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

Introduction of modern digital initiatives including Industry 4.0 coupled with booming construction, industrial and automotive sectors are key factors driving the growth of Europe iron ore pellets market. Supportive government regulations which introduced strategic import tariffs on steel items is also aiding the regional market expansion.
 

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However, increasing geopolitical tensions have resulted in slow down of Europe steel industry. In addition to this, the advent of COVID-19 outbreak has also negatively impacted the iron ore pellets market in Europe. Regardless, introduction of several relief packages in order to recover the growth of various industries is creating lucrative opportunities for regional players, which in turn is facilitating the business scenario.
 

As per grade type, direct reduction segment of Europe iron ore pellets industry is expected to grow with a CAGR of 4% through 2026. DR grade iron ore pellets produce low carbon and use disintegration property in order to capture high volume of iron content. Thus, growing demand for high-quality iron ores for producing steel is fueling the segmental share.
 

Based on application spectrum, Europe iron ore pellets market share from iron-based chemicals segment is anticipated to record y-o-y growth rate of 2.5% between 2020-2026. Rising adoption of iron-based chemicals for water treatment applications along with focus among government entities towards increasing the quality of water are favoring the market outlook.
 

Moving on to steel making technology, the report claims that the electric induction furnace segment is likely to display robust expansion trends in the ensuing years. This technology offers better yields, higher melting rates and clean burning processes as compared to its counterparts, thereby contributing towards Europe iron ore pellets industry remuneration.
 

In terms of product source, the magnetite segment currently accounts for 60% market share and is expected to register consistent growth in the subsequent years, primarily due to high concentration of large reserves in Europe. Moreover, growing demand for steel products is boosting Europe iron ore pellets industry outlook from the magnetite segment.
 

Evraz KGOK OAO, Severstal, Voestalpine AG, Metalloinvest Management Company LLC, Metinvest Group, ArcelorMittal S.A., Ferrexpo plc, Nordic Iron Ore, and Luossavaara-Kiirunavaara Aktiebolag (LKAB) are the key competitors in Europe iron ore pellets market.