Iron Ore Pellets Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Japan, Australia South Korea, Brazil, Mexico, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI4084
Iron Ore Pellets Market size will develop rapidly from 2019 to 2025 owing to rising steel production across the globe which is required in various end-use industries including automotive, aerospace & defense and construction. Iron ore pellets are extensively used in steel manufacturing.
Automotive industry is developing at an escalating rate in the emerging economies. China is the world’s largest automotive manufacturer and has witnessed a significant growth in the last five years. Whereas, over the same period, India has shown significant improvement in year-on-year rate in automotive production. Over the last decade, governments in emerging countries have formulated and implemented several policies aimed towards the development of automotive sector in the region. It has resulted in huge investments in the region from several world-renowned automotive manufacturers. This has also led to improvements in the existing automotive production standards in these countries. Application of steel in automotive sector includes bus bodies, car-doors, lightweight fuel-tank, motor shaft, bicycle rim, motorcycle, truck protector, silencer wool, fuel-filler neck, motorcycle frame, etc. As steel is widely used in automotive industry, developments in this sector will drive the iron ore pellets market demand across the globe.
United States of America is the largest spender and manufacturer in aerospace & defense sector. Volatile political condition across the world has resulted in several developed and developing countries to invest in their respective defense sector. This has fueled the demand for fighter jets and other defense aircrafts. Furthermore, rising number of air passengers have generated numerous new orders for commercial aircrafts. As per Boeing, one of the world’s largest aircraft manufacturers, more than 35,000 aircrafts will be manufactured over a period of two decades, aiming towards fulfilling the rising aircraft demand. The growth of aerospace & defense sector will propel the iron ore pellets market demand owing to the extensive use of steel in aircraft manufacturing. Steel is widely used in aerospace & defense sector for fuel tanks, structural parts, high-temperature components, exhaust components, etc.
Construction and infrastructure development in emerging economies can be widely attributed to robust industrialization, rapid urbanization, rising spending power, increasing population, government initiatives, private & public investment, etc. Steel has excellent strength to weight ratio which makes it suitable in the construction of bridges, warehouse, factories, high-rise building, commercial & residential construction, etc. Growth in construction industry will propel the iron ore pellets market growth in the near future. However, volatility in the prices of iron ore pellets as a result of unstable prices of required raw materials is likely to hamper the growth of the market in coming years.
Hematite and magnetite are the two major product types in iron ore pellets market. Magnetite will have substantial market share of the overall market due to increasing use of this product in steel production and blast furnace application. This product type has higher iron content but lower magnetite concentration due to which this product type is concentrated before using it for any application. Hematite product type will have high growth rate in market due to rapidly increasing use of this product type owing to its cost-effectiveness and high density. Steel production application will have significant market share owing to the extensive use of product in steel manufacturing coupled with the growth of end-use industries such as automotive, construction, aerospace & defense, etc. Asia Pacific region will have substantial share in iron ore pellets market owing to increasing steel production in the region coupled with rapid development of regional construction and automotive industry. North America region will witness high growth rate in market owing to the availability of materials coupled with the presence of matured end-use industries.
Some of the key players of iron ore pellets market include automotive manufacturers are Vale, Metso Corporation, LKAB, Arya Group, Metalloinvest MC, Iron Ore Company, Simec Group, Jindal Saw Ltd, Xindia Steels, Cleveland-Cliffs, Ferrexpo Plc, etc.
Iron Ore Pellets Market, By Type, 2014-2025
Iron Ore Pellets Market, By Application, 2014-2025
- Steel production
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Metso Corporation
- Arya Group
- Metalloinvest MC
- Iron Ore Company
- Simec Group
- Jindal Saw Ltd
- Xindia Steels
- Ferrexpo Plc
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