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Iron Ore Pellets Market size to exceed $90Bn by 2032

  • Published Date: November 10, 2022

Iron Ore Pellets Market size is expected to be valued at around USD 90 billion by 2032, as per a recent research report announced by Global Market Insights Inc.

Rising purchasing power as the chief driver of the iron ore pellets industry. The growing preference for superior steel for various heavy-equipment industries is also set to augment market growth. Notably, surging demand for EVs and advanced vehicles across the world has raised the demand for steel in the automotive industry while automakers are profiting from the softening of steel prices, fueling product penetration.

Ability to process iron in large quantities to increase direct reduction industry share

With respect to grade, the study classifies the iron ore pellets market into blast furnace and direct reduction. The direct reduction (DR) segment valuation was recorded at more than USD 14 billion in 2022. DR grade supports the processing of large quantities of iron, capable of producing 97% pure iron, which makes it a suitable feedstock for electric furnaces. These abilities are slated to push the demand for DR grade iron ore pellets in the coming years.

Surging demand for high-quality pellets to push balling disc technology adoption

Heavy demand for balling disc technology to process iron ore pellets. The iron ore pellets industry size from the balling disc segment was worth more than USD 35 billion in 2022 and is projected to exhibit a decent growth rate over 2023-2032. The snowballing need for producing high-quality iron ore pellets is foreseen to drive segment growth. Additionally, these discs can be inclined at multiple angles according to the required quality & characteristics of iron ore pellets, which is poised to further benefit product demand.

Increased metallurgical control to augment electric arc furnace segment statistics

Iron ore pellets market share from the electric arc furnace segment is projected to witness growth at over 4% CAGR between 2023 and 2032. Various benefits, such as reduced pollution and superior metallurgical control, are boosting the demand for EAF technology. Furthermore, the capability of electric arc furnace technology to achieve temperatures of up to 1800 degree Celsius is likely to spur segment development in the upcoming period.

Browse key industry insights spread across 461 pages with 911 market data tables and 40 figures & charts from the report “Iron Ore Pellets Market Statistics By Grade (Blast Furnace, Direct Reduction), By Balling Technology (Balling Disc, Balling Drum), Application (Steel Production, Iron Based Chemicals), Steelmaking Technology (Electric Arc Furnace, Electric Induction Furnace, Oxygen Based/Blast Furnace), Product Source (Hematite, Magnetite), Pelletizing Process (Travelling Grate, Grate Kiln), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Easy availability of goethite to define others product source segment outlook

Iron ore pellets market from the others product source segment, which includes limonite, goethite, and taconite, is forecast to progress at more than 2% CAGR over 2023-2032, claims the report. The segment is growing significantly as goethite is available in abundance in the form of stalactite formations, concretions, oolites, accumulations, and others across the globe. In addition, limonite, which is found in hardness ranging from 4 – 5.5, is also witnessing huge demand.

High fuel efficiency to aid travelling grate process uptake for palletization

Travelling grate segment clocked around USD 43 billion in revenue in 2022 and is speculated to expand at a 4% CAGR through 2032 backed by widespread utilization of the traveling grate pelletizing process as it offers several benefits, such as the production of superior & metallurgy-quality uniform pellets. The process also encompasses advanced burner technologies with improved fuel efficiency, making it an ideal choice for iron ore production, which is foreseen to supplement segment expansion.

Booming import of iron ore in Turkey to complement MEA iron ore pellets industry landscape

Iron ore pellets market in the Middle East & Africa is estimated to depict over 3% CAGR from 2023 to 2032 on account of growing focus on infrastructural development across the MEA region. MEA may emerge as a major hub for this industry owing to extensive iron ore import in Turkey from Brazil and India due to an upsurge in steel production capabilities of firms practicing in the region.

Collaborative development initiatives to remain a key growth strategy

The strategic landscape of the market is foreseen to witness partnerships and production capacity expansion efforts by industry players. For instance, in October 2022, mining firm Anglo American and high-grade steel supplier Thyssenkrupp Steel Europe AG signed a MoU to create new avenues for decarbonizing steelmaking. The partnership aimed to conduct joint research to expedite the development of high-quality feedstock for lower carbon steel production. Some key players profiled in the iron ore pellets market report include Anglo American, BHP Billiton, Evraz, Cleveland-Cliffs Inc., FERREXPO, Bahrain Steel, and Jindal SAW Ltd., among others.

Authors: Kiran Pulidindi, Kunal Ahuja

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