As per the 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 pellets market is anticipated to register an appreciable growth rate over 2020-2026.
 

According to findings of the report, Asia Pacific iron ore pellets market growth is largely driven by high concentration of manufacturing companies, favorable government initiatives, and rapid urbanization in nations like India, China, and Japan.
 

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Further, Asia Pacific is largest producer as well as consumer of steel and iron products globally. In fact, as of 2019, Asia accounted for nearly 68% of global steel consumption, with China representing about 48% of it.
 

Despite the positive outlook of Asia Pacific iron ore pellets industry, the business landscape is facing a plethora of challenges due the sudden emergence of the Covid-19 pandemic. Closure of manufacturing facilities, along decline in demand for automotive and construction sectors has significantly affected the production of iron ore pellets in the region. However, the Chinese is recovering as the nation took strict lookdown measures to curb the spread of the virus, allowing the nation to resume operations quicker.
 

Based on grade, Asia Pacific iron ore pellets market size from direct reduction segment is set to register 4.5% CAGR over the forecast period, attributable to superior quality iron output that makes it ideal for applications such as feedstock for electric furnaces.
 

In terms of technology, the industry is split into balling disc and balling drum, among which, the latter is set to capture significant industry share as it is capable of processing larger quantities with high-quality at a fast pace and better consistency.
 

Elaborating on steelmaking technology, oxygen-based/blast furnace segment captured 70% of Asia Pacific iron ore pellets market share in recent past and will likely maintain strong growth in the upcoming years. Electric induction furnace and electric arc furnace are the other key segments covered in the report.
 

With respect to product source, the market is classified into hematite, magnetite, and others. The magnetite segment will record over 4% CAGR, as magnetite ore generally constitutes about 72.4% iron content. The final products manufactured from these ores is comparatively higher in quality as compared to hematite ores.
 

Speaking of pelletizing process, the industry is divided into grate kiln, travelling grate, and others. Experts analysts cite that grate kiln segment is expected to garner significant returns over the analysis period, as this process yields consistent results.
 

From a geographical standpoint, key contributors to Asia Pacific iron ore pellets market value are China, India, Japan, South Korea, Malaysia, and Australia.
 

Considering the competitive landscape, Sumitomo Metal Mining Co., Ltd., Mitsubishi Corp., Voestalpine AG, Vale S.A., KIOCL Ltd., Rio Tinto Group, Fortescue Metals Group Ltd., NMDC Ltd., and Atlas Iron are the top contenders in this business space.