Iron Ore Pellets Market is growing at 3.2% CAGR to 2026, Says Global Market Insights Inc.
The growth of iron ore pellets market is driven by the rising number of steel manufacturing facilities across the world, says the report.
SELBYVILLE, Del., July 13, 2020 (Newswire.com) - As per Global Market Insights Inc., the iron ore pellets market is expected to hit a valuation of nearly $70 billion by 2026, registering a CAGR of 3.2% from 2020 to 2026. The report delivers complete analysis of the market estimations as well as size, key avenues of investment, competitive scenario, opportunities and drivers, top winning strategies, and wavering industry trends.
Iron ore pellets are essentially pellets of iron ore with their main use in steel manufacturing. The pellet provides better benefits over its alternatives since it delivers a higher productivity level while consuming significantly low amounts of coal. Favorable government policies regarding sintering activities in countries like China will encourage substantial growth of the iron ore pellets market over the coming years.
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With respect to grade, the iron ore pellets market is classified into a blast furnace and direct reduction. Among these, the direct reduction segment will witness substantial growth over the projected time period due to the rising demand for top-grade iron ore within the steelmaking industry. These products also help in creating low amounts of carbon emission and use disintegration property for keeping a high amount of iron content.
Key reasons for iron ore pellets market growth:
- Increasing adoption of iron-based chemicals.
- Growing product consumption across MEA.
- Rising awareness regarding the reduction of carbon emissions from steel plants.
2026 forecasts anticipate the ‘balling disc’ segment showing appreciative growth:
Based on balling technology, the balling disc segment will witness over 3.5% CAGR due to the growing demand for top-quality pellets in steelmaking technology. In addition, the low weight as well as possibilities of adjustment of the balling disc in comparison to the balling drums makes them suitable for iron ore palletization, with improved quality and efficiency.
The Middle East & Africa iron ore pellets industry to witness appreciative growth:
The Middle East and Africa region will witness over 3% CAGR over the forecast timeframe due to the increasing infrastructure development activities throughout the region. Increasing iron ore import in Turkey from Brazil and India because of expanding steel production capabilities of companies will boost the iron ore pellets market share. Citing an instance, in August 2019, the overall iron ore imports in Turkey were valued at approximately at 925,759 tons, a significant rise from the 743,247 tons imported in July 2019.
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Leading market players:
The key market players analyzed in the iron ore pellets industry report include Arya Group, BHP Billiton, U.S. Steel, Anglo America, Rio Tinto, Samarco, Vale, and Ternium among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.