New York, NY, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Iron Ore Pellets Market By Type (Hematite, Magnetite, and Others) and By Application (Steel and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global iron ore pellets market was valued at around USD 25,220 million in 2017 and is expected to reach around USD 50,120 million by 2024, growing at a CAGR of 8.1% between 2018 and 2024.
Iron ore pellets are one of the essential raw materials used by the steel industry for steel production. Iron ore pellets help in the rapid expansion of the steel sector as well as assist in sustaining the global economy.
Browse through 55 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Iron Ore Pellets Market Size 2017: By Industry Type, Share, Segments, Analysis, and Forecast to 2024”.
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The iron ore pellets market is driven by the increasing demand from the steel industry and new developments made related to manufacturing activities. However, the fluctuating prices of raw materials might impede this global market. Nevertheless, the increasing demand for high-grade and high-quality iron ore pellets are likely to fuel the iron ore pellets market globally over the forecast years.
The iron ore pellets market is segmented based on type and application. By type, this market is categorized into hematite, magnetite, and others. In 2017, the hematite segment held the largest market share (around 65%) in the iron ore pellets market. This segment is likely to be the fastest growing during the forecast time period, owing to its high density and cost-effectiveness. Hematite beneficiation generally involves a combination of various beneficiation techniques. Magnetite held the second largest share of the iron ore pellets market, owing to its increasing use in the blast furnace and steel production. By application, this market is segmented into steel and others. The steel industry is considered as the largest consumer of iron ore pellets, as they are utilized in blast furnaces of steel manufacturing plants for producing steel, which is used largely for the construction of bridges, cars, planes, etc.
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North America is expected to hold the highest market share in the global iron ore pellets market in the forecast years, due to these pellets becoming the single largest source of iron for blast furnaces operating in the North American region. Additionally, the demand for steel in the U.S. is rising exponentially. Steel is considered to be a durable manufacturing frame of any automotive in this region, which is the key factor likely to propel this regional market’s growth in the upcoming years.
The Asia Pacific iron ore pellets market is estimated to be the fastest growing by 2024, due to the developing construction industry in emerging economies, such as India and China, which is likely to positively impact the iron ore pellets market in the years to come. The demand for smart infrastructure buildings is leading to rapid developments in the construction sector across the region. Additionally, all the machine building industries are major consumers of steel in this region. China consumes more than 40% of global steel, which is projected to propel this regional market over the forecast time period.
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Europe is likely to experience a stagnant growth rate during the forecast time period, due to the economic crisis in 2008 that resulted in the decline of steel production and iron ore processing across the region.
The Latin American and the Middle Eastern and African markets are anticipated to display huge untapped business potential over the forecast years. Several industries are investing in the unexplored regions of Latin America and the Middle East and Africa, and thereby, exploiting their lucrative market growth potential.
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The key manufacturers operating in the iron ore pellets market include Vale, LKAB, Metso Corporation, Arya Group, Iron Ore Company of Canada Inc., METALLOINVEST MC LLC, Simec Group, Cleveland-Cliffs Inc., Jindal Saw Ltd., Ferrexpo Plc, and Xindia Steels.
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This report segments the global iron ore pellets market as follows:
Iron Ore Pellets Market: Type Analysis
Iron Ore Pellets Market: Application Analysis
Iron Ore Pellets Market: Regional Analysis
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