The global iron ore pellet market is anticipated to experience substantial growth, with its market value expected to rise from US$ 66,503.9 million in 2023 to a projected US$ 141,988.8 million by 2033. This remarkable expansion is attributed to a forecasted compound annual growth rate (CAGR) of 7.9% over the assessment period. The surge in demand for iron ore pellets on a global scale underscores the pivotal role they play in various industries, signifying a robust trajectory for the market in the coming decade.
The demand for iron ore pellets is closely tied to the global steel industry. Iron ore pellets are a critical raw material in steelmaking, used to enhance the efficiency of the steel production process.
Iron ore pellets are witnessing higher demand from the iron and steel sectors, and the trend is expected to continue through 2033. This is due to expanding construction sector and rapid urbanization globally.
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According to the World Steel Association, global crude steel production reached 1,950.5 million tons in 2021, up 3.7% from 2020. Rise in production and consumption of steel and steel-based products worldwide will likely bolster iron ore pellet sales through 2033.
The superior properties and environmental benefits of iron ore pellets make them a popular raw material choice in the iron and steel industry. Hence, expansion of these industries is predicted to elevate demand for iron ore pellets.
The global iron ore pellet market is set to expand over 2.1X through 2033. This is due to the growing demand for steel from several end-use industries such as construction and automobile industry.
Key Takeaways from the Report
- The global market for iron ore pellets is projected to thrive at 7.9% CAGR through 2033.
- Based on the segment, BF grade is expected to surge at a CAGR of 7.1% by 2033.
- East Asia is expected to account for a significant share of around 37.4% in 2033.
- The United States industry value is set to reach US$ 9,204.8 million in 2033.
- China is projected to attain a valuation of US$ 35,299.4 million in 2033.
- Iron ore pellet demand in India is predicted to rise at 11.7% CAGR through 2033.
“The iron ore pellet market is expected to witness healthy growth due to escalating environmental regulations, expanding industrial sectors, and increasing emphasis on high-grade steel for several applications. As industries worldwide strive to reduce their environmental impact and ensure compliance, demand for effective iron ore pellets is expected to rise rapidly, creating growth prospects for the target market,” – Says Analyst at Future Market Insights, Inc.
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Competitive Landscape:
Key players are focusing on expanding domestic production to meet growing demand from industries like steel manufacturing. They are also establishing new production facilities and improving existing ones to solidify their market positions.
Key Companies Profiled
- ArcelorMittal S.A.
- Vale S.A.
- Luossavaara-Kiirunavaara AB (LKAB)
- Bahrain Steel
- Arya Iron & Steel Co. Pvt. Ltd. (Arya Group)
- KIOCL Ltd.
- AM/NS India
- Jindal SAW Ltd.
- Cleveland-Cliffs Inc.
- FERREXPO Plc.
- Simec Group
Recent developments:
- In August 2023, Foulath arm Bahrain Steel collaborated with Essar Group’s KSA Green Steel Project for supplying iron ore pellets to the Green Steel Arabia (GSA) project.
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Iron Ore Pellet Market Segmentation by Category
By Grade:
- BF (Blast Furnace) Grade
- DRI (Direct Reduced Iron) Grade
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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