Press release
Global Iron Ore Pellets Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Iron Ore Pellets
What Is the Iron Ore Pellets Market Size and Projected Growth Rate?
In recent times, there's been a consistent growth in the size of the iron ore pellets market. Projections show that its worth will increase from $60.29 billion in 2024 to $63.15 billion in 2025, signifying a compound annual growth rate (CAGR) of 4.8%. This growth in the past can be ascribed to factors such as the expansion of steel production, ongoing urbanization and infrastructure development, an upward trend in the global automotive industry, and environmental rules advocating for palletization. Other contributing factors include investments in mining infrastructure, as well as an abundance of resources in key regions.
In the coming years, the market size of iron ore pellets is projected to experience significant growth, with an estimate of reaching $80.22 billion by 2029, with a compound annual growth rate (CAGR) of 6.2%. This predicted increase over the forecast period can be connected to the need for premium quality steel, harsher environmental regulations, the expanding wind energy sector, global trading conditions, and investments towards the improvement of pellet plants. Dominant trends during the forecast period will involve advancements in pelletizing technology, alterations in trade regulations and export constraints, the inclusion of digital technologies, and the quality and specifications of iron ore pellets.
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What Are the Major Segments in the Iron Ore Pellets Market?
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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What Are The Driving Iron Ore Pellets Market Evolution?
The iron ore pellets market is poised for growth, fuelled by an escalating demand for steel in the construction sector. The construction industry, a massive consumer of steel that accounts for over half of global demand, heavily relies on steel products made from iron ore pellets. Citing data from the World Steel Association, a non-profit organization based in Belgium, it was reported in June 2022 that worldwide steel demand was set to rise by 0.4%, equating to approximately 1,840.2 million tonnes (Mt). Subsequently, in 2023, steel demand was anticipated to experience a further surge of 2.2%, equivalent to roughly 1,881.4 Mt. As such, the surge in steel demand within the construction sector presents considerable potential for the growth of the iron ore pellets market.
Which Firms Dominate The Iron Ore Pellets Market Segments?
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
What Trends Are Expected to Dominate the Iron Ore Pellets Market in the Next 5 Years?
The growth and strategic alliances within businesses have emerged as a significant trend within the iron ore pellets market. Prominent market players are looking to strengthen their market positions through strategic partnerships. For example, in 2022, Rio Tinto, a metals and mining corporation from Australia, entered into an undisclosed agreement with Salzgitter. The aim of this partnership is to explore the potential for optimization of Rio Tinto's superior iron ore products within a green steel project known as SALCOS, run by Salzgitter in Germany. Salzgitter is a German company known for producing, processing and globally trading in rolled steel and tube products.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Iron Ore Pellets Market?
2. What is the CAGR expected in the Iron Ore Pellets Market?
3. What Are the Key Innovations Transforming the Iron Ore Pellets Industry?
4. Which Region Is Leading the Iron Ore Pellets Market?
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