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Executive Summary
Azoth Analytics has released a research report titled “Global Iron Ore DR Pellets Market (2023 Edition)†which provides a complete analysis of the Global Iron Ore DR Pellets industry in terms of market segmentation By Production Process (Coal Based and Gas Based), By Product Source (Hematite, Magnetite and Other Product Source), By Application (Steel Production and Iron Industry) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.
The research report covers a detailed analysis of the regions (Americas, Europe, APAC, Middle East Africa) and 10 countries (United States, Canada, Brazil, Mexico, Germany, Russia, United Kingdom, China, Japan and India). Additionally, the research report presents data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities and demand forecast. The research report also assesses growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.
The Global Iron Ore DR Pellets market showcased growth at a CAGR of 6.26% during 2019-2022. The market was valued at USD 7.62 Billion in 2022 which is expected to reach USD 21.1 Billion in 2029. Stricter laws and an increasing commitment to sustainability are a result of growing worries about climate change and its effects on the environment. Because they provide a more ecologically friendly alternative to conventional blast furnace processes, which generate more emissions, DR pellets are preferred in the manufacturing of steel. Moreover, DR technology enables the substitution of coke, a common reducing agent in blast furnaces, with natural gas or hydrogen as reducing agents
The Global Iron Ore DR Pellets Market is expected to grow in the forecast period and register a CAGR of 16.3% during the forecast period. The global demand for steel has been increasing, primarily driven by infrastructure development, construction projects, and industrialization in emerging economies. Iron Ore DR Pellets are a key raw material for steel manufacturing through the direct reduction process, making them in high demand. Moreover, in comparison to conventional blast furnaces, using Iron Ore DR Pellets in the direct reduction process may be more cost-effective
Moreover, Iron ore pellets are a critical raw material for steel production. As the global economy grows and urbanization continues, there is an increasing demand for steel to build infrastructure, automobiles, and various consumer goods. This drives up the need for iron ore pellets. Iron ore pellets offer better efficiency and quality in steel production. They have a higher iron content and more uniform chemical composition than iron ore fines, resulting in improved yield and reduced energy consumption in the blast furnace. This makes them an attractive choice for steelmakers looking to optimize their processes.
Demand for steel worldwide will witness a 2.3 per cent growth in 2023 and 1.7 per cent in 2024, the World Steel Association (worldsteel), a body with a membership of every steel-producing country, has projected the high growth of the steel industry globally. Steel production is one of the primary drivers of the iron ore pellets market. The growing demand for steel from various sectors such as construction, automotive, and infrastructure is fueling the need for DR Iron Ore pellets, which are a critical raw material for steel manufacturing. High demand for steel drives increased production by steel manufacturers. As a result, there is a greater need for iron ore pellets used in the direct reduction process. Producers of DR pellets will experience heightened demand, leading to higher production volumes.
Moreover, steel manufacturers, using the direct reduction method, increase their utilization rates to meet the soaring steel demand. This necessitates a proportional surge in the production of DR pellets. Existing pellet producers strive to maximize their output, operating at or near full capacity to capitalize on favourable market conditions.
High demand encourages the exploration of new markets and the expansion of existing ones. Pellet producers seek to establish long-term relationships with steel manufacturers, securing contracts for the supply of DR pellets. Market development efforts may also involve geographical expansion, targeting regions with emerging steel industries or those experiencing infrastructure development.
Scope of the Report
• The report analyses the Iron Ore DR Pellets Market by Value (USD Million).
• The report presents the analysis of the Iron Ore DR Pellets Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Iron Ore DR Pellets Market By Production Process (Coal Based and Gas Based)
• The report analyses the Iron Ore DR Pellets Market By Product Source (Hematite, Magnetite and Other Product Source).
• The report analyses the Iron Ore DR Pellets Market By Application (Steel Production and Iron Industry).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Types, by mode of operation & by end users.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include of are Cleveland Cliffs Inc., LKAB, Vale S.A., BHP Group Limited, Rio Tinto Limited, Metalloinvest, Fortescue Metals Group Ltd., NDMC Limited, Magnetation Inc. and Bahrain Steel BSC.
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