“Rising Demand for Steel Production”
A significant trend driving the growth of the iron ore pellets market is the increasing demand for steel production, particularly in emerging economies such as India and China. As infrastructure projects and urbanization accelerate, these countries are expanding their steel manufacturing capabilities. For instance, India’s National Steel Policy aims to enhance production to 300 million tons by 2030, leading to a higher demand for high-quality iron ore pellets. This shift is driven by the need for cleaner and more efficient steel-making processes, where iron ore pellets are favored over lump ore due to their lower impurities and enhanced metallurgical performance, thereby boosting market demand.
Frequently Asked Questions
The market is segmented based on Segmentation, By Source (Hematite, Magnetite, Taconite, and Others), Grade (Blast Furnace and Direct Reduction), Technology (Oxygen Based/Blast Furnace, Electric Arc Furnace, and Electric Induction Furnace), Pelletizing Process (Grate Kiln and Straight Travelling Grate), Balling Technology (Balling Disc and Balling Drum), Application (Iron-based Chemicals and Steel Production), Industry (Construction, Automotive, Railway, Consumer Goods, Shipping, Industrial, Aerospace, and Others) - Industry Trends and Forecast to 2031
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The Global Iron Ore Pellets Market size was valued at USD 67.74 USD Billion in 2023.
The Global Iron Ore Pellets Market is projected to grow at a CAGR of 3.9% during the forecast period of 2024 to 2031.
The market report covers data from the 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.
