Iron Ore Pellets Market Trends, Demand, Report To 2030

(MENAFN- Straits Research) Introduction

Iron metal pellets are little, round, estimated shapes utilized as a natural substance for steelmaking applications. The iron ore pellet market addresses the business worth and volume of the completed iron pellets for steel enterprises. When considering the age of income, the global iron ore pellet market depends on the product's all-out volume delivered on a yearly basis. The iron ore pellet market is one of the profoundly cutthroat markets that is overwhelmed by a portion of the key part of global business that is driving the market forward with a flawless exhibition.

Market Dynamics Increasing Production of Various Steel Types to Propel Global Market

The iron ore pellet market is driven by the overall robust demand structure for steel in various regions of the world. Such steel products are widely used in industries like construction, automotive, transportation, industrial machinery, oil & gas, appliances, and other processing industries. Among all these, the major use of steel is in the construction business, as construction is one of the largest end-use industries of steel products.

As per the reports, construction accounts for more than 50% of the global steel demand, more than any other sector. The developing requirement for lodging, attributable to the expanding populace, is one of the key elements driving interest in steel. According to a report, the world population is growing rapidly and is expected to increase by 15% by 2030. This is projected to fuel the interest in new houses, along these lines, in a roundabout way, adding to the development of steel items and iron mineral pellets.

Steel, which has properties like adaptability, solidity, and strength, and is 100 percent recyclable in nature, finds high demands from various industries for varied processes. Underlying steel tracks down a wide scope of uses in private development, business development, and framework improvement. Different properties of these pellets, including high strength and uniform substance structure, assist with further developing the steelmaking system.

Reducing grades of high iron ore sources abandon low iron grade, which is overhauled with palletization. Direct utilization of such low iron grades lessens the proficiency of the steelmaking system; consequently, iron metal palletization is a vital interaction. The said demand for iron ore pellets is expanding essentially because the Iron ore pellets are straightforwardly utilized in steelmaking, which diminishes the possibility of wastage.

Rising Penetration of Metal Additive Manufacturing Driving Market Growth

Iron ore pellets are the key materials utilized in steelmaking which is why it has a rising interest for steel prone to help the iron metal pellets market over the long haul. Steel is one of the key raw materials utilized in metal added substance fabricating. Tempered steel contains chromium and nickel and has high hardness and great versatility. Steels are used for plenty of reasons in varied industrial segments.

The most well-known and conventional advances used are immediate metal laser sintering (DMLS) and specific laser liquefying (SLM). These advancements help with making parts by warming powdered metal with the assistance of a warming source. A few 3D printing organizations have begun printing underlying parts utilized in development.

Impact of Covid-19

The overall iron ore pellets industry has largely been impacted by the COVID-19 pandemic and witnessed both upsides and downsides in the first half of 2020. The strict lockdown imposed by governing authorities, which led to a mandatory shutdown in manufacturing operations, forced the companies to work at minimal capacities, disturbing the metals industry's demand-supply chain.

There has been a subsequent decrease in the demand for steel which led to increased inventory levels in 2020. The effect of COVID-19 was extreme on the steel business and its connected business sectors in the main portion of 2020. The assembling and mining tasks have started as the public authority of different nations have facilitated lockdowns and limitations.

Regional Analysis of Global Iron Ore Pellets Market

The global iron ore pellets market is primarily segmented into
North America, Europe, Asia-Pacific, and Middle East & Africa. The Asia-Pacific region dominates the global market with a market value of USD 31,649 million by 2030 at a CAGR of 6%, from the earlier figures of USD 18,485 million in 2021. Emerging economies like India, China, Japan, and South Korea are driving the growth of the region. Europe is the second most dominant region with a market value of USD 12,139 million in 2021 and is expected to grow at USD 17,835 million by 2030 at a CAGR of 4%.

Europe is known as an industrial and automotive hub of the world, which is why it has a huge demand for iron ore pellets for steel manufacturing, which is then used for further manufacturing processes. Middle East & Africa and North America account for a market value of USD 11,705 million and USD 2197 million, respectively, by 2030.

Key Highlights

• The iron ore pellet market was valued at USD 42,722 million in 2021 and is expected to be valued at USD 65,395 million by 2030. The market is expected to grow at an exceptional growth rate of 5% during the forecast period.
• The direct reduced graded pellets segment is valued at USD 28,958 million by 2030 at a CAGR of 5% from the early figures of USD 18,384 million in 2021.
• When segmented by trade, the seaborne trade for the iron ore pellets is dominating with the revenue generation of USD 35,414 million by 2030 at a CAGR of 5%, from USD 21,958 million in 2021.
• The Asia-Pacific region has the highest market value of USD 31,649 million by 2030 at a CAGR of 6%.

Competitive Players

ArcelorMittal

Tata Steel

SAIL

Vale

Rio Tinto

Cleveland-Cliffs Inc

Recent Developments

Recent Developments

• In March 2022 , ArcelorMittal partnered with Greenko Group India to establish a strategic renewable energy partnership.
• In September 2021 , Sail supplied over 48,2oo tonnes of Steel for the Purvanchal expressway highway project, which is a record break supply.
• In December 2021 , Tata Steel featured in the top 10 companies in the global steel industry in Dow Jones Sustainability Indices (DJSI).
• In March 2022 , Cleveland-Cliffs Inc expanded its partnership with Cleveland Cavaliers and announced Cliffs jersey's patch on Cavs jersey.

Segmentation

By Product

Blast Furnace Grade Pellets

Direct Reduced Grade Pellets

By Trade

Captive

Seaborne

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

Taconite

Others

By Pelletizing Process

Travelling grate

Grate kiln

Others

By End-use

Automotive

Railway

Shipping

Aerospace

Construction

Consumer Goods

Others

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