Advancement in Technology Promotes U.S. Sex Reassignment Surgery…Posted by Mrudula Karmarkar on June 14th, 2022 The global iron ore pellets market size is expected to reach USD 63.52 billion by 2027, expanding at a CAGR of 3.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. The product demand is predicted to be largely driven by rising steel production in Asia Pacific. Iron ore pellets are an important source for steel manufacturing. Rapid industrialization and urbanization in emerging economies of Asia Pacific since the past few years have stimulated the production of steel. This has caused a surge in demand for iron ore pellets in the region. The product is mainly used in captive form by large integrated steel producers. However, there is ample potential for seaborne trade of the product as cross country trade is expected to rise over the coming years owing to rising demand from Asia Pacific and Middle East and Africa. China dominates the market owing to huge steel production capacity in the country. However, emerging economies such as India, Vietnam, Myanmar, Philippines, and Indonesia are expected to witness significant growth as these countries are posing a significant challenge to the Chinese steel producers owing to their comparatively lower labor costs and supportive government policies. Major players in the industry include multinational companies such as Vale, Rio Tinto, and BHP Billiton. Rio Tinto surpassed Vale as the leading global supplier of iron ore as well as its pellets in the first quarter of the year 2020 as Vale witnessed a sharp decline in iron ore output due to a deadly dam burst owned by Vale in 2020. Expanding steel production in developing economies of Asia Pacific, such as India, China, and Vietnam, is a crucial factor expected to fuel market growth over the coming years. Iron ore pellets are spherical balls of iron ore that are used in steel manufacturing. The lockdown imposed across several countries across the globe due to the COVID-19 pandemic at the end of 2020 has halted the manufacturing activities, thereby severely affecting the iron pellet demand in the first half of 2020. However, according to several economic analysts, the global economy is likely to witness a big rebound from 2021, which is likely to spur the iron ore pellets industry growth in the near future. Download Free Sample Report @ https://www.grandviewresearch.com/industry-analysis/iron-ore-pellets-market/request/rs1 Iron Ore Pellets Market Report Highlights
The market has been characterized by intense competition with some of the major industry players holding a considerable share. Vale and Rio Tinto are among the largest producers of iron ore pellets in the world. The majority of Vale’s iron ore mines are concentrated in Brazil and China. The market for iron ore pellets is largely dictated by multinational players who own established iron ore mines and processing facilities, thereby making entry of new players difficult. Major players focus on long term agreements with steel producers and compete majorly on price and quality. Some of the prominent players in the iron ore pellets market include:
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