Global Iron Ore Pellets Market: Overview
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.
Grade, balling technology, application, steelmaking technology, product source, pelletizing process and region are the seven important parameters based on which the global iron ore pellets market has been categorized.
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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
The global iron ore pellets market is characterized by the presence of the following restraints, drivers, and opportunities.
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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.
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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.
The Iron Ore Pellets Market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the Iron Ore Pellets Market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the Iron Ore Pellets Market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.
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