellets industry participants are M Anglo American, BHP Billiton, Cleveland-Cliffs Inc., Bahrain Steel, Evraz, Jindal SAW Ltd., FERREXPO, LKAB, Metinvest, Metalloinvest, Rio Tinto, Samarco, Ternium, US Steel, Vale, Arya Group, Rexon Strips Limited, SIMEC Group, Xindia Steels Ltd., ArcelorMittal, Erdemir Maden, and JSC Karelsky Okatysh.
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