Iron Ore Pellets Market to Exceed $95 billion by 2026

Iron Ore Pellets Market size to exceed $95 billion by 2026; According to a new research report by Global Market Insights, Inc., the iron ore pellets market size is estimated to surpass USD 95 billion by 2026, growing at a CAGR of 5.5%.
 

Technological advancements along with favorable government policies for supporting the iron ore pellets industry along with rising focus on environmental pollution are driving the industry share. Major government bodies are undertaking stringent measures to adopt advanced technologies and curb down on illegal facilities. For instance, the Tangshan city in China has decided to restrict steel production and illegal sintering activities in 2019. This has enabled for upgradation and innovation in the industry by major players to improve their electric arc furnace capabilities, thereby boosting the revenue share.

 

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Moreover, restructuring of Chinese steel-sector along with rising imports from major economies globally will further augment the iron ore pellets market share. For instance, in 2008, China based Baosteel entered into a long-term strategic agreement with Australia based BHP Billiton Ltd. for supply of around 94 million metric tons of iron ore.
 

The key restraining factor is the lack of integration between independent steelmakers and miners, thereby hampering the iron ore pellets market development. Major manufacturers own their mining operations across the globe for avoiding major price fluctuations. However, multiple small and medium scale steelmakers from western countries do not have any stake in the mining sites. This may hamper their profitability in the long run due to volatile nature of the market. However, the global market demand is projected to remain stable by 2026 due to growing widespread consumption of steel across various end-user industries such as, construction, automotive, and consumer household among others.
 

Browse key industry insights spread across 200 pages with 293 market data tables & 23 figures & charts from the report, “Iron Ore Pellets Market Size By Grade (Blast Furnace, Direct Reduction), By Balling Technology (Balling Disc, Balling Drum), By Application (Steel Production, Iron Based Chemicals), By Steelmaking Technology (Electric Arc Furnace, Electric Induction Furnace, Oxygen Based/Blast Furnace), By Product Source (Hematite, Magnetite), By Pelletizing Process (Travelling Grate, Grate Kiln), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/iron-ore-pellets-market
 

Blast Furnace grade pellets will generate revenue of approximately USD 70 billion by the end of the forecast time period. These pellets will capture more attention from the emerging countries as they are largely dependent on lower grade pellets for steel production.
 

Blast furnace technology can expect stable growth owing to established supply chain base

Blast furnace technology is likely to account for more than 75% share over the forecast time period. The major steelmaking companies have already established integrated facilities across the globe. For instance, TATA Steel operates an integrated plant for steelmaking including owned mining operation in Europe. Many companies will find it difficult to completely move from blast furnace to other technology for steelmaking, which is likely to be the key factor for their high market share in the coming years.
 

Hematite based pellets will grow at substantial rate and will generate a market revenue of around USD 35 billion by 2026. The reserves of hematite ore are discovered in many parts of the world including Australia, Brazil and major Asian countries. Growing demand for this type of pellets will propel iron ore pellets market development by 2026.
 

Magnetite iron ore pellets are driving the popularity of grate kiln processes

Grate kiln pelletizing will be growing at a CAGR of more than 4.5% over the next few years due to continuing capacity expansion in major parts of the world. The process is mainly used for pelletizing of magnetite ores. This pelletizing method utilizes shorter grate along with a kiln in which homogeneous induration can be obtained.
 

Europe iron ore pellets market outlook will be generating a revenue of around USD 20 billion by 2026. Increasing efforts from the government to curb carbon emission within steel sector will propel pellets demand in Europe. Further, growing steel demand in end-user industries will pave way for the iron ore pellets in the future.
 

Some of the key manufacturers present in the iron ore pellets market value have expanded their production capacities in order to meet ever growing pellets demand from major parts of the world. For instance, Vale expanded its iron ore facility based in Brazil with an investment of around USD 65 billion to maintain their competitiveness among other players together with exceeding customer satisfaction.
 

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