Press release
Global Iron Ore Pellets Market Projected to Surpass $80.22 Billion by 2029 with 6% Annual Growth
Iron Ore Pellets Market Size
The escalating requirement for steel in the construction industry is anticipated to fuel the expansion of the iron ore pellets market in the future. The construction sector is a prime consumer of steel, responsible for more than 50% of the global steel demand. Iron ore pellets are utilised to produce steel products that are extensively deployed in construction activities. For example, in June 2022, the World Steel Association, a non-profit establishment based in Belgium, anticipated that the worldwide demand for steel would see a rise of 0.4%, likely touching about 1,840.2 million tonnes (Mt). Following that, the demand for steel in 2023 is predicted to surge by an additional 2.2%, reaching roughly 1,881.4 Mt. Consequently, the escalating requirement for steel in the construction industry is anticipated to fuel the expansion of the iron ore pellets market.
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How will the growth rate of the iron ore pellets market shape industry trends by 2034?
In the past few years, the market size for iron ore pellets has seen constant expansion. Forecasts suggest that it will increase from $60.29 billion in 2024 to $63.15 billion in 2025 with a compound annual growth rate (CAGR) of 4.8%. Factors contributing to the growth in the historical period include the augmentation of steel production, urbanization, infrastructure development, expansion of the global automotive industry, environmental regulations promoting palletization, investments pumped into the mining infrastructure, and the abundance of resources in key areas.
Anticipated robust expansion in the iron ore pellets market is predicted in the approaching years, with a rise to $80.22 billion in 2029 due to a compound annual growth rate (CAGR) of 6.2%. The projected growth in this period can be related to the growing need for high-grade steel, stringent environmental protocols, the emergent wind energy sector, international trade dynamics, and investments towards improving pellet plants. The key trends to watch during this forecasted phase include technological progress in pelletizing, changes in trade policies and export limits, digitization of operations, and the quality and specifications of iron ore pellets.
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What trends are poised to drive the future success of the iron ore pellets market?
The trend of business expansion and strategic alliances is increasingly being seen in the iron ore pellets industry. Major industry players are entering into partnerships to solidify their market positions. For example, in 2022, Australian metals and mining corporation, Rio Tinto, entered into a cooperation with Salzgitter for an undisclosed sum. The purpose of this pact is to explore how Rio Tinto's top-quality iron ore products can be optimized for use in a green steel project named SALCOS in Germany, which is managed by Salzgitter, a Germany-based steel production organization that focuses on fabrication, processing, and international trading of rolled steel and tube products.
Which primary segments of the iron ore pellets market are driving growth and industry transformations?
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 Or Blast Furnace, Electric Arc Furnace, Electric Induction Furnace
3) By Application: Iron-based Chemicals, Steel Production
Subsegments:
1) By Blast Furnace Iron Ore Pellet: Standard Blast Furnace Pellets, High-Grade Blast Furnace Pellets
2) By Direct Reduced: DRI Pellets For Electric Arc Furnaces, DRI Pellets For Direct Reduction Processes
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Which geographical regions are pioneering growth in the iron ore pellets market?
Asia-Pacific was the largest region in the iron ore pellets market in 2024. The regions covered in the iron ore pellets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the iron ore pellets market landscape?
Major companies operating in the iron ore pellets market 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
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What Is Covered In The Iron Ore Pellets Global Market Report?
• Market Size Forecast: Examine the iron ore pellets market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the iron ore pellets market for a structured understanding.
• Key Players Overview: Analyze major players in the iron ore pellets market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iron ore pellets market.
• Segment Contributions: Evaluate how different segments drive overall growth in the iron ore pellets market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iron ore pellets market.
• Industry Challenges: Identify potential risks and obstacles affecting the iron ore pellets market.
• Competitive Landscape: Review strategic developments in the iron ore pellets market, including expansions, agreements, and new product launches.
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