According to a recent Fact.MR study on iron ore pellets, the market is expected to be valued at US$ 48 billion in 2021 and to grow at a compound annual growth rate of 4.3 percent between 2021 and 2031.
According to Fact.MR, market research and competitive intelligence firm, iron ore pellet demand is expected to grow steadily due to the widespread use of pellets in steel production. Furthermore, the market is expected to create an additional $ opportunity worth approximately US$ 18.6 billion.
Government regulations and growing demand for lower carbon emissions from the steelmaking sector are expected to boost the global consumption of iron ore pellets in the steel industry.
Iron Ore Pellets Industry Research – Key Segments
By Grade
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- Direct Reduction (DR)
- Blast Furnaces (BF)
By Source
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- Magnetite
- Hematite
- Others
By Application
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- Iron-based Chemicals
- Steel Production
By End-Use
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- Iron Ore Pellets for Electric Induction Furnaces
- Iron Ore Pellets for Oxygen-based/Blast Furnaces
- Iron Ore Pellets for Electric Arc Furnaces
Environment of competition
Top manufacturers of iron ore pellets include Vale, Cleveland-Cliffs Inc., Rio Tinto, Fortescue Metals, United States Steel Corporation, Bahrain Steel, ArcelorMittal, NMDC Limited, LKAB, Mitsubishi Corporation, BHP Billiton, ArcelorMittal S.A., Ferrexpo plc, Jindal SAW Limited, Xindia Steels Ltd., and Metso Outotec.
Takeaways from the Market Research
By 2031, the iron ore pellets market is expected to grow by 2.1 times its current size.
Magnetite iron ore pellets account for a significant portion of the market and are expected to generate an absolute dollar opportunity of around US$ 1.2 billion between 2021 and 2031.
After Covid-19 (Q2 2021), the steel industry will add 1.3X value to overall iron ore pellet sales in 2021.
In 2021, steel production will account for roughly half of total iron ore pellet demand.
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