The global Iron Ore pellets Market is projected to reach a valuation of 62.13 million by the year 2027 by growing at a CAGR of 3.37% during the forecast period 2021-2027.
Published | March 2021
According to BlueWeave Consulting, the
Iron Ore pellets is expected to grow at a significant rate during the forecast
period. The global Iron Ore pellets Market is projected to reach a valuation
of 62.13 million by the year 2027 by growing at a CAGR of 3.37% during the forecast
period 2021-2027. The demand for iron ore pellets has increased especially
after various governments have taken steps towards more sustainable steel
production acting as an opportunity for the iron ore pellets market. The
consumption of Iron ore pellet is majorly driven by rising steel demand from
end-users including, Automotive, Manufacturing, Defense, and Construction sectors
Mined iron ore contains lumps of varying size, the biggest one is more than 1 meter (40 inches) across and the smallest one is about 1 millimeter (0.04 inch). Globally, around two billion tones of iron ore (average 62%) is used in the form of lumps/sinter/pellets to produce steel.
Earlier, lump ores were the primary source used in the iron-making process. However, over the years, high-grade lump ore reserves have been gradually depleting, attributable to excessive mining activities by multiple companies.
This limited availability of high-grade lump ore is becoming a cause of concern for the iron & steel industry, as it is becoming increasingly difficult to find suitable lump ore for direct use in blast furnaces. Shortage of high-grade iron ore lumps is a major driver of iron ore pellet sales.
Innovations in Iron ore pelletizing
The pelletizing process is currently the most widely used option for producing suitable agglomerates for ironmaking applications from fines of iron ore concentrate.
Quality requirements for Direct Reduced method pellets are higher and since lump ore of the required quality is not available, pellets are the only viable feed for the new Direct Reduced method plants.
Iron Ore Pellets provide advantages to end-users, such as improved productivity of blast furnaces, the opportunity to increase the iron content of the charge materials, and superior environmental performance of pellet plants as compared to sinter plants. Consequently, the number of pelletizing plants is expected to increase in the future. The main iron-producing systems, blast furnace, and Direct Reduced reactors will not be replaced in the near future.
Captive in product offerings are predicted to be the major market driven factor in the US Iron Ore Pellets market industry
Captive holds the largest share in the marking owing to most of the iron ore pellet production is consumed in-house or shipped to nearby customers for steel manufacturing. Most of the major steel companies across the globe, who account for a major share in global steel production, source their iron ore pellet requirements through their own manufacturing firms.
Iron Ore pellets Market: Competitive Landscape
The global iron ore pellets market is highly fragmented with numerous unorganized players. As new players enter the market with new models during the forecast period, it would become even more fragmented.. The key players in this market are Rio Tinto Ltd., BMP Group Ltd., Fortescue Metals Group Ltd., Hancock Prospecting Pty Ltd., Vale S.A., Cleveland-Cliffs Inc., United States Steel Corporation, ArcelorMittal S.A., Luossavaara-KiirunavaaraAktiebolag, National Mineral Development Corporation, and other prominent players.
Key market players are entering into collaborations and engaging in mergers & acquisitions of companies to capture a greater market share. Furthermore, the market participants are focusing on improving their services to attain a competitive edge over other players..
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Iron Ore pellets market size & forecast. The report promises to provide state-of-the-art innovations of Iron Ore pellets production and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
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