United States, Rockville MD, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to a recent study by Fact.MR on iron ore pellets, the market is estimated to be valued at US$ 48 Bn in 2021 and is expected to expand at a compound annual growth rate of 4.3% over the assessment period of 2021-2031.
Fact.MR, a market research and competitive intelligence provider, reveals that iron ore pellet demand is set to witness steady growth attributed to large-scale adoption of pellets in steel making. In addition, the market is set to create an incremental $ opportunity worth approx. US$ 18.6 Bn.
Stringent regulations by governments and increasing need for lower carbon emissions from the steelmaking sector are set to further fuel overall consumption of iron ore pellets in the steel industry, globally. Iron ore pellets possess superior properties than other available forms, including lumps or sinters.
Increasing steel consumption across a wide range of downstream industries open the doors for market growth throughout the assessment period of 2021 to 2031. When opposed to sinters and lumps, iron ore pellets tend to showcase improved functional abilities, guiding the way for their increased usage in the global market.
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Key Takeaways from Market Study
- Iron ore pellets market is anticipated to add 2.1X value by 2031.
- Steel industry recovery post Covid-19 (Q2 2021) to add 1.3X value to overall sales of iron ore pellets in 2021.
- Steel production application to account for around 1/2 share of overall iron ore pellet demand in 2021.
The global market witnessed growth at 3.9% CAGR during the historic period of 2016-2020. In addition to increasing consumption of steel by the automobile sector, demand for steel from the building and construction industry has been steadily increasing.
Rapidly expanding steel production industry in fast-developing Asian nations such as China, India, and Vietnam will play a significant role in increasing iron ore pellet consumption in the near future. A growing number of pelletizing factories around the world is also helping shape market growth for the long run.
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Process Optimization: Key Success Factor
Players manufacturing iron ore pellets must look to improve their production capabilities. This is attributed to demand swelling for iron ore pellets from the steel industry. Also, maintaining a healthy relationship with raw material suppliers will help manufacturers gain more profit margins and reduce overall cost of production.
Competitive landscape
Top manufacturers of iron ore pellets include Vale, Cleveland-Cliffs Inc., Rio Tinto, Fortescue Metals, United States Steel Corporation, Bahrain Steel, ArcelorMittal, NMDC Limited, LKAB, Mitsubishi Corporation, BHP Billiton, ArcelorMittal S.A., Ferrexpo plc, Jindal SAW Limited, Xindia Steels Ltd., and Metso Outotec.
Iron Ore Pellets Industry Research - Key Segments
- By Grade
- Direct Reduction (DR)
- Blast Furnaces (BF)
- By Source
- Magnetite
- Hematite
- Others
- By Application
- Iron-based Chemicals
- Steel Production
- By End Use
- Iron Ore Pellets for Electric Induction Furnaces
- Iron Ore Pellets for Oxygen-based/Blast Furnaces
- Iron Ore Pellets for Electric Arc Furnaces
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global iron ore pellets market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of grade (direct reduction (DR) and blast furnaces (BF)), source (magnetite, hematite, and others), application (iron-based chemicals and steel production), and end use (electric induction furnaces, oxygen based/blast furnaces, and electric arc furnaces), across key regions, namely, North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
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