Press release
Increasing use of electric arc furnaces in steel production to bolster Iron Ore Pellets Market outlook
Iron Ore Pellets Market
Rise in demand for superior quality steel and ongoing concerns over carbon footprint is complementing the product penetration. Moreover, restructuring activities in the steel-sector will render ample opportunities to the market players over the coming years. As per the World Steel Association, in 2018 the global finished steel market demand was projected at nearly USD 1.68 billion metric tons and is expected to grow at a considerable rate.
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High disposable income among people in developed and emerging countries is driving the production of vehicles worldwide. Additionally, urbanization has also fueled the construction of residential and non- residential spaces. Global iron ore pellets market share is projected to surpass USD 95 billion in value by 2026. In terms of grade, the market is bifurcated into direct reduction and blast furnace. Prominent industry players outlining the competitive dynamics of iron ore pellets market include BHP Billliton, Rio Tinto, Fortescue metals and Vale among various others.
Direct reduction (DR) grade is leading the market dynamics owing to widespread adoption primarily in the developing nations for electric arc furnace (EAF) steelmaking. New market players are most likely to invest in EAF facilities since the initial cost of setting up is relatively lower as compared to oxygen-based steelmaking process. Reports estimate that by 2026, DR grade iron ore pellets industry size will register a value of over USD 20 billion.
Manufacturers in prominent steel supplying countries such as Iran, India and Turkey are largely investing in the development of electric arc furnaces. Electric arc furnace segment is likely to showcase growth rate of nearly 6% in the near future owing to the surging importance and availability of DR grade pellets across developing nations.
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With respect to iron content, the iron ore pellets market is classified into hematite, magnetite and several others. Other divisions consist of materials like goethite, limonite, siderite and together will be responsible for close to 15% share of the total market over 2019-2016. Traveling grate (G) pelletizing segment will exceed a total valuation of more than USD 65 billion towards the end of 2026. The process comprises multiple stages namely, sintering, oxidation, drying and cooling. Stationary bed of pellets is put through each and every stage before acquiring the final product.
Regionally, Middle East and Africa could evolve as profitable revenue terrains due to the increasing consumption of direct reduction grade pellets across the regions. Countries such as Saudi Arabia, Turkey and Iran are aiming at expanding their production capacities for the electric arc furnace steel manufacturing over the years, thereby generating enhanced growth opportunities for industry players in the region.
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