Iron Ore Pellets Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2019 – 2027
Iron ore pellets refer to those spherical-shaped agglomerates that come with iron (Fe) content. This iron content in these pellets ranges from around 64% to 72% and are made in a specialized plant for pellet. These pellets are gaining substantial traction amongst steelmakers, thanks to their high productivity and high efficiency in comparison with fines or lumps. This factor is estimated to amplify growth opportunities for the global iron ore pellets market in the years to come.
The global iron ore pellets market is likely to be influenced by the growing use of steel in various end use industries, such as manufacturing, automotive, and construction in the years to come. High demand for steel in the construction across the globe is estimated to stoke the demand for iron ore pellets in the years to come.
The outbreak of global pandemic, Covid-19, has forced many countries to impose lockdowns, which has put manufacturing activities to a halt. This factor is likely to affect growth of the global iron ore pellets market adversely in the first six months of 2020. According to the economists, the global economy is likely to recover in the first half of 2021. This factor is estimated to drive the demand for iron ore pellets in the forthcoming years.
Request PDF Brochure : https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=78269
Global Iron Ore Pellets Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global iron ore pellets market is mentioned below:
- In April 2020, Rio Tinto Group announced that it would be manufacturing more iron ore concentrate at its Iron Ore Company of Canada (IOC). Such a move was taken to cater to the rising demand for concentrate and pellets across the globe.
Some of the prominent organizations in the global iron ore pellets market include the below-mentioned:
- Rio Tinto Group
- Vale S.A.
- ArcelorMittal S.A
- Cleveland-Cliffs, Inc.
- BHP Billiton
- Jindal SAW Ltd
REQUEST FOR COVID19 IMPACT ANALYSIS : https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=78269
Global Iron Ore Pellets Market: Key Trends
The global iron ore pellets market is characterized by the presence of the following restraints, drivers, and opportunities.
High Demand from the Steel Industry to Bolster Growth of the Market
The growth of the global iron ore pellets market is likely to be influenced by the augmented demand for iron ore pellets from the steel industry. These pellets are utilized in the production of steel, which finds ample scope of use in the construction of household appliance, bicycles, planes, cars, and bridges. In addition, iron ore pellets are also finding augmented use in various other industries, such as construction, residential, and commercial projects over the timeframe of analysis. In addition, technological advancement and innovations pertaining to manufacturing activities are likely to encourage growth of the global iron ore pellets market in the years to come.
Augmented concern over the rising level carbon footprint coupled with increasing efforts to diminish the emission of green house gases. This factor is likely to propel growth of the global iron ore pellets market in the forthcoming years. Another key factor playing an important role in the growth of the market is the benefits of iron ore pellets over its substitutes. High mechanical strength and high resistance to abrasions, reduced consumption of coal, and improvement in the productivity are all likely to augur well for the market in the near future.
Explore Transparency Market Research’s award-winning coverage of the global Industry:
Global Iron Ore Pellets Market: Geographical Analysis
Asia Pacific is estimated to present highly promising opportunities for the global iron ore pellets market due to the presence of a huge manufacturing base in countries like China and India, According to the findings of World Steel Association, China alone accounted for around 53.3% of the total crude steel produced in the world in 2019.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.