What is the Projected Market Size and Growth Rate for the Global Iron Ore Pellets Market?
The iron ore pellets market has been witnessing steady growth over recent years. The market size grew from $60.29 billion in 2024 to $63.15 billion in 2025, recording a Compound Annual Growth Rate (CAGR) of 4.8%. Factors attributing to the growth during the historic period include steel production growth, urbanization and infrastructure development, global automotive industry growth, environmental regulations favoring palletization, and investments in mining infrastructure.
The iron ore pellets market is anticipated to experience substantial growth in the upcoming years, reaching $80.22 billion in 2029 at a CAGR of 6.2%. The growth in the forecast period can be attributed to the increasing demand for high-quality steel, stricter environmental standards, burgeoning wind energy sector, global trade dynamics, and investments in upgrading pellet plants.
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What Factors are Expected to Drive the Iron Ore Pellets Market?
The growth of the iron ore pellets market is anticipated to be driven by proliferating demand for steel in the construction sector. Steel is heavily utilised in the construction sector, which accounts for over 50% of global steel demand. High-quality steel products, made from iron ore pellets, find significant usage in construction. For example, in June 2022, the World Steel Association predicted a 0.4% increase in the global steel demand, reaching approximately 1,840.2 million tonnes (Mt). This demand is projected to increase by 2.2% in 2023, surging to approximately 1,881.4 Mt.
Key Elements of the Iron Ore Pellets Market:
• By Product: Blast Furnace Iron Ore Pellet, Direct Reduced
• By Technology: Oxygen Based Or Blast Furnace, Electric Arc Furnace, Electric Induction Furnace
• By Application: Iron-based Chemicals, Steel Production
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Who are the Major Players 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, and others.
What Emerging Trends are Expected in the Iron Ore Pellets Market?
The iron ore pellets market is witnessing emerging trends like business expansions and strategic partnerships. Companies are forming partnerships to strengthen their market position. For instance, in 2022, Rio Tinto collaborated with Salzgitter to study the optimisation of its high-quality iron ore products for use in Salzgitter’s SALCOS project, a green steel project in Germany.
Which Region Dominates the Iron Ore Pellets Market?
Asia-Pacific was the largest region in the iron ore pellets market in 2024, followed by Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does the Iron Ore Pellets Market Report 2025 Offer?
Iron ore pellets are created from iron-bearing material collected from mining regions by palletization. They are small balls of iron ore used in the steel-making process. The Iron Ore Pellets Market Research Report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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