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Global Iron Ore Pellets Market Growth Prospects, Future Industry Landscape 2033 | Bahrain Steel BSC, ArcelorMittal SA, Cleveland-Cliffs Inc., Ferrexpo plc, Jindal SAW Limited, Luossavaara-Kiirunavaara AB
Iron Ore Pellets Global Market Report 2024
As per the report, the iron ore pellets market size has grown strongly in recent years. It will grow from $58.1 billion in 2023 to $61.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The iron ore pellets market size is expected to see strong growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
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The Surge In Iron Ore Pellets Market Fueled By Escalating Steel Demand In Global Construction
Proliferating steel demand in the construction sector is expected to propel the growth of the iron ore pellets market going forward. Construction is one of the most significant steel-using industries, accounting for more than 50% of world steel demand. The iron ore pellets are used to make steel products that are used heavily in construction. For instance, according to the report published by Crisil in January 2021, steel production in India is set to grow to $5 trillion by 2025. Whereas, 22 million tons has produced in 1992 and increased to 142 million in 2020. As per the report, share in infra and construction in steel demand in the USA is to be 40-45%, China 50-55%, India 60-65%, and Japan 25-30%. As per the article published by The Hindu in October 2021, global steel consumption is forecast to grow by 4.5% in 2021 compared to 2020, despite a one percent dip in Chinese demand as the Communist country's economic recovery slows. Therefore, proliferating steel demand in the construction sector is expected to propel the growth of the iron ore pellets market.
Strategic Alliances And Expansions Shape The Landscape Of The Iron Ore Pellets Market
Business expansions and strategic partnerships are a key trend gaining popularity in the iron ore pellets market. Major companies operating in the iron ore pellets are forming partnerships to strengthen their position in the market. For instance, in 2022, Rio Tinto, an Australia-based metals and mining corporation, collaborated with Salzgitter for an undisclosed amount. Under this agreement, the two companies aim to study the optimization of Rio Tinto's high-quality iron ore products for use in one of Salzgitter's projects called SALCOS, a green steel project in Germany. Salzgitter is a German-based steel producing company specializing in production, processing, and global trade in rolled steel and tube products.
The iron ore pellets market covered in this report is segmented -
1) By Product: Blast Furnace Iron Ore Pellet, Direct Reduced
2) By Technology: Oxygen Based/Blast Furnace, Electric Arc Furnace, Electric Induction Furnace
3) By Application: Iron-based Chemicals, Steel Production
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Major companies operating in the iron ore pellets market report are Bahrain Steel BSC, ArcelorMittal SA, Cleveland-Cliffs Inc., Ferrexpo plc, Jindal SAW Limited, Luossavaara-Kiirunavaara AB, SIMEC Group Limited, Vale SA, Xindia Steels Limited, BHP Group Limited, Fortescue Metals Group Limited, United States Steel Corporation, Arya Iron & Steel Company Private Limited, Kudremukh Iron Ore Company Limited, Metalloinvest Management Company LLC, Rio Tinto plc, Anglo American plc, Samarco Mineracao S.A., EVRAZ plc, Qatar Steel Company, Essar Steel Limited, JSW Steel Limited, Tata Steel Limited, Kobe Steel Ltd., Nippon Steel Corporation, Pohang Iron and Steel Company, China Baowu Steel Group Corporation Limited, Shougang Corporation, Gerdau S.A., Thyssenkrupp AG
Contents of the report:
1. Executive Summary
2. Iron Ore Pellets Market Report Structure
3. Iron Ore Pellets Market Trends And Strategies
4. Iron Ore Pellets Market - Macro Economic Scenario
5. Iron Ore Pellets Market Size And Growth
…..
27. Iron Ore Pellets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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