Selbyville, Delaware, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global Iron Ore Pellets Market is expected to be valued at around USD 90 billion by 2032.
The upsurge in steel production, especially in emerging countries of the Asia Pacific region, such as Vietnam, China, and India, is poised to drive the iron ore pellets industry trends, says the report. Technological advancements in steel production machinery, along with prevalent environmental concerns, are boosting the adoption of iron ore pellets for the carbon-less steelmaking process. Iron ore is ground into spherical pellets that are then easily melted and combined to form steel.
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Availability of substitutes at reasonable rates may hamper market growth, cites the report. The lower cost of the sintering process makes it a significant choice as compared to palletization. However, as alternative processes include high carbon content, the innovations in iron ore pelletizing techniques with carbon-less steelmaking for improved DC magnetic performance, are speculated to bolster product adoption. Moreover, growing government efforts towards lowering the carbon footprint may encourage players to eventually overcome this hurdle.
Cost-effectiveness to shape direct furnace industry outlook
Based on grade, the report segregates the iron ore pellets market into blast furnace and direct reduction. The direct reduction grade segment is projected to progress at over 4.5% CAGR between 2023 and 2032. Direct reduction of iron ore (in the form of pellets, lumps, or fines) with a reducing gas made from natural gas or coal is carried out to form direct-reduced iron (DRI) or sponge iron. Thus, DR-grade pellets are extensively utilized as feedstock in electric furnaces as they retain larger quantities of iron, which is foreseen to impel segment growth.
Enhanced fugitive dust control to fuel balling disc technology segment growth
The report identifies that iron ore pellets processed with balling disc technology are likely to showcase considerable demand through 2032. The segment growth is attributed to its high balling rate, big roundedness intensity of particles, and visual operation that enable easy maintenance. Driven by improved fugitive dust control and reduced costs of implementation as compared to its counterpart, the balling disc segment is estimated to exhibit a 4% CAGR from 2023 to 2032.
Browse key industry insights spread across 461 pages with 911 market data tables and 40 figures & charts from the report “Iron Ore Pellets Market Statistics By Grade (Blast Furnace, Direct Reduction), By Balling Technology (Balling Disc, Balling Drum), Application (Steel Production, Iron Based Chemicals), Steelmaking Technology (Electric Arc Furnace, Electric Induction Furnace, Oxygen Based/Blast Furnace), Product Source (Hematite, Magnetite), Pelletizing Process (Travelling Grate, Grate Kiln), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/iron-ore-pellets-market
Energy efficiency and ease of control to augment electric induction furnace segment progress
Iron ore pellets market share from the electric induction furnace segment was valued at USD 2 billion in 2022 and is primed to grow at more than 4.5% CAGR over the next 10 years. The segment growth can be attributed to its ability to allow an energy-efficient, clean, and easily controllable melting process. Moreover, as the absence of traditional combustion sources minimizes the oxidation loss, the electric induction furnace improves yielding capability, which is also increasing its demand.
Increasing infrastructural development initiatives to push product uptake in steel production
Utilization of iron ore pellets in steel production is poised to remain high in the forthcoming years. The iron ore pellets market share from the steel production application segment is slated to expand at a 3.5% CAGR over 2023-2032 as a result of proliferating number of infrastructure projects. The segment growth is speculated to be further driven by significant product usage in the booming manufacturing industry.
High iron content to propel the hematite segment expansion
With respect to product source, the hematite segment is estimated to exceed a valuation of USD 30 million by 2032. Hematite is projected to account for a significant share of the iron ore pellets market revenues through 2032 as it is present in abundance across the globe and has 70% iron content. In addition, industry players invest heavily in mines to extract a huge amount of iron ores per year, which is also foreseen to support segment development.
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Expanding automotive industry to aid Europe emerge as a top regional ground
Europe iron ore pellets market is anticipated to reach more than USD 20 billion in revenue by the end of 2032. Booming automotive production in line with the growing popularity of EVs is a major factor driving business growth. Furthermore, soaring investments by automotive manufacturers, along with the rising number of newer market entrants in the region, is likely to propel the regional iron ore pellets industry outlook.
Production capacity expansion to remain a key growth strategy
The competitive landscape of the iron ore pellets market is inclusive of Anglo American, Bahrain Steel, Cleveland-Cliffs Inc., BHP Billiton, Evraz, FERREXPO, and Jindal SAW Ltd, among others. These companies focus mainly on increasing their production capacity, undertaking strategic alliances, and collaborating with manufacturing and automotive firms to strengthen their business standing.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
