PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209840
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209840
Iron Ore Pellets Market Forecasts to 2028 - Global Analysis By Grade, Source, Technology, Application and By Geography
According to Stratistics MRC, the Global Iron Ore Pellets Market is accounted for $60 billion in 2022 and is expected to reach $82 billion by 2028 growing at a CAGR of 5.4% during the forecast period. Iron ore pellets are spherical balls of iron ore that are used in steel manufacturing. Iron ore pellets are the kind of balls that are small in size manufactured from iron ore. The iron ore pellets are present in various industries. The iron ore pellets are manufactured with various technologies such as oxygen-based/blast furnace, electric induction furnace, and various other technologies. It helps in providing the tensile strength as well as durability to the end-users.
According to the World Steel Association, a global completed steel marketplace call for has been expected at around USD 1.68 billion metric lots and it's going to develop at a sizable rate over the forecast timeframe. According to the World Steel Association, the global crude steel production increased by 3.4 percent to 1,869.9 million tons.
Market Dynamics:
Driver:
Absence of high-grade lump ore
Before, lump ores were the main source of iron in the manufacturing process. However, due to extensive mining activity by many corporations, high-grade lump ore reserves have been quickly diminishing over time. Furthermore, the sintering process, which is used when lump ore is used, produces more pollution than the pelletizing process, so major steel companies prefer to use iron ore pellets as blast furnace feed over lump ore. Furthermore, the steel demand is predicted to rise as the building and construction industry grows with rising industrialization. As a result of these reasons, the demand for iron ore pellets is expanding.
Restraint:
Fluctuations in raw material prices
The market is heavily needy on iron and steel and consequently, the fluctuations in the price of raw material will prove to be a demerit for the iron ore pellets market. However, it requires highly specialized equipment, requires trained personnel, filling into gelatin capsules is difficult. These factors are expected to hamper growth of the global iron ore pellets market.
Opportunity:
Investments and Government Initiatives
Significant investments in research and development activities that further enhance product applications extend profitable opportunities to the market players. As with many industries, an increasing focus on sustainability has prompted producers to look at every available resource as a potential raw material. Additionally, various governments have taken a move towards more sustainable steel production will further expand the future growth of the iron ore pellets market.
Threat:
Accessibility of substitutes
The use of aluminum as a substitute to steel, mainly in automotive applications, is projected to restrain the demand for steel. Carbon fibers are also widely being used in the automotive industry due to their lightness, high strength, and load-bearing properties. Automobile manufacturers are under rising pressure to meet the regulatory requirements pertaining to the environmental impact of vehicles. Thus, impacting the growth of the iron ore pellets market
COVID-19 Impact
The recent outbreak of corona virus had a negative impact on the iron ore pellets market. The global suspension of steel-producing services largely affected the market. Falling steel use, this has had an influence on iron ore pricing in various parts of the world. Moreover, the halt of various supply chain, as well as the other operations, largely impacted the market. Moreover, the individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.
The blast furnace segment is expected to be the largest during the forecast period
The blast furnace segment is estimated to have a lucrative growth, due to it is a lower grade product when compared to iron pellets used in direct reduced method, and therefore has a lower cost compared to its counterpart. Blast furnace method is usually found in integrated steel plants. Lower cost of these iron ore pellets, coupled with the abundance of integrated steel plants found in developed economies, is the primary factor boosting the growth of the BF segment.
The electric induction furnace segment is expected to have the highest CAGR during the forecast period
The electric induction furnace segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its ability to allow energy efficient, clean, and easily controllable melting process. Various benefits, such as reduced pollution and superior metallurgical control, are boosting the demand for technology. Moreover, as the absence of traditional combustion sources minimizes the oxidation loss, the electric induction furnace improves yielding capability, which is also increasing its demand.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to its various benefits, including uniform size and high metallization rate. Also, growing urbanization and associated constructions associated with the presence of various automotive majors are expected to stimulate demand for iron ore pellets in this region. The quick growth in the construction & infrastructural projects in the region are expected to spur the demand for steel, and subsequently drive iron ore pellet demand during the forecast period.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the high demand of steel in highly energy-intensive industry and iron pellet reduces the cost. The increasing production of electric vehicles, demand from construction, aerospace & defence, and automotive industries and revival of aircraft manufacturing operations is expected to drive demand. This is likely to in turn increase the demand for iron ore pellets.
