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Iron Ore Pellets Market Growth Analysis | 2023-2028
Iron Ore Pellets Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The iron ore pellets market was estimated at USD 45.65 billion in 2022 and is likely to grow at a CAGR of 3.65% during 2023-2028 to reach USD 56.77 billion in 2028.
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Iron ore pellets are small, spherical balls of iron ore that are used in the production of steel. They are created by agglomerating fine iron ore particles through a process called pelletizing. This involves mixing the iron ore with additives such as bentonite and water to form a pelletized mixture. The mixture is then fed into a pelletizing machine where it is formed into small balls and hardened through high-temperature processing.
The prime factor that is contributing to the demand for iron ore pellets is the growing adoption of carbon-free technologies in steel manufacturing. Iron ore pellets serve as a crucial raw material in the steelmaking industry, providing a more efficient and consistent means of introducing iron into blast furnaces compared to traditional iron ore. Their uniform size and composition enhance the efficiency of iron and steel production processes, contributing to the production of high-quality steel.
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Some of the major players in the iron ore pellets market are:
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
|
Grade Type Analysis |
Blast Furnace, Direct Reduction |
The blast furnace segment held the larger share of the market and is expected to remain dominant during the forecast period. |
|
Balling Type Analysis |
Balling Disc, Balling Drum |
The balling disc segment held the larger share of the market and is expected to remain dominant during the forecast period. |
|
Application Type Analysis |
Steel Production, Iron-Based Chemicals |
The steel production segment accounted for the larger share by application type and is expected to maintain its dominance over the forecast period |
|
Technology Type Analysis |
Electric Arc Furnace, Electric Induction Furnace, and Oxygen Based/Blast Furnace |
The oxygen-based blast furnace segment accounted for the largest share by technology and is likely to maintain its command. |
|
Source Type Analysis |
Hematite, Magnetite, and Others |
The hematite segment accounted for the largest share by source and is expected to maintain its dominance. |
|
Pelletizing Process Type Analysis |
Travelling Grate, Grate Kiln, and Others |
The grate-kiln segment accounted for the largest share of the pelletizing process and is expected to continue its leading position. |
|
Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is estimated to contribute a significant market share during the forecast period. |
The iron ore pellets market is segmented into blast furnaces and direct reduction. The blast furnace segment held the larger share of the market and is expected to remain dominant during the forecast period. The growth of the segment is owing to its ability to process large quantities of iron ore pellets coupled with continuous improvement in operational parameters.
The market is segmented as balling disc and balling drum. The balling disc segment held the larger share of the market and is expected to remain dominant during the forecast period, owing to its quality coupled with the ability to manufacture the desired shape and shape of pellets.
The iron ore pellets market is segmented into steel production and iron-based chemicals. The steel production segment accounted for the larger share by application type and is expected to maintain its dominance over the forecast period, on account of the growing demand from construction and automotive sectors.
The market is segmented into electric arc furnaces, electric induction furnaces, and oxygen-based/blast furnaces. The oxygen-based blast furnace segment accounted for the largest share by technology and is likely to maintain its command, bolstered by its superior effectiveness and efficiency in comparison to other technologies.
The iron ore pellets market is segmented into hematite, magnetite, and others. The hematite segment accounted for the largest share by source and is expected to maintain its dominance, driven by its high iron content as well as by its presence in abundance across the globe.
The market is segmented as traveling grate, grate kiln, and others. The grate-kiln segment accounted for the largest share of the pelletizing process and is expected to continue its leading position, owing to lower power consumption associated with the process.
In terms of regions, Asia-Pacific is estimated to contribute a significant market share during the forecast period. The Asia-Pacific market is expected to grow with a lucrative CAGR due to the rapid industrialization in emerging economies coupled with huge demand from the construction and automotive sectors, especially from India and China.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s iron ore pellets market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our iron ore pellets market report from the industry stakeholders, we have tried to further accentuate our research scope to the iron ore pellets market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The iron ore pellets market is segmented into the following categories:
By Grade Type
By Balling Type
By Application Type
By Technology Type
By Source Type
By Pelletizing Process Type
By Region
Click here to learn the market segmentation details.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
Iron ore pellets are small, spherical balls of iron ore that are used in the production of steel. They are created by agglomerating fine iron ore particles through a process called pelletizing. This involves mixing the iron ore with additives such as bentonite and water to form a pelletized mixture. The mixture is then fed into a pelletizing machine where it is formed into small balls and hardened through high-temperature processing.
The iron ore pellets market was estimated at USD 45.65 billion in 2022.
The iron ore pellets market is likely to reach USD 56.77 billion in 2028.
The iron ore pellets market is likely to grow at a CAGR of 3.65% during 2023-2028.
Anglo American, Bahrain Steel, BHP Billiton, Cleveland-Cliffs, Evraz, FERREXPO, Jindal SAW Ltd, LKAB, Meinvest, and Metalloinvest are among the key players in the market.
The steel production segment application type is expected to remain dominant in the market.
The prime factor that is contributing to the demand for iron ore pellets is the growing adoption of carbon-free technologies in steel manufacturing. Iron ore pellets serve as a crucial raw material in the steelmaking industry, providing a more efficient and consistent means of introducing iron into blast furnaces compared to traditional iron ore. Their uniform size and composition enhance the efficiency of iron and steel production processes, contributing to the production of high-quality steel.
Asia-Pacific is estimated to contribute a significant market share during the forecast period.
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