A high rate of industrialization, urbanization, and automobile manufacturing is expected to stimulate demand in the Steelmaking Pellets market.
Steelmaking Pellets Market Size – USD 63.89 Billion in 2019, Market Growth - CAGR of 5.5%, Market Trends – High demand from Steel Industry.
The global Steelmaking Pellets Market is forecast to reach USD 94.76 Billion by 2027, according to a new report by Reports and Data. Steelmaking 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.
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Top Companies: 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., among others.
Further Key Finding from the Report Suggestion:
- 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 Steelmaking 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.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Steelmaking Pellets market is segmented into:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Hematite
- Magnetite
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
Key Features of Steelmaking Pellets Market:
Steelmaking Pellets are small, spherical balls of iron ore that are used in the production of steel. They are made by heating iron ore fines, along with additives such as limestone or dolomite, to a temperature of about 1250°C in a rotary kiln. Here are some key features of Steelmaking Pellets:
- High iron content: Steelmaking Pellets have a high iron content, typically ranging from 64-72%, which makes them an important source of iron for the production of steel.
- Uniform size and shape: Steelmaking Pellets are manufactured to be a uniform size and shape, which makes them easy to handle and transport. They also have a high density, which makes them more efficient to transport than iron ore fines.
- Consistent chemical and physical properties: Steelmaking Pellets have consistent chemical and physical properties, which ensures that they can be used in steelmaking processes with a high degree of predictability and reliability.
- Low impurity content: Steelmaking Pellets have a low impurity content, which is important for the production of high-quality steel. The impurities in iron ore can affect the quality of steel, so low impurity content is a key feature of Steelmaking Pellets.
Overall, Steelmaking Pellets are an important raw material for the production of steel, with key features such as high iron content, uniform size and shape, consistent chemical and physical properties, low impurity content, and high compressive strength.
Regional Outlook:
- 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)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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