Key players in the market
Some of the key players profiled in the Iron Ore Pellets Market include Cleveland-Cliffs, Inc., Jindal SAW Ltd, Rio Tinto Group, Vale S.A., BHP Billiton, ArcelorMittal S.A, United States Steel Corporation, Mitsubishi Corporation, NMDC Limited, Bahrain Steel, Fortescue Metals, Xindia Steels Ltd., Ferrexpo p2lc, Metso Outotec, LKAB Koncernkontor , KIOCL Limited, Iron Ore Company of Canada, METALLOINVEST MC LLC, Tata Steel and SAIL.
Key Developments:
In March 2022, ArcelorMittal partnered with Greenko Group India to establish a strategic renewable energy partnership.
In December 2020, Rio Tinto announced their willingness to improve the pricing system of iron ore, especially for steelmaking ingredient. The announcement helps increase the company's production capacity and generates revenue for the business in the future.
In October 2020, Vale decided to enhance the level of the output of the iron ore pellet in the third quarter after the restart of several operations. The business expansion helps in increasing the customer base of the company which enhances sales of the business.
Grades Covered:
- Blast Furnaces (BF)
- Direct Reduction (DR)
- Other Grades
Sources Covered:
- Hematite
- Taconite
- Magnetite
- Other Sources
Technology Covered:
- Oxygen-based/Blast Furnaces
- Electric Arc Furnaces
- Electric Induction Furnaces
- Other Technologies
Applications Covered:
- Steel Production
- Iron-based Chemicals
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Iron Ore Pellets Market, By Grade
- 5.1 Introduction
- 5.2 Blast Furnaces
- 5.3 Direct Reduction
- 5.4 Other Grades
6 Global Iron Ore Pellets Market, By Source
- 6.1 Introduction
- 6.2 Hematite
- 6.3 Taconite
- 6.4 Magnetite
- 6.5 Other Sources
7 Global Iron Ore Pellets Market, By Technology
- 7.1 Introduction
- 7.2 Oxygen-based/Blast Furnaces
- 7.3 Electric Arc Furnaces
- 7.4 Electric Induction Furnaces
- 7.5 Other Technologies
8 Global Iron Ore Pellets Market, By Application
- 8.1 Introduction
- 8.2 Steel Production
- 8.3 Iron-based Chemicals
- 8.4 Other Applications
9 Global Iron Ore Pellet Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Cleveland-Cliffs, Inc.
- 11.2 Jindal SAW Ltd
- 11.3 Rio Tinto Group
- 11.4 Vale S.A.
- 11.5 BHP Billiton
- 11.6 ArcelorMittal S.A
- 11.7 United States Steel Corporation
- 11.8 Mitsubishi Corporation
- 11.9 NMDC Limited
- 11.10 Bahrain Steel
- 11.11 Fortescue Metals
- 11.12 Xindia Steels Ltd.
