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Iron Ore Pellets Market Size

Report ID: GMI4084
Published Date: Nov 2024
Report Format: PDF

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Iron Ore Pellets Market Size

The global iron ore pellets market was valued at USD 108.5 billion in 2024 and is estimated to grow at a CAGR of over 8.4% from 2025 to 2034.

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Proliferating demand for steel in the construction sector is set to foster market growth. These small balls of iron ore are made of powder extracted from materials considered waste. The booming infrastructural development across the globe has bolstered the demand for steel in various industries. Moreover, a supportive regulatory backdrop on achieving smart city plans is anticipated to boost product penetration over the next 10 years.

Iron Ore Pellets Market Report Attributes
Report Attribute	Details
Base Year:	2024
Iron Ore Pellets Market Size in 2024:	USD 108.5 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	8.4%
2034 Value Projection:	USD 237.2 Billion
Historical Data for:	2021 - 2024
No. of Pages:	250
Tables, Charts & Figures:	951
Segments covered:	Grade, Balling Technologies, Application, Technology, Product Source
Growth Drivers:	Shifting trend toward carbon-less steelmaking across North America and Europe Proliferating steel demand in the construction sector Unfavorable government policies related to sintering activities in China Increasing steel usage in the automotive industry Superior product benefits compared to lumps or sinter
Pitfalls & Challenges:	Lack of integration between steelmakers and pellet suppliers in Western countries Availability of substitutes at reasonable rate Volatile iron ore prices

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Notably, unfavorable government policies associated with sintering activities, especially in China are providing huge opportunities for the iron ore pellets industry. As sintering is an alternative process of formulizing iron ore for steelmaking, stringent regulations on sintering processes due to safety and health concerns regarding the production space are propelling industry growth.

Lack of integration and unity among steelmakers and pellet suppliers are hampering the market growth. Steelmakers and pellet suppliers work hand-in-hand for the industry to flourish. Many steel manufacturers and suppliers clash due to varying prices of iron ore and hamper the deployment of iron ore pellets in the market, restricting the overall market growth. However, the growing demand for steel in the booming industrial sector including the automotive industry is forecasted to aid the industry in overcoming this issue.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The global market size for iron ore pellets was valued at USD 108.5 billion in 2024 and is projected to reach USD 237.2 billion by 2034, driven by a CAGR of over 8.4% from 2025 to 2034.

The blast furnace segment was valued at USD 81.7 billion in 2024 and is expected to grow significantly due to its cost-effectiveness compared to traditional direct reduction grades.

APAC market is set to depict a CAGR of over 8.9% between 2025 and 2034, with China being a major contributor to this growth.

Major players in the industry include Anglo American, Bahrain Steel, BHP Billiton, Cleveland-Cliffs, Evraz, FERREXPO, Iron Ore Company of Canada, and Jindal SAW.