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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

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Global Iron Ore Pellets Market: Key Trends

The global iron ore pellets market is characterized by the presence of the following restraints, drivers, and opportunities.

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.

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.

Global Iron Ore Pellets Market: Geographical Analysis

Asia Pacific is estimated to present highly promising opportunities for the global iron ore pellets market due to the presence of a huge manufacturing base in countries like China and India, According to the findings of World Steel Association, China alone accounted for around 53.3% of the total crude steel produced in the world in 2019.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Iron Ore Pellets Market