How Iron Ore Pellets Market Growing Rapidly...? Anglo American, BHP Billiton, Cleveland-Cliffs, Evraz, FERREXPO, Fortescue Metals, Jindal SAW Ltd, LKAB, Meinvest, Nordic Iron Ore AB, Rio Tinto, Samarco, Ternium, US Steel, Vale
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Along with reducing pollution, iron ore pellets market boost the productivity of blast furnaces and reduce energy costs. As such, productivity and environmental benefits have become the two major selling points of iron ore pellets in steel industry. Prominently, uniform and high mechanical strength of pellets holds viable even under thermal stress.
Use of iron ore pellets market in steelmaking has been soaring as they are said to consume merely one third of the energy. Large number of iron ore producers are doing away with sintering and adopting iron ore pellets which are believed to reduce emission of sulfur dioxide and nitrogen oxide by 47% to 95%. These environmental and productivity benefits have alluded that iron ore pellets are traded at a premium and are preferred over other iron ore products used in steel manufacturing.
1. Anglo American
2. BHP Billiton
6. Fortescue Metals
7. Jindal SAW Ltd
10. Nordic Iron Ore AB
11. Rio Tinto
14. US Steel
Upsurge in demand for pellets has opened doors for resource companies with high-grade iron ore projects. Steel is perceived as a high demand commodity product in countries such as India and China which are witnessing economic growth. The metal has is being highly sought-after in infrastructure projects and in auto sector.
Growth drivers are
1. Shifting trend towards carbon less steelmaking across North America and Europe
2. Proliferating steel demand in the construction sector
3. Unfavorable government policies related to sintering activities in China
4. Increasing steel usage in automotive industry
5. Superior product benefits as compared to lumps or sinter
Use of Balling disc technology to witness a notable uptick
Balling disc, or palletizing discs have found increased traction in iron and steel plants and are applied in the agglomeration process to form fine iron ore for a more consistent iron ore pellet. Demand for balling disc has become more notable in industries, including steel, iron, cement, pharmaceutical and chemical industries and other related industries. Use of balling disc technology to produce balls and agglomerated pellets has risen considerably. Palletizing discs technology is said to enhance fugitive dust control and reduce transportation costs and losses.
China--a happy hunting ground for pellets manufacturers
The large scale industrialization and urbanization has ushered growth in economy and steel production. According to the World Steel Association, Asia produced around 1,341.6 Mt of crude steel in 2019. While China's crude steel production in 2019 was pegged at 996.3 Mt, India's crude steel production registered 111.2 Mt. With China and India being the leading steel producing countries, iron ore pellets market manufacturers are eyeing China and India as a happing investment destination.
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Leaders in China are emphasizing production of steel manufacturing plants, replacing coal-powered plants. With rising construction activities in the mainland China, steel has been in high demand. Iron ore is one of the principal materials used in the steelmaking.
The Chinese government is providing tax cuts and financial assistance to boost steel manufacturing plants. Reuters claims that over 50 Chinese steel companies are contemplating replacement of old comparatively small steel mills using sinter plants with more efficient and bigger furnaces. This is believed to reflect in around 25 million tons of capacity coming in the fray in 2020. Assessing a host of factors, Global Market Insights, Inc., has projected iron ore pellets market size to surpass $95 bn by 2026.
The Chinese government has implemented low emission standards on steel producers aimed at reducing environmentally harmful emissions, such as sulfur dioxide. In light of it, several steelmakers are doing away with not-so-environmentally-friendly sintering process and are embracing less carbon-intensive iron ore pellets market. To reiterate, manufacturers are using iron ore pellets to reduce emissions of sulfur dioxide and nitrogen oxide by a considerable margin. Accordingly, leading companies are using state-of-the-art iron ore pellets to boost profit margin and reduce cost of production.
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Chinese steel mills are exhibiting keen interest in pellets following the Chinese government intention to curb production of polluting materials. With the world's biggest steel industry in quest for a better quality iron ore, global suppliers are ramping up capacity to cater the demand of the market. Leading companies such as Vale, Rio Tinto, Anglo American, and Cleveland-Cliffs are looking to expand their penetration in untapped markets. It is speculated that demand for iron steel pellets will continue to soar in the wake of thriving steel and construction industries.
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Iron Ore Pellets Market Share Analysis and Research Report by 2026
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