Le Lézard
Classified in: Mining industry
Subject: MRR

Iron Ore Pellets Demand to Surpass 399 Mn Tons in 2021 as Application in Steel Production Surges


- 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.

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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

Key Drivers

Key Restraints

To learn more about Iron Ore Pellets Market, you can get in touch with our Analyst at

https://www.factmr.com/connectus/sample?flag=AE&rep_id=6991

Competitive Landscape

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:

Grade

Source

Application

End Use

Key Questions Covered in the Iron Ore Pellets Sales Outlook Report

Explore Fact.MR's Coverage on the Chemical & Materials Domain ?

Iron Powder Market- Vehicle production has increased significantly over the world, which is likely to fuel demand for iron powder over the projection period. Iron powder is used in the automobile sector for powder metallurgy applications, which include automotive parts, gears, bearings, and sintered components, among others. In recent years, the additive manufacturing and Metal Injection Molding (MIM) processes have gained popularity in a number of end-use industries, resulting in increased demand for iron powder around the world.

Amorphous Iron (Fe Amorphous) Market- End-users are looking to lessen their reliance on rare-earth magnets due to their uncertain supply and skyrocketing pricing, therefore demand for amorphous iron has risen dramatically in recent years. Rare-earth magnetics are being phased out in favor of amorphous iron or Fe amorphous in a variety of industrial applications due to its exceptional magnetic characteristics. Amorphous iron (Fe amorphous) has a wide range of uses as a magnetic material due to its conductive and magnetic properties, which is driving the market for amorphous iron (Fe amorphous).

Iron Oxide Pigments Market- The ongoing necessity for coloring agents in numerous end-use industries has aided demand growth in the iron oxide pigments market. Because it is also less expensive than certain other coloring compounds, its use and demand have benefited greatly. However, the use of iron oxide pigments in end-use products to a greater level is seen as a threat to human safety. In addition, inhaling iron oxides may cause non-specific lung irritation. As a result, iron oxide pigment manufacturers must bear and manage any risks associated with iron oxide pigments.

About Fact.MR

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