- 11.13 Ferrexpo p2lc
- 11.14 Metso Outotec
- 11.15 LKAB Koncernkontor
- 11.16 KIOCL Limited
- 11.17 Iron Ore Company of Canada
- 11.18 METALLOINVEST MC LLC
- 11.19 Tata Steel
- 11.20 SAIL
List of Tables
- Table 1 Global Iron Ore Pellets Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Iron Ore Pellets Market Outlook, By Grade (2020-2028) ($MN)
- Table 3 Global Iron Ore Pellets Market Outlook, By Blast Furnaces (2020-2028) ($MN)
- Table 4 Global Iron Ore Pellets Market Outlook, By Direct Reduction (2020-2028) ($MN)
- Table 5 Global Iron Ore Pellets Market Outlook, By Other Grades (2020-2028) ($MN)
- Table 6 Global Iron Ore Pellets Market Outlook, By Source (2020-2028) ($MN)
- Table 7 Global Iron Ore Pellets Market Outlook, By Hematite (2020-2028) ($MN)
- Table 8 Global Iron Ore Pellets Market Outlook, By Taconite (2020-2028) ($MN)
- Table 9 Global Iron Ore Pellets Market Outlook, By Magnetite (2020-2028) ($MN)
- Table 10 Global Iron Ore Pellets Market Outlook, By Other Sources (2020-2028) ($MN)
- Table 11 Global Iron Ore Pellets Market Outlook, By Technology (2020-2028) ($MN)
- Table 12 Global Iron Ore Pellets Market Outlook, By Oxygen-based/Blast Furnaces (2020-2028) ($MN)
- Table 13 Global Iron Ore Pellets Market Outlook, By Electric Arc Furnaces (2020-2028) ($MN)
- Table 14 Global Iron Ore Pellets Market Outlook, By Electric Induction Furnaces (2020-2028) ($MN)
- Table 15 Global Iron Ore Pellets Market Outlook, By Other Technologies (2020-2028) ($MN)
- Table 16 Global Iron Ore Pellets Market Outlook, By Application (2020-2028) ($MN)
- Table 17 Global Iron Ore Pellets Market Outlook, By Steel Production (2020-2028) ($MN)
- Table 18 Global Iron Ore Pellets Market Outlook, By Iron-based Chemicals (2020-2028) ($MN)
- Table 19 Global Iron Ore Pellets Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 20 North America Iron Ore Pellets Market Outlook, By Country (2020-2028) ($MN)
- Table 21 North America Iron Ore Pellets Market Outlook, By Grade (2020-2028) ($MN)
- Table 22 North America Iron Ore Pellets Market Outlook, By Blast Furnaces (2020-2028) ($MN)
- Table 23 North America Iron Ore Pellets Market Outlook, By Direct Reduction (2020-2028) ($MN)
- Table 24 North America Iron Ore Pellets Market Outlook, By Other Grades (2020-2028) ($MN)
- Table 25 North America Iron Ore Pellets Market Outlook, By Source (2020-2028) ($MN)
- Table 26 North America Iron Ore Pellets Market Outlook, By Hematite (2020-2028) ($MN)
- Table 27 North America Iron Ore Pellets Market Outlook, By Taconite (2020-2028) ($MN)
- Table 28 North America Iron Ore Pellets Market Outlook, By Magnetite (2020-2028) ($MN)
- Table 29 North America Iron Ore Pellets Market Outlook, By Other Sources (2020-2028) ($MN)
- Table 30 North America Iron Ore Pellets Market Outlook, By Technology (2020-2028) ($MN)
- Table 31 North America Iron Ore Pellets Market Outlook, By Oxygen-based/Blast Furnaces (2020-2028) ($MN)
- Table 32 North America Iron Ore Pellets Market Outlook, By Electric Arc Furnaces (2020-2028) ($MN)
- Table 33 North America Iron Ore Pellets Market Outlook, By Electric Induction Furnaces (2020-2028) ($MN)
- Table 34 North America Iron Ore Pellets Market Outlook, By Other Technologies (2020-2028) ($MN)
- Table 35 North America Iron Ore Pellets Market Outlook, By Application (2020-2028) ($MN)
- Table 36 North America Iron Ore Pellets Market Outlook, By Steel Production (2020-2028) ($MN)
- Table 37 North America Iron Ore Pellets Market Outlook, By Iron-based Chemicals (2020-2028) ($MN)
