Steel Industry to Remain Bedrock for Iron Ore Pellet Demand, Evaluates Fact.MR
Published : 07 Oct 2021 Industry: Chemical & Materials
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.
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.
Process Optimization: Key Success Factor
Players manufacturing iron ore pellets must look to improve their production capabilities. This is attributed to demand swelling for iron ore pellets from the steel industry. Also, maintaining a healthy relationship with raw material suppliers will help manufacturers gain more profit margins and reduce overall cost of production.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global iron ore pellets market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of grade (direct reduction (DR) and blast furnaces (BF)), source (magnetite, hematite, and others), application (iron-based chemicals and steel production), and end use (electric induction furnaces, oxygen based/blast furnaces, and electric arc furnaces), across key regions, namely, North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
About the Chemicals and Materials Domain at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Client Research Partner – Chemicals & Materials