The global iron ore pellets market size is likely to attain over USD 25 billion by the year 2028. Besides, it is likely to project a CAGR of more than 8% during the forecast years 2021-2028. Steel is made from iron ore pellets, which are a valuable resource. Steel production has been boosted by rapid industrialization and urbanisation in Asia Pacific's rising countries in recent years. Large integrated steel manufacturers primarily utilise the product in captive form. However, seaborne commerce of the commodity has a lot of promise, since cross-country trade is anticipated to grow in the future years due to growing demand from Asia Pacific, the Middle East, and Africa. Due to its massive steel production capability, China dominates the market.
Until 2019, North America's economy grew steadily. However, the year 2020, which was originally expected to have slower growth in steel manufacture owing to a weakened construction and manufacturing sector before the COVID-19 pandemic, saw a significant decrease. Initiatives like the US government's USD 2 trillion fiscal stimulus plan, on the other hand, are projected to hasten the country's economic recovery, encouraging market development. In 2020, Europe had the second-largest market share. Domestic demand for iron ore pellets in Europe is anticipated to be affected by improving steel output in the area in the long run, after the recovery from the COVID-19 epidemic.
The report also emphasizes several distinctiveness of the global iron ore pellets industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the iron ore pellets industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The market has been marked by fierce rivalry, with some of the main industry players controlling a sizable portion of the market. Vale's iron ore mines are mostly located in Brazil and China. Multinational companies with established iron ore mining and processing facilities control a major portion of the iron ore pellet industry. The major players of the global iron ore pellets market are NMDC Limited, Fortescue Metals, Bahrain Steel, Rio Tinto, US Steel, Cleveland-Cliffs, ArcelorMittal, BHP Billiton, Vale, and LKAB.
Key Segments of the Global Iron Ore Pellets Market
Trade Overview, 2019-2028 (USD Billion, Kilo Tons)
Product Overview, 2019-2028 (USD Billion, Kilo Tons)
- Blast Furnace
- Direct Reduced
Regional Overview, 2019-2028 (USD Billion, Kilo Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America