Predominantly consumed by steelmaking industry, iron ore pellets continue to witness remarkable demand to represent a stable multibillion-dollar market. A new study of Fairfield Market Research suggests that
Predominantly consumed by steelmaking industry, iron ore pellets continue to witness remarkable demand to represent a stable multibillion-dollar market. A new study of Fairfield Market Research suggests that global iron ore pellets market will remain upbeat with the sustained stainless-steel consumption across industries worldwide. Their superior capabilities over lumps or sinter in terms of functional outcome are likely to drive market throughout the forecast period 2021 – 2025. Continued steel consumption within automotive industry, and ascending demand from building and construction industry will collectively contribute notably to revenue generation in iron ore pellets market.
On the other side, manufacturing of steel has also been on the rise, especially across the fast-developing economies in the Asian subcontinent. This is addition to an increasing number of pelletising plants is expected to fuel the growth of iron ore pellets market. In the light of sustainable/carbonless steelmaking garnering attention, environment-friendly iron ore pellets have also been experiencing an impetus.
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Iron Ore Pellets Market to See Shifting Preferences Between BF and DR Variants
Seaborne trade is all set to thrive in the near future on account of mounting demand from non-integrated steelmaking businesses that has been observed over the recent past. Although BF pellets continue to make up for over half the global market value, it is projected that DR pellets will pick up faster in future to capture a significant share as well. The former continues to surge ahead based on its ready availability, and cost benefit, whereas the latter is likely to see growing preference on the basis of lower associated operational costs, and lesser initial capital investments. The uncertainty of iron ore prices remains an impediment facing market participants that would limit the growth of market in long run.
China Maintains its Lead, Europe Follows
China continues to be the global leader in iron ore pellets space, upholding the dominance of Asia Pacific as well. While the country tops crude steel production, it has also showcased faster recovery post-COVID-19 crisis, which continues to strengthen its position in global market. Stringency of regulatory guidelines regarding sinter feed is growing over the time, which is pushing technological innovations in the iron ore pelletising process. Some of the governments like that of China have even imposed a strict policy framework regarding sintering activities. This will continue to be a significant factor driving the growth of iron ore pellets market. On the back of continuously improving steel production output and consistent uptake from automotive industry participants, Europe is likely to remain the second most attractive market for iron ore pellets manufacturers.
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Competition Analysis – Global Iron Ore Pellets Market
Some of the key players driving competition in global iron ore pellets market include Vale, Rio Tinto, BHP Billiton, Fortescue Metals, Cleveland-Cliffs Inc., LKAB, United States Steel Corporation, ArcelorMittal, Bahrain Steel, NMDC Limited, Iron Ore Company of Canada (Subsidiary of Rio Tinto), Metso Outotec, Mitsubishi Corporation RtM Japan Ltd (Subsidiary of Mitsubishi Corporation.), Metalloinvest Management Company LLC, ArcelorMittal S.A., KIOCL Limited, Jindal SAW Limited (JSL) (erstwhile SAW Pipes Ltd), Ferrexpo plc., and SIMEC. A majority of key companies will maintain their strategic focus on supply agreements for a dependable iron ore pellets stream.
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