The global Magnetite Iron Ore Pellets Market is forecast to reach USD 94.76 Billion by 2027, according to a new report by Reports and Data. Iron ore pellets are the backbone of steel manufacturing companies and feed the blast furnaces and DRI mills inside the steel making process. The pellet industry is witnessing a structural change in the supply and demand situation, driven by a change in the iron and metals industry towards a more agreeable raw material. This trend is further reinforced by the rationalization of the Chinese metallurgical industry authorities in addition to the implementation of environmental controls to reduce manufacturing emissions near pig iron and sintering.
Top Companies Operating in the Global Magnetite Iron Ore Pellets Market:
Vale S.A., Samarco Mineração S.A., LKAB, Ferrexpo Plc, Cleveland Cliffs Inc., Severstal, Metso Corporation, Iron Ore Company of Canada Inc, Simec Group, and Jindal Saw Ltd.
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Further key findings from the report suggest
- The electric induction furnace segment will experience significant growth on schedule due to its increasing consumption in the Middle East and Africa and Asia-Pacific countries. Manufacturers based in these regions have plans to build the capacity of induction furnaces (IFs) for steel manufacturing. Manufacturers from countries such as Iran, Bhutan, Bangladesh, and India, among others, have plans to develop new capacity for induction furnaces, which will further drive the growth of the iron ore pellet industry.
- Based on the iron content, the magnetite segment will hold a significant share from 2016 to 2026. These ores contain more than 68 percent of iron and are considered to be higher-grade iron ore. Magnetite offers a cost-effective and environmentally friendly solution to steelmakers because it reduces production costs, improves productivity levels while generating a low carbon footprint.
- Asia-Pacific is expected to hold the third-highest share of the overall market value of iron ore pellets within the time frame. This is due to the increase in steel production in China in recent years. India is also investing in the construction of infrastructure for iron pellets due to the increasing efforts of steelmakers to reduce the content of alumina generated at the manufacturing stage. The increase in steel consumption by end-users, notably the automobile, construction, consumer goods will further boost the regional share.
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The Magnetite Iron Ore Pellets Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Magnetite Iron Ore Pellets Market.
The global Magnetite Iron Ore Pellets Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Type Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Electric Arc Furnace
- Electric Induction Furnace
- Blast Furnace
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- Steel Production
- Iron-based Chemical Industries
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