Global Direct Reduced Iron Market Report 2024

The Iron Ore Pellets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Iron Ore Pellets Global Market Report 2024, 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..

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.

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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

Business expansions and strategic partnerships are a key trend gaining popularity in the iron ore pellets market. Major companies operating in the iron ore pellets are forming partnerships to strengthen their position in the market. For instance, in 2022, Rio Tinto, an Australia-based metals and mining corporation, collaborated with Salzgitter for an undisclosed amount. Under this agreement, the two companies aim to study the optimization of Rio Tinto’s high-quality iron ore products for use in one of Salzgitter’s projects called SALCOS, a green steel project in Germany. Salzgitter is a German-based steel producing company specializing in production, processing, and global trade in rolled steel and tube products.

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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31. Global Iron Ore Pellets Market Competitive Benchmarking
32. Global Iron Ore Pellets Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Iron Ore Pellets Market
34. Iron Ore Pellets Market Future Outlook and Potential Analysis
35. Appendix

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