According to the recent research report titled ‘Iron Ore Pellets Market Size By Grade (Blast Furnace, Direct Reduction), By Technology (Electric Arc Furnace, Electric Induction Furnace, Oxygen Based/Blast Furnace), By Iron Content (Hematite, Magnetite), By Pelletizing Process (Travelling Grate, Grate Kiln), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020- 2026’, available with Market Study Report, global iron ore pellets market is expected to record considerable growth over 2020-2026.
 

Growing usage of steel in automotive as well as construction sector, and inclination towards carbon less steelmaking are the key factors fueling global iron ore pellets market growth. Besides, superior benefits offered by the product as compared to sinter or lumps is adding to the industry progression.
 

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Notably, when iron ore fines are pelletized, they form iron ore pellets of the same size. Iron ore fines and specific additives, such as bentonite, are combined, and then turned to oval lumps using a pelletizer in the palletization process.
 

Speaking of factors restraining the industry expansion, fluctuating price of iron ore, availability of substitutes at reasonable rate, and lack of integration between pellet suppliers and steelmakers are anticipated to act as major challenges for businesses in the vertical.
 

Considering grade category, blast furnace (BF) segment is expected to hold major portion of overall market share in upcoming years, attributable to escalating demand for steel products, presence of several oxygen-based/blast furnace and steelmaking production facilities.
 

With respect to balling technology, global iron ore pellets industry share from balling drum segment is predicted to expand over 2020-2026, creditable to the ability of this technology to produce uniform sized pellets between 8mm to 16mm in diameter.
 

By application spectrum, iron-based chemicals segment is likely to witness growth through 2026, due to growing product usage in water treatment industry.
 

Elaborating on steelmaking technology, electric arc furnace segment is projected to record considerable growth over the next six years, due to rising investment towards DR plant capacity expansion, and inclination towards a greener steel sector.
 

As per product source, magnetite segment is anticipated to lead worldwide iron ore pellets market growth in the coming years, attributable to escalating demand for high quality steel in end user industries.
 

Based on pelletizing process, travelling grate (TG) segment share is predicted to amplify over 2020-2026, owing to production of uniform sized particles with excellent metallurgical and physical properties using this process.
 

Geographically, North America market is expected to register 2% CAGR through 2026, owing to escalating demand for carbon free steel, and strict government regulations regarding coal consumption. Meanwhile, Latin America industry is slated to grow substantially over the coming years, creditable to increasing number of iron & steel manufacturing plants.
 

Prominent firms operating in global iron ore pellets market sphere are Vale S.A., Ternium S.A., Samarco Mineração S.A., Rio Tinto Group, Metalloinvest Management Company LLC, Luossavaara-Kiirunavaara Aktiebolag (LKAB), Jindal SAW Ltd., Ferrexpo plc, Evraz plc, Cleveland-Cliffs Inc., BHP Billiton, and Bahrain Steel among others.