According to a new research report by Global Market Insights Inc., the Iron Ore Pellets Market size to exceed USD 75 billion by 2027. The rising need for low carbon emission from the steelmaking sector will drive the product demand over the forecast time period.
The steel sector accounts for a considerable amount of greenhouse gas generation across the world. Currently, coal supplies around 75% of the energy demand in the steel sector. In order to curb the growing environmental footprint from the sector, governments and key steelmakers are becoming more inclined toward the usage of iron ore pellets as they consume comparatively less energy for steel production.
Furthermore, the construction industry is also a key consumer of steel, significantly contributing to the bolstering demand for iron ore pellets. Growing population, urbanization, and disposable income are the key factors driving the growth of the construction industry across the world.
Residential and commercial construction sectors are propelling the usage of steel in the industry. On the other hand, construction and automotive industries, which are major consumers of steel, are witnessing a severe decline in their performance pertaining to the COVID-19 pandemic. This is likely to hamper the iron ore pellets market growth for a short time during the assessment timeframe.
Browse key industry insights spread across 450 pages with 912 market data tables & 36 figures & charts from the report, “Iron Ore Pellets Market Size, By Grade (Direct Reduction, Blast Furnace), By Balling Technology (Balling Drum, Balling Disc), By Application (Iron-based Chemicals, Steel Production), By Product Source (Magnetite, Hematite), By Steelmaking Technology (Electric Induction Furnace, Electric Arc Furnace, Oxygen Based/Blast Furnace), By Pelletizing Process (Grate Kiln, Travelling Grate), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Balling disc to be the prevailing production technology
Balling disc and balling drum are both widely used for pelletizing iron ore. However, manufacturers are more inclined toward balling disc technology in order to achieve size uniformity and compact pellet design. Attributable to the favorable properties, balling disc segment is estimated to showcase high growth while reflecting around 3.5% CAGR during the assessment timeframe.
Electric arc furnace to be the most favored steelmaking technology
The electric arc furnace segment is estimated to experience around 4.5% CAGR through 2027 and will emerge as one of the highest performing markets. Electric arc furnace steelmaking technology offers superior metallurgical control along with achieving low carbon emission, which is likely to drive the iron ore pellets market demand over the coming years. Moreover, the growing demand for DR grade pellets in Asia Pacific and the Middle East & Africa will drive the electric arc furnace demand over the forecast timeline.
Europe to register considerable growth over the coming years
Europe will hold around 25% revenue share by 2027 owing to growing automotive production along with investment from automotive manufacturers in the region. The entry of new participants in the region is further expected to escalate the iron ore pellets market sales across the region.
Key players of the iron ore pellet industry are Anglo American, BHP Billiton, Cleveland-Cliffs Inc., Bahrain Steel, Evraz, Jindal SAW Ltd., FERREXPO, LKAB, Metinvest, Metalloinvest, Rio Tinto, Samarco, Ternium, US Steel, Vale, Arya Group, Rexon Strips Limited, SIMEC Group, Xindia Steels Ltd., ArcelorMittal, Erdemir Maden (Oyak Group), and JSC Karelsky Okatysh (Severstal).
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