- Table 38 North America Iron Ore Pellets Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 39 Europe Iron Ore Pellets Market Outlook, By Country (2020-2028) ($MN)
- Table 40 Europe Iron Ore Pellets Market Outlook, By Grade (2020-2028) ($MN)
- Table 41 Europe Iron Ore Pellets Market Outlook, By Blast Furnaces (2020-2028) ($MN)
- Table 42 Europe Iron Ore Pellets Market Outlook, By Direct Reduction (2020-2028) ($MN)
- Table 43 Europe Iron Ore Pellets Market Outlook, By Other Grades (2020-2028) ($MN)
- Table 44 Europe Iron Ore Pellets Market Outlook, By Source (2020-2028) ($MN)
- Table 45 Europe Iron Ore Pellets Market Outlook, By Hematite (2020-2028) ($MN)
- Table 46 Europe Iron Ore Pellets Market Outlook, By Taconite (2020-2028) ($MN)
- Table 47 Europe Iron Ore Pellets Market Outlook, By Magnetite (2020-2028) ($MN)
- Table 48 Europe Iron Ore Pellets Market Outlook, By Other Sources (2020-2028) ($MN)
- Table 49 Europe Iron Ore Pellets Market Outlook, By Technology (2020-2028) ($MN)
- Table 50 Europe Iron Ore Pellets Market Outlook, By Oxygen-based/Blast Furnaces (2020-2028) ($MN)
- Table 51 Europe Iron Ore Pellets Market Outlook, By Electric Arc Furnaces (2020-2028) ($MN)
- Table 52 Europe Iron Ore Pellets Market Outlook, By Electric Induction Furnaces (2020-2028) ($MN)
- Table 53 Europe Iron Ore Pellets Market Outlook, By Other Technologies (2020-2028) ($MN)
- Table 54 Europe Iron Ore Pellets Market Outlook, By Application (2020-2028) ($MN)
- Table 55 Europe Iron Ore Pellets Market Outlook, By Steel Production (2020-2028) ($MN)
- Table 56 Europe Iron Ore Pellets Market Outlook, By Iron-based Chemicals (2020-2028) ($MN)
- Table 57 Europe Iron Ore Pellets Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 58 Asia Pacific Iron Ore Pellets Market Outlook, By Country (2020-2028) ($MN)
- Table 59 Asia Pacific Iron Ore Pellets Market Outlook, By Grade (2020-2028) ($MN)
- Table 60 Asia Pacific Iron Ore Pellets Market Outlook, By Blast Furnaces (2020-2028) ($MN)
- Table 61 Asia Pacific Iron Ore Pellets Market Outlook, By Direct Reduction (2020-2028) ($MN)
- Table 62 Asia Pacific Iron Ore Pellets Market Outlook, By Other Grades (2020-2028) ($MN)
- Table 63 Asia Pacific Iron Ore Pellets Market Outlook, By Source (2020-2028) ($MN)
- Table 64 Asia Pacific Iron Ore Pellets Market Outlook, By Hematite (2020-2028) ($MN)
- Table 65 Asia Pacific Iron Ore Pellets Market Outlook, By Taconite (2020-2028) ($MN)
- Table 66 Asia Pacific Iron Ore Pellets Market Outlook, By Magnetite (2020-2028) ($MN)
- Table 67 Asia Pacific Iron Ore Pellets Market Outlook, By Other Sources (2020-2028) ($MN)
- Table 68 Asia Pacific Iron Ore Pellets Market Outlook, By Technology (2020-2028) ($MN)
- Table 69 Asia Pacific Iron Ore Pellets Market Outlook, By Oxygen-based/Blast Furnaces (2020-2028) ($MN)
- Table 70 Asia Pacific Iron Ore Pellets Market Outlook, By Electric Arc Furnaces (2020-2028) ($MN)
- Table 71 Asia Pacific Iron Ore Pellets Market Outlook, By Electric Induction Furnaces (2020-2028) ($MN)
- Table 72 Asia Pacific Iron Ore Pellets Market Outlook, By Other Technologies (2020-2028) ($MN)
- Table 73 Asia Pacific Iron Ore Pellets Market Outlook, By Application (2020-2028) ($MN)
- Table 74 Asia Pacific Iron Ore Pellets Market Outlook, By Steel Production (2020-2028) ($MN)
- Table 75 Asia Pacific Iron Ore Pellets Market Outlook, By Iron-based Chemicals (2020-2028) ($MN)
- Table 76 Asia Pacific Iron Ore Pellets Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 77 South America Iron Ore Pellets Market Outlook, By Country (2020-2028) ($MN)
- Table 78 South America Iron Ore Pellets Market Outlook, By Grade (2020-2028) ($MN)
