Press release
Soaring Growth in Iron Ore Pellets Market: Strides in Steel Production and Urbanization Drive Market Size to $80.22 Billion by 2029 at 6.2% CAGR
Iron Ore Pellets Market Size
What Is The Projected Market Size Of The Global Iron Ore Pellets Market And Its Growth Rate?
• The steady growth of the iron ore pellets market saw it expand from $60.29 billion in 2024 to $63.15 billion in 2025 at a compound annual growth rate (CAGR) of 4.8%.
• The growth in this period can be attributed to factors like steel production growth, urbanization and infrastructure development, global automotive industry growth, environmental regulations favoring palletization, investments in mining infrastructure, resource abundance in key regions.
• The iron ore pellets market size is expected to witness marked growth to reach $80.22 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%.
• Growth in the forecast period will be driven by demand for high-quality steel, stricter environmental standards, burgeoning wind energy sector, changing global trade dynamics, investments in pellet plant upgrades.
What Is Driving The Growth In The Iron Ore Pellets Market?
The burgeoning demand for steel in the construction sector is expected to fuel the growth of the iron ore pellets market. The construction industry is a major consumer of steel, accounting for over half the global steel demand. Iron ore pellets are used to produce steel products that are extensively used in construction. For instance, the World Steel Association projected in June 2022 that global steel demand would increase by 0.4%, reaching approximately 1,840.2 million tonnes (Mt). Further growth by 2.2% was expected in 2023, bringing the demand to about 1,881.4 Mt. This increasing steel demand in the construction sector is therefore a major driving force for the iron ore pellets market's growth.
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Who Are the Key Players Driving Iron Ore Pellets Market Growth?
• 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
What Are The Key Trends In The Iron Ore Pellets Market?
• Technology advancements in pelletizing
• Trade policies and export restrictions
• Integration of digital technologies
• Quality and specifications of iron ore pellets
What Are The Segments Of The Global Iron Ore Pellets Market?
• By Product: Blast Furnace Iron Ore Pellet, Direct Reduced
• By Technology: Oxygen Based Or Blast Furnace, Electric Arc Furnace, Electric Induction Furnace
• By Application: Iron-based Chemicals, Steel Production
Which Region Leads The Iron Ore Pellets Market?
Asia-Pacific was the largest region in the iron ore pellets market in 2024. Other regions covered in the iron ore pellets market report are Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Iron Ore Pellets Market Global Market Report?
- Market Size Analysis: Analyze the Iron Ore Pellets Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Iron Ore Pellets Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Iron Ore Pellets Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Iron Ore Pellets Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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