Iron ore pellets are used in automotive, railway, consumer goods, shipping, industrial, among several other places to enhance the durability of the final products. Iron ore pellets are also used in aerospace due to their unique properties. The increasing demand for high-grade iron ore pellets is gaining prevalence among researchers due to which the demand for iron ore pellets in the global iron ore pellets market is increasing at a higher rate.
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Global Iron Ore Pellets Market was valued at USD 62.75 billion in 2021 and is expected to reach USD 85.22 billion by 2029, registering a CAGR of 3.90% during the forecast period of 2022-2029. Several advantages are associated with iron ore pellets products, and that is their usage is highly increasing in the steel industry, especially in the developed nations. Hence, more products is being launched by the companies to fulfill the rising demand of their customers. To fulfill the growing demand for iron ore pellets products, some companies are expanding their production capacities in different regions to grow their market for iron ore pellets products.
Growing demand for steel across the world will drive the market's growth rate
Steel demand across the major end-use industries is anticipated to fuel the demand for iron ore pellets. The biggest market for steel is construction. According to the World Steel Association, the construction value in 2019 was over USD 500 billion, accounting for more than 50% of the total value of steel demand worldwide. One of the main factors influencing the steel demand is the increased requirement for housing as a result of rising population. The United Nations' World Population Prospects report predicts that by 2030, there will be 8.6 billion people on the planet. This is expected to increase the need for new homes, which would help steel and iron ore pellets grow.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Source (Hematite, Magnetite, Taconite, Others), Grade (Blast Furnace, Direct Reduction), Technology (Oxygen Based/Blast Furnace, Electric Arc Furnace, Electric Induction Furnace), Pelletizing Process (Grate Kiln, Straight Travelling Grate), Balling Technology (Balling Disc, Balling Drum), Application (Iron-based Chemicals, Steel Production), Industry (Construction, Automotive, Railway, Consumer Goods, Shipping, Industrial, Aerospace, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Vale (Brazil), Mitsubishi Corporation RtM Japan Ltd (Japan), Cleveland-Cliffs Inc (U.S.), United States Steel Corporation. (U.S.), ARCELORMITTAL (Luxembourg), Metso Outotec (Finland), KIOCL Limited (India), FERREXPO PLC (Switzerland), JINDAL SAW LTD. (India), Iron Ore Company of Canada (Canada), LKAB Koncernkontor (Sweden), METALLOINVEST MC LLC (Russia), Bahrain Steel (Bahrain), and SIMEC (England) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
Global iron ore pellets market is categorized into six notable segments which are source, grade, technology, pelletizing process, balling technology and industry.
- On the basis of source, the market is segmented into hematite, magnetite, taconite and others. In 2022, hematite segment is expected to dominate the market and grow at a CAGR of 4.70% in the forecast period of 2022 to 2029 because of properties which strengthen connection with earth which has widened its application in various industries.
- On the basis of grade, the market is segmented into blast furnace and direct reduction. In 2022, blast furnace segment is expected to dominate the market and grow at a CAGR of 4.60% in the forecast period of 2022 to 2029 because of cost effective properties.
- On the basis of technology, the market is segmented into electric arc furnace, electric induction furnace and oxygen based/blast furnace. In 2022, oxygen based/blast furnace segment is expected to dominate the market and grow at a CAGR of 5.10% in the forecast period of 2022 to 2029 because of increasing demand of technology with high productivity.
- On the basis of pelletizing process the market is segmented into straight travelling grate and grate kiln. In 2022, grate kiln segment is expected to dominate the market and grow at a CAGR of 4.40 % in the forecast period of 2022 to 2029 because of high uniform temperature profile.
- On the basis of balling technology, the market is segmented into balling disc and balling drum. In 2022, balling disc segment is expected to dominate the market and grow at a CAGR of 4.70% in the forecast period of 2022 to 2029 because of its high suitability in the mixing of material in pelletizing equipment.
The balling disc segment will dominate the balling technology segment of the iron ore pellets market
The balling disc segment will emerge as the dominating segment balling technology segment. This is because of the growing availability of balling disc in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.
- On the basis of industry, the market is segmented into construction, automotive, aerospace, shipping, railway, consumer goods, industrial and others. In 2022, construction segment is expected to dominate the market and grow at a CAGR of 5.30% in the forecast period of 2022 to 2029 because of increasing consumption of product with high durable characteristics.
The construction segment will dominate the application segment of the iron ore pellets market
The construction segment will emerge as the dominating segment under application. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the chemicals and materials industry all around the globe will further bolster the growth of this segment.
Major Players
Data Bridge Market Research recognizes the following companies as the market players in market: Vale (Brazil), Mitsubishi Corporation RtM Japan Ltd (Japan), Cleveland-Cliffs Inc (U.S.), United States Steel Corporation. (U.S.), ARCELORMITTAL (Luxembourg), Metso Outotec (Finland), KIOCL Limited (India), FERREXPO PLC (Switzerland), JINDAL SAW LTD. (India), Iron Ore Company of Canada (Canada), LKAB Koncernkontor (Sweden), METALLOINVEST MC LLC (Russia), Bahrain Steel (Bahrain), and SIMEC (England).
Market Development
- In 2020, Vale decided to enhance the level of the iron ore pellet output in the third quarter after the restart of several operations. The business expansion helps in widening the production capacity that generates the business's revenue.
- In 2020, FERREXPO announced the 5% increase in the production level of the iron ore pellet in the second quarter of this year. The announcement helps increase the business's production capacity and increase the company's customer base.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in iron ore pellets market during the forecast period 2022 to 2029
Currently, Asia-Pacific dominates the market in terms of revenue and market share, and this trend is expected to continue throughout the projected period of 2022–2029. Due to its many advantages, including consistent size and a high rate of metallization in the area, pellets are a superior feed for manufacturing iron than other feeds, which is why the market expansion in this area is attributed to them.
North America is estimated to be the fastest-growing region in iron ore pellets market the forecast period 2022 to 2029
The strong demand for steel in highly energy-intensive industries and the lower cost of iron pellets in North America, on the other hand, are expected to contribute to the region's lucrative expansion throughout the projection period of 2022–2029 Furthermore, the region's demand will increase due to its low environmental effect.
COVID-19 Impact
The market for iron ore pellets suffered as a result of the current coronavirus outbreak. The market was significantly impacted by the worldwide suspension of steel-producing services. Declining steel consumption has a bearing on iron ore prices around the world. Additionally, the market was significantly disrupted by the suspension of major supply chains and other operations. On the plus side, it is predicted that the market would gradually recover from 2021 as a result of the construction and automotive industries' significant recoveries. Furthermore, these imposed lockdowns are being relaxed by the various regulatory agencies. The operations that have been halted and cancelled will continue, and as a result, market growth is anticipated. As a result, the market will continue to grow steadily after COVID.
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