Iron Ore Pellets Market Projected To Reach USD 63.52 Billion By 2027Posted by Neha Bora on April 17th, 2024 San Francisco, 17 April 2024: The Report Iron Ore Pellets Market Size, Share & Trends Analysis Report By Product (Blast Furnace, Direct Reduced), By Trade (Captive, Seaborne), By Region, And Segment Forecasts, 2020 - 2027 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 2019. Access Research Report of Iron Ore Pellets Market @ https://www.grandviewresearch.com/industry-analysis/iron-ore-pellets-market Iron Ore Pellets Market Report Scope
List of Key Players of Iron Ore Pellets Market
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