Press release
Iron Ore Pellets Market on Track for Strong Growth, Estimated to Grow at 6.2% CAGR Through 2029
Iron Ore Pellets
What Is the Expected CAGR for the Iron Ore Pellets Market Through 2025?
The iron ore pellets market has consistently expanded over the past few years. The market is projected to increase from $60.29 billion in 2024 to $63.15 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.8%. The primary drivers behind this historic period growth include an increase in steel production, the development of urbanization and infrastructure, worldwide automotive industry expansion, environmental laws promoting palletization, investment in mining infrastructure, and the availability of resources in critical areas.
What's the Projected Size of the Global Iron Ore Pellets Market by 2029?
The market size of iron ore pellets is projected to experience remarkable growth in the near future and reach a valuation of $80.22 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth during the forecast period can be credited to the rising need for high-quality steel, more rigorous environmental regulations, growth of the wind energy industry, global trade fluctuations, and investments in pellet plant improvements. Key trends during the forecast period encompass technological progress in pelletizing, alterations in trade policies and export limitations, adoption of digital technologies, and emphasis on quality and specifications of iron ore pellets.
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Top Growth Drivers in the Iron Ore Pellets Industry: What's Accelerating the Market?
The expanding necessity for steel in the construction sector is anticipated to drive the development of the iron ore pellets market in the future. The construction industry, which constitutes more than half of the global steel consumption, significantly utilizes steel products produced from iron ore pellets. For instance, in June 2022, the World Steel Association, a non-profit organization headquartered in Belgium, predicted a global steel demand hike of 0.4%, reaching approximately 1,840.2 million tons. Subsequently, in 2023, the steel demand was predicted to escalate by a further 2.2%, amounting to around 1,881.4 Mt. Consequently, the burgeoning requirement for steel in the construction sector is foreseen to boost the iron ore pellets market's expansion.
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What Trends Will Shape the Iron Ore Pellets Market Through 2029 and Beyond?
A noticeable trend that is growing in the iron ore pellets market is the expansion of businesses and formation of strategic alliances. Key market players in iron ore pellets are partnering up to consolidate their market standing. For example, in 2022, Rio Tinto, a metals and mining corporation from Australia, entered into a collaboration with Salzgitter for a sum that hasn't been disclosed yet. The primary goal of this partnership is to investigate how Rio Tinto's superior quality iron ore products can be best utilized in a green steel initiative by Salzgitter named SALCOS, located in Germany. Salzgitter operates as a steel manufacturing entity from Germany that focuses on the manufacture, processing and worldwide trade of rolled steel and tube products.
What Are the Main 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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Which Top Companies are Driving Growth in the Iron Ore Pellets Market?
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
Which Regions Will Dominate the Iron Ore Pellets Market Through 2029?
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.
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