According to a recent study by Fact.MR on iron ore pellets, the market is estimated to be valued at US$ 48 Bn in 2021 and is expected to expand at a compound annual growth rate of 4.3% over the assessment period of 2021-2031.
Fact.MR, a market research and competitive intelligence provider, reveals that iron ore pellet demand is set to witness steady growth attributed to large-scale adoption of pellets in steel making. In addition, the market is set to create an incremental $ opportunity worth approx. US$ 18.6 Bn.
Stringent regulations by governments and increasing need for lower carbon emissions from the steelmaking sector are set to further fuel overall consumption of iron ore pellets in the steel industry, globally. Iron ore pellets possess superior properties than other available forms, including lumps or sinters.
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Key Takeaways from Market Study
- Iron ore pellets market is anticipated to add 2.1X value by 2031.
- Magnetite iron ore pellets capture a major chunk of the market and are set to create an absolute $ opportunity of around US$ 1.2 Bn over 2021-2031.
- Steel industry recovery post Covid-19 (Q2 2021) to add 1.3X value to overall sales of iron ore pellets in 2021.
- Steel production application to account for around 1/2 share of overall iron ore pellet demand in 2021.
“Manufacturers must have an effective raw material sourcing strategy to reduce overall production cost and gain more profit margins,” says a Fact.MR analyst.
Iron Ore Pellets Industry Research – Key Segments
- Direct Reduction (DR)
- Blast Furnaces (BF)
- Iron-based Chemicals
- Steel Production
By End Use
- Iron Ore Pellets for Electric Induction Furnaces
- Iron Ore Pellets for Oxygen-based/Blast Furnaces
- Iron Ore Pellets for Electric Arc Furnaces
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.