- Table 79 South America Iron Ore Pellets Market Outlook, By Blast Furnaces (2020-2028) ($MN)
- Table 80 South America Iron Ore Pellets Market Outlook, By Direct Reduction (2020-2028) ($MN)
- Table 81 South America Iron Ore Pellets Market Outlook, By Other Grades (2020-2028) ($MN)
- Table 82 South America Iron Ore Pellets Market Outlook, By Source (2020-2028) ($MN)
- Table 83 South America Iron Ore Pellets Market Outlook, By Hematite (2020-2028) ($MN)
- Table 84 South America Iron Ore Pellets Market Outlook, By Taconite (2020-2028) ($MN)
- Table 85 South America Iron Ore Pellets Market Outlook, By Magnetite (2020-2028) ($MN)
- Table 86 South America Iron Ore Pellets Market Outlook, By Other Sources (2020-2028) ($MN)
- Table 87 South America Iron Ore Pellets Market Outlook, By Technology (2020-2028) ($MN)
- Table 88 South America Iron Ore Pellets Market Outlook, By Oxygen-based/Blast Furnaces (2020-2028) ($MN)
- Table 89 South America Iron Ore Pellets Market Outlook, By Electric Arc Furnaces (2020-2028) ($MN)
- Table 90 South America Iron Ore Pellets Market Outlook, By Electric Induction Furnaces (2020-2028) ($MN)
- Table 91 South America Iron Ore Pellets Market Outlook, By Other Technologies (2020-2028) ($MN)
- Table 92 South America Iron Ore Pellets Market Outlook, By Application (2020-2028) ($MN)
- Table 93 South America Iron Ore Pellets Market Outlook, By Steel Production (2020-2028) ($MN)
- Table 94 South America Iron Ore Pellets Market Outlook, By Iron-based Chemicals (2020-2028) ($MN)
- Table 95 South America Iron Ore Pellets Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 96 Middle East & Africa Iron Ore Pellets Market Outlook, By Country (2020-2028) ($MN)
- Table 97 Middle East & Africa Iron Ore Pellets Market Outlook, By Grade (2020-2028) ($MN)
- Table 98 Middle East & Africa Iron Ore Pellets Market Outlook, By Blast Furnaces (2020-2028) ($MN)
- Table 99 Middle East & Africa Iron Ore Pellets Market Outlook, By Direct Reduction (2020-2028) ($MN)
- Table 100 Middle East & Africa Iron Ore Pellets Market Outlook, By Other Grades (2020-2028) ($MN)
- Table 101 Middle East & Africa Iron Ore Pellets Market Outlook, By Source (2020-2028) ($MN)
- Table 102 Middle East & Africa Iron Ore Pellets Market Outlook, By Hematite (2020-2028) ($MN)
- Table 103 Middle East & Africa Iron Ore Pellets Market Outlook, By Taconite (2020-2028) ($MN)
- Table 104 Middle East & Africa Iron Ore Pellets Market Outlook, By Magnetite (2020-2028) ($MN)
- Table 105 Middle East & Africa Iron Ore Pellets Market Outlook, By Other Sources (2020-2028) ($MN)
- Table 106 Middle East & Africa Iron Ore Pellets Market Outlook, By Technology (2020-2028) ($MN)
- Table 107 Middle East & Africa Iron Ore Pellets Market Outlook, By Oxygen-based/Blast Furnaces (2020-2028) ($MN)
- Table 108 Middle East & Africa Iron Ore Pellets Market Outlook, By Electric Arc Furnaces (2020-2028) ($MN)
- Table 109 Middle East & Africa Iron Ore Pellets Market Outlook, By Electric Induction Furnaces (2020-2028) ($MN)
- Table 110 Middle East & Africa Iron Ore Pellets Market Outlook, By Other Technologies (2020-2028) ($MN)
- Table 111 Middle East & Africa Iron Ore Pellets Market Outlook, By Application (2020-2028) ($MN)
- Table 112 Middle East & Africa Iron Ore Pellets Market Outlook, By Steel Production (2020-2028) ($MN)
- Table 113 Middle East & Africa Iron Ore Pellets Market Outlook, By Iron-based Chemicals (2020-2028) ($MN)
- Table 114 Middle East & Africa Iron Ore Pellets Market Outlook, By Other Applications (2020-2028) ($MN)
