Overview and Scope
The iron ore pellets refer to iron ore pellets created from iron-bearing material collected from mining regions by palletization, advanced reduction, or other advanced treatment techniques. Pellets are little iron ore balls used in the steelmaking process. They’re developed employing technology that makes use of the powder that’s produced during the ore extraction process and was previously deemed trash. Iron ore pellets are used in a variety of industries. Various technologies, such as oxygen-based/blast furnaces, electric induction furnaces, and others, are used to make iron ore pellets.
Sizing and Forecast
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 growth in the historic period can be attributed to steel production growth, urbanization and infrastructure development, global automotive industry growth, environmental regulations favoring pelletization, investments in mining infrastructure, resource abundance in key regions.
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%. The growth in the forecast period can be attributed to demand for high-quality steel, stricter environmental standards, burgeoning wind energy sector, global trade dynamics, investments in upgrading pellet plants.. Major trends in the forecast period include technology advancements in pelletizing, trade policies and export restrictions, integration of digital technologies, quality and specifications of iron ore pellets.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the iron ore pellets market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The iron ore pellets market report table of contents includes:
1. Executive Summary
2. Iron Ore Pellets Market Characteristics
3. Iron Ore Pellets Market Trends And Strategies
4. Iron Ore Pellets Market – Macro Economic Scenario
5. Global Iron Ore Pellets Market Size and Growth
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26. South America Iron Ore Pellets Market
27. Brazil Iron Ore Pellets Market
28. Middle East Iron Ore Pellets Market
29. Africa Iron Ore Pellets Market
30. Iron Ore Pellets Market Competitive Landscape And Company Profiles
Top Major Players:
- Bahrain Steel BSC
- ArcelorMittal SA
- Cleveland-Cliffs Inc
- Ferrexpo PLC
- Jindal SAW Limited
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