DUBLIN, Feb. 21, 2024 /PRNewswire/ — The “Global Iron Ore DR Pellets Market (2023 Edition): Analysis By Value and Volume, Production Process (Coal-Based, Gas-Based), By Application (Steel, Iron), Product Source, By Region, By Country: Market Insights and Forecast (2019-2029)” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
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 16.33% 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 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 the favorable 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.
Analyst Recommendations
Expanding installation of Carbon Capture and Utilization (CCU) technologies in the Iron Ore DR (Direct Reduction) Pellets Plants
Training Machine Learning Model on Iron Ore DR Pellets to improve quality of pellets and increase efficiency of Production Process
Global Iron Ore DR Pellets Market: Historic and Forecast (2019-2029)
Impact Analysis of Macro Economic Factors on Global Iron Ore DR Pellets Market
Annual Worldwide Production of the Iron Ore DR Pellets
DRI Production by Process and Forms
Iron Production Trends from 2019-2070
Global Iron Ore DR Pellets Market: Dashboard
Global Iron Ore DR Pellets Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
Global Iron Ore DR Pellets Market Size, By Volume Million Tones
Global Iron Ore DR Pellets Market: Market Value Assessment
Assessment: Degree of Impact of COVID-19 on Global Iron Ore DR Pellets Market
Global Iron Ore DR Pellets Market Segmentation: By Production Process
Global Iron Ore DR Pellets Market, By Production Process Overview
Global Iron Ore DR Pellets Market Size, By Coal Based, By Value, 2019H-2029F (USD Million & CAGR)
Global Iron Ore DR Pellets Market Size, By Gas Based, By Value, 2019H-2029F (USD Million & CAGR)
Global Iron Ore DR Pellets Market Segmentation: By Product Source
Global Iron Ore DR Pellets Market, By Product Source Overview
Global Iron Ore DR Pellets Market Size, By Hematite, By Value, 2019H-2029F (USD Million & CAGR)
Global Iron Ore DR Pellets Market Size, By Magnetite, By Value, 2019H-2029F (USD Million & CAGR)
Global Iron Ore DR Pellets Market Size, By Other Product Sources, By Value, 2019H-2029F (USD Million & CAGR)
Global Iron Ore DR Pellets Market Segmentation: By Application
Global Iron Ore DR Pellets Market, By Application Overview
Global Iron Ore DR Pellets Market Size, By Steel Production, By Value, 2019H-2029F (USD Million & CAGR)
Global Iron Ore DR Pellets Market Size, By Iron Industry, By Value, 2019H-2029F (USD Million & CAGR)
Competitive Positioning
Companies’ Product Positioning
Market Position Matrix
Market Share Analysis of Iron Ore DR Pellets Market
Company Profiles
Cleveland Cliffs Inc.
LKAB
Vale S.A.
BHP Group Limited
Rio Tinto Limited
Metalloinvest
Fortescue Metals Group Ltd.
NDMC Limited
Magnetation Inc.
Bahrain Steel BSC
For more information about this report visit https://www.researchandmarkets.com/r/dk5xg5
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