As per the research report titled ‘Asia Pacific Iron Ore Pellets Market Size, By Grade, Balling Technology, Application, Steelmaking Technology, Product Source, Pelletizing Process, Country, Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, Asia-Pacific iron ore pallets market is anticipated to record significant growth during 2020-2026.
 

High concentration of major manufacturers, increasing production volume of crude steel in India and China, rising urbanization, and favorable government initiatives in South Korea and Japan are augmenting the growth of Asia-Pacific iron ore pallets market.
 

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The initial shutdown of several manufacturing facilities as a result of the stringent lockdown measures imposed to battle the COVID-19 pandemic has caused a major deceleration in the demand for the product from the construction and manufacturing sectors, which in turn is negatively impacting Asia-Pacific iron ore pellets industry outlook. Moreover, instabilities in the iron pellets supply chain are expected to hamper the industry expansion throughout the analysis timeframe.
 

Based on grade type, Asia-Pacific iron ore pallets industry is split into blast furnace and direct reduction, among which the latter is predicted to register a 4.5% CAGR through 2026. Increasing adoption of DR-based iron ore as feedstock for electric furnaces coupled with the capability of the product to produce 97% pure iron are fostering the expansion of the segment.
 

With regards to technology type, the balling drum segment is estimated to expand substantially over the forecast duration, owing to its ability to process large amount of iron ore pellets with higher consistence, quality, and efficiency.
 

Moving on to steelmaking technology, the oxygen-based/blast furnace reflected around 70% share in Asia-Pacific iron ore pallets market in 2019. This process allows for optimal injection of pulverized coal and natural gas. In addition to this, growing environmental concerns regarding carbon emissions are propelling the growth of the segment. 
 

Elaborating on product source, the magnetite segment is calculated to exhibit a 4% CAGR over 2020-2026, on account of high iron content along with its ability to provide better quality of final products as compared to those of hematite ores.
 

The country-level bifurcation of Asia-Pacific iron ore pallets market comprises of Malaysia, Australia, South Korea, Japan, India, and China.
 

Leading organizations that define the Asia-Pacific iron ore pallets industry trends are Sumimoto Metal Mining Co., Ltd., Mitsubishi Corporation, Voestalpine AG, Vale S.A., KIOCL Limited (Kudremukh Iron Ore Company Limited), Rio Tinto Group, Fortescue Metals Group Ltd., NMDC Limited, and Atlas Iron Limited.