- With Over 70% Iron Content, Magnetite Will Remain Highly Sought-After in Iron Ore Pellets Market
- The Fact.MR report on iron ore pellets market uncovers the latest trends affecting sales through 2031. It studies in detail various growth drivers and restraints impacting the demand across key segments including grade, source, application and end use. The report also highlights the strategies adopted by key market players to increase their sales.
NEW YORK, Oct. 21, 2021 /PRNewswire/ -- Fact.MR ? A Market Research and Competitive Intelligence Provider: As per the latest Fact.MR analysis, the global iron ore pellets market size was valued at US$ 46 Bn in 2020 and is expected to reach around US$ 68 Bn by 2031.
Demand for iron ore pellets is expected to soar owing to the rising adoption in steel manufacturing plants. Sales are projected to increase at a CAGR of 4.3% between 2021 and 2031, with market volume surpassing 399 Mn tons in 2021.
As iron forms the main component of steel, increasing steel production is expected to create huge demand for iron ore pellets. According to the Worldsteel Association, world crude steel production for the 64 countries reached 156.8 million tons in August 2021. This is anticipated to create ample of growth opportunities for iron ore pellets market.
Iron ore pellet is a type of agglomerated iron ore fines which has better tumbler index as compared to that of parent ore. It can also be used as substitute of lump ore for the production of direct reduced iron (DRI) and in blast furnaces for the production of hot metal.
Iron ore pellets are a better feed for iron and steel making as compared to other feeds. They are mostly preferred due to various benefits such as uniform size, high metallization rate, increased productivity, lower energy cost, higher yield, increased permeability in blast furnaces to optimize fuel consumption rate, and lower maintenance cost.
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Implementation of stringent emission regulations and increasing efforts to achieve de-carbonization targets will continue to fuel the consumption of iron ore pellets. Pellet usage significantly reduces carbon and poisonous gas emissions such as SOx, NOx and CO2 particulate matters.
It also saves the environment as well as cut down the expenditure on waste gas treatment, scrubbers etc. Hence, demand for iron ore pellets is expected to manifold over the coming years, estimates Fact.MR.
As per the study, construction and automotive industries are the two major end-use industries of steel. Rising demand from these industries indirectly plays a crucial role in expanding the iron ore pellets market.
Fact.MR projects North America market was estimated to be worth around US$ 14.5 Bn in 2020. Rapid expansion of steel production industry, presence of leading market players and increasing vehicle production are some of the factors driving the growth across the North America iron ore pellets market.
"As the focus is shifting towards decarbonizing the atmosphere, sales of iron ore pellets are expected to witness huge upsurge. Steel manufacturers are showing keen interest in utilizing iron ore pellets for steel production since it helps to significantly reduce carbon emissions," says the Fact.MR analyst.
Key Takeaways from Iron Ore Pellets Market Survey
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Companies operating in the iron ore pellets market are focusing on increasing their production capacity. Some of the companies are collaborating with local and regional players to retain their dominance in the industry.
Some of the prominent players operating in the iron ore pellets market profiled by Fact.MR are:
More Insights on the Global Iron Ore Pellets Sales Outlook
Fact.MR, in its new offering, presents an unbiased analysis of the iron ore pellets market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for iron ore pellets with a detailed segmentation on the basis of:
Key Questions Covered in the Iron Ore Pellets Sales Outlook Report
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