New York, NY -- (SBWIRE) -- 12/22/2020 -- The iron ore pellets market is set to attain a valuation of USD 94.76 billion by 2027, registering a CAGR of 5.5%, according to the latest report by Reports and Data. The global iron ore pellets market is expected to witness significant growth due to the rapid increase in demand for steel in the construction industries. The applications of iron ore pellets are widespread in several industries including steel production, and iron-based chemical industries.

Increasing steel production around the world, and growing concerns about carbon, let alone the manufacture of steel, will develop the market in the future. The increase in demand for steel in the most crucial end industries will prove to be a driving force in the market for iron ore pellets over the forecast period. The international growth of the automotive and creative industries will create an opportunity to pellet manufacturers. The Middle East and Africa market will grow at a steady pace over the forecast period due to the increasing consumption of quality pellets in this region.

Key participants include:

Vale S.A., Samarco Mineração S.A., LKAB, Ferrexpo Plc, Cleveland Cliffs Inc., Severstal, Metso Corporation, Iron Ore Company of Canada Inc, Simec Group, and Jindal Saw Ltd., among others.

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Market Drivers:

The major driving force for the development of the iron ore pellets market is the rise in demand for steel in the automotive and construction industries. Besides, iron ore pellets manufacturers offer innovations to improve energy efficiency. Growing urbanization due to increased population and associated constructions are the key drivers of the market. Also, coal is being less used in the steel making process due to growing concerns on carbon emissions globally. This is anticipated to stimulate market demand for iron ore pellets which reduces the need for coal and has high iron content.

For the purpose of this report, Reports and Data have segmented into the global Iron Ore Pellets market on the basis of Type, Technology, End-Use Industry, and Region:

Type Outlook (Revenue, USD Billion; 2017-2027)

Hematite
Magnetite

Technology Outlook (Revenue, USD Billion; 2017-2027)

Electric Arc Furnace
Electric Induction Furnace
Blast Furnace

End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)

Steel Production
Iron-based Chemical Industries

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Regional Analysis

According to reports, Asia-Pacific region is expected to dominate the market over the forecast period due to the more than four-fifth per cent of global steel exports and production from India, China, Japan, Iran and Korea from South. Various countries in the North American regions and European regions are named in the top ten steel manufacturers globally, such as the United States, Germany, Russia, Brazil and Turkey, which represent one-fifth of world production. North America holds a high market share due to ease of investments and operational blast furnaces.

Further key findings from the report suggest

The electric induction furnace segment will experience significant growth on schedule due to its increasing consumption in the Middle East and Africa and Asia-Pacific countries. Manufacturers based in these regions have plans to build the capacity of induction furnaces (IFs) for steel manufacturing. Manufacturers from countries such as Iran, Bhutan, Bangladesh, and India, among others, have plans to develop new capacity for induction furnaces, which will further drive the growth of the iron ore pellet industry.

Based on the iron content, the magnetite segment will hold a significant share from 2016 to 2026. These ores contain more than 68 percent of iron and are considered to be higher-grade iron ore. Magnetite offers a cost-effective and environmentally friendly solution to steelmakers because it reduces production costs, improves productivity levels while generating a low carbon footprint.

Asia-Pacific is expected to hold the third-highest share of the overall market value of iron ore pellets within the time frame. This is due to the increase in steel production in China in recent years. India is also investing in the construction of infrastructure for iron pellets due to the increasing efforts of steelmakers to reduce the content of alumina generated at the manufacturing stage. The increase in steel consumption by end-users, notably the automobile, construction, consumer goods will further boost the regional share….Continued

Table of Content:

Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Iron Ore Pellets Market Segmentation & Impact Analysis
Chapter 5. Iron Ore Pellets by Product Type Insights & Trends
Chapter 6. Iron Ore Pellets by Material Type Insights & Trends
Chapter 7. Iron Ore Pellets by Application Insights & Trends
Chapter 8. Iron Ore Pellets Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles

Continued…

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