January 16, 2020
According to the research report titled ‘Iron Ore Pellets Market Size By Grade (Blast Furnace, Direct Reduction), By Technology (Electric Arc Furnace, Electric Induction Furnace, Oxygen Based/Blast Furnace), By Iron Content (Hematite, Magnetite), By Pelletizing Process (Travelling Grate, Grate Kiln), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global iron ore pellets market is expected to surpass USD 95 billion by the year over 2019-2026.
According to the report, increasing production and growing demand for high grade steel is driving the iron ore pellets market growth. Rising concerns pertaining to carbon less steel manufacturing are also aiding the expansion of the market. Powered by growth in construction activities and flourishing automotive sector the demand for steel has swelled exponentially of late, which in turn is facilitating the business scenario.
As per grade, direct reduction grade iron ore pellets market segment is expected to surpass USD 20 billion by the year 2026. This growth can be attributed to surging need for such products in emerging economies for electric arc furnace based steel making.
Speaking of technology, electric arc furnace segment is predicted to expand with 6% CAGR during the period of 2019-2026. Increasing focus on DR grade pellets in developing nations and escalating investments in electric arc furnaces especially in Turkey, Iran, and India, are fueling the segment growth.
In terms of iron content, the others segment, which consists of siderite, goethite, and limonite, is presumed to capture 15% share of iron ore pellets market over 2019-2026.
By pelletizing process, travelling grate pelletizing market segment is anticipated to exceed USD 65 billion by the year 2025. Travelling grate process includes multiple stages of drying & cooling, oxidation and sintering.
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Considering the geographical landscape, the report states that Middle East & Africa iron ore pellets market will register considerable growth during the forecast period. Increasing consumption of DR grade pellets and rapid expansion of electric arc furnace for steel manufacturing are contributing towards the popularity of the product across the region.
Xindia Steels Ltd., SIMEC Group, Iron Ore Company of Canada, Arya Group, Vale, US Steel, Ternium, Samarco, Rio Tinto, Metalloinvest, Meinvest, LKAB, Jindal SAW Ltd, FERREXPO, Evrax, Cleaveland-Cliffs, BHP Billiton, Bahrain Steel and Anglo American are the prominent companies operating in the iron ore pellets market.
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