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Iron Ore Pellet Market Growth to Hit USD 84.35 billion at a 3.78% CAGR, Globally, by 2029 - Exclusive Report by Data Bridge Market Research
Explore Further Details about This Research Iron Ore Pellet Market Report https://www.databridgemarketresearch.com/reports/global-iron-ore-pellet-market
Iron ore pellets are becoming an extremely important material in the steelmaking industry due to the momentous improvement in quality and production efficiency of the final products. In the major countries the government is planning to close the sintering activities for ironmaking due to increasing concerns over carbon emission from the industry. According to the World Steel Association, global crude steel production reached 1,879.9 million tons in 2019, up by 3.5% as compared to 2018. Although the market go-slow in the recent period, the steel industry and the demand for steel from various industries has been improving since 2015. Global steel demand witnessed 20.5% year-on-year growth in 2019, and is projected to grow progressively during the forecast period.
Data Bridge Market Research analyses that the iron ore pellet market was valued at USD 62.68 billion in 2021 and is expected to reach USD 84.35 billion by 2029, registering a CAGR of 3.78 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
Drivers
Rise the demand in construction and automotive sector
The major demand of steel in automotive and construction industries. These industries play a key role in indirectly influencing the demand of the iron ore pellet as it is one of the major raw materials which used for steel manufacturing. The global construction industry witnessed the strong growth that resulted in rising crude steel production, which are expected to increase the growth of the iron ore pellet market.
Huge demand in steel industry
Iron ore pellets are one of the important raw materials which has used by the steel industry for the production of steel. These pellets help the steel industry for the rapid expansion as well as contribute in supporting the global economy. Superior assets of iron ore pellets as compared to traditional iron ore feed materials such as sinter feed and lump overs and ecological benefits of iron ore pellets in iron and steel making processes.
Stringent rules and increase the demand for low carbon emission
Stringent rules and the increasing need for low carbon emissions from the steelmaking industry will increase the consumption of iron ore pellets. This is mostly attributable to their higher properties than other forms such as sinter and lumps. These deliver superior iron content with lower fuel consumption and significantly increase the efficiency levels in the steel-making sector.
Recent Development
In December 2020, Rio Tinto had declared their inclination to improve the rating system of iron ore, especially for the steelmaking constituent. The announcement helps in generates revenue for the business and growing the production capacity of the company in the future.
In October 2020, After the restart of various operations Vale had decided to improve the level of the production of the iron ore pellet in the third quarter. The business growth helps in rising the consumer base of the company which increases the sales of the industry.
Global Iron Ore Pellet Market Scope
The iron ore pellet market is segmented on the basis of source, grade, technology, pelletizing Process, balling technology and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Source
Hematite
Magnetite
Taconite
Others
Grade
Blast Furnace
Direct Reduction
Technology
Oxygen Based/Blast Furnace
Electric Arc Furnace
Electric Induction Furnace
Pelletizing Process
Grate Kiln
Straight Travelling Grate
Balling Technology
Balling Disc
Balling Drum
End User
Construction
Automotive
Railway
Consumer Goods
Shipping
Industrial
Aerospace
Others
Some of the major players operating in the iron ore pellet market are:
Rio Tinto (UK)
BAILEY METAL PRODUCTS INC. (India)
Fortescue Metals Group Limited (Australia)
Hancock Prospecting Pty Ltd (Australia)
Vale (Brazil)
Cleveland-Cliffs Inc (US)
United States Steel Corporation (US)
ArcelorMittal (Luxambourg)
LKAB Koncernkontor Box (Sweden)
NMDC Limited (India)
Mitsubishi Corporation (Japan)
Metso Outotec (Finland)
KIOCL Limited (India)
FERREXPO PLC (Switzerland)
JINDAL SAW LTD. (India)
METALLOINVEST MC LLC (Russia)
SIMEC (UK)
Anglo American Plc (UK)
BHP (Australia), Evraz, (UK)
Metinvest (Ukraine)
Arya Group (India)
Rexon Strips Limited (India)
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About Data Bridge Market Research:
An absolute way to forecast what future holds is to comprehend the trend today!
Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavours to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process. Data Bridge is an aftermath of sheer wisdom and experience which was formulated and framed in the year 2015 in Pune.
Data Bridge Market Research has over 500 analysts working in different industries. We have catered more than 40% of the fortune 500 companies globally and have a network of more than 5000+ clientele around the globe. Data Bridge adepts in creating satisfied clients who reckon upon our services and rely on our hard work with certitude. We are content with our glorious 99.9 % client satisfying rate.
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