Iron ore pellets are widely used in the steel industry. Pellets are supplied to the steel industry through supply agreements between manufacturers and the steel industry. The growth of the steel sector primarily drives the advancement of the worldwide iron ore pellets market. According to the World Steel Association, the global crude steel production increased by 3.4 percent to 1,869.9 million tons in 2019. The global iron ore pellets market is predicted to increase in tandem with the growth of the steel sector.

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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. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

 

Some of the major players operating in the iron ore pellets market are

  • 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)
  • SIMEC (England)

 

Market Definition

Iron ore pellets are the kind of balls that are small in size manufactured from iron ore. The iron ore pellets are present in various industries. The iron ore pellets are manufactured with various technologies such as oxygen-based/blast furnace, electric induction furnace, and various other technologies. It helps in providing the tensile strength as well as durability to the end-users.

Global Iron Ore Pellets Market Scope

The iron ore pellets market is segmented on the basis of source, grade, technology, pelletizing process, balling technology, application and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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

 Industry

  • Construction
  • Automotive
  • Railway
  • Consumer Goods
  • Shipping
  • Industrial
  • Aerospace
  • Others

Iron Ore Pellets Market Regional Analysis/Insights

The iron ore pellets market is analyzed and market size insights and trends are provided by country, source, grade, technology, pelletizing process, balling technology, application and industry as referenced above.

The countries covered in the iron ore pellets 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, Israel, Egypt, South Africa, 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.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the pellets being a better feed for iron making than other feeds due to its various benefits, including uniform size and high metallization rate within the region.

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On the other hand, North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the high demand of steel in highly energy-intensive industry and iron pellet reduces the cost. Moreover, its low environmental impact will boost the demand in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Iron Ore Pellets Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Unavailability of High-grade Lump Ore

Earlier, lump ores were the principal source of iron in the manufacturing process. However, due to extensive mining activity by many corporations, high-grade lump ore reserves have been rapidly diminishing over time. The iron and steel industry is concerned about the restricted availability of high-grade lump ore, as it is becoming increasingly difficult to source adequate lump ore for direct use in blast furnaces. Furthermore, the sintering process, which is utilized when lump ore is used, produces more pollution than the pelletizing process, so major steel companies prefer to use iron ore pellets as blast furnace feed over lump ore. As a result of these reasons, the demand for iron ore pellets is expanding.

Furthermore, the steel demand is predicted to rise globally as the building and construction industry grows in tandem with rising industrialization. The global iron ore pellets market is predicted to increase in tandem with the growth of the steel sector.

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Opportunities

  • Investments and Government Initiatives

Furthermore, significant investments in research and development activities that further enhance product applications extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, various governments have taken a move towards more sustainable steel production will further expand the future growth of the iron ore pellets market.

Restraints/Challenges

  • Fluctuations in Raw Material Prices

The market is heavily reliant on iron and steel and therefore, the fluctuations in the price of raw material (iron and steel) will prove to be a demerit for the iron ore pellets market. This factor is expected to hamper growth of the global iron ore pellets market.

  • Accidents during the Manufacturing

Accidents during the procedure of the production of iron ore pellets might be a difficulty for the iron ore pellets business. This factor is projected to challenge the iron ore pellets market growth rate.

This iron ore pellets market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the iron ore pellets market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Iron Ore Pellets Market

The recent outbreak of coronavirus had a negative impact on the iron ore pellets market. The global suspension of steel-producing services largely affected the market. Falling steel use, this has had an influence on iron ore pricing in various parts of the world. Moreover, the halt of various supply chain, as well as the other operations, largely impacted the market.

On the brighter side, the market is estimated to revive steadily after 2021 as the construction and automobile industries will recover largely. Moreover, the individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand. Consequently, the market will gain steady pace of growth post-COVID.

Recent Development

  • In December 2020, Rio Tinto announced their willingness to improve the pricing system of iron ore, especially for steelmaking ingredient. The announcement helps increase the company's production capacity and generates revenue for the business in the future.
  • In October 2020, Vale decided to enhance the level of the output of the iron ore pellet in the third quarter after the restart of several operations. The business expansion helps in increasing the customer base of the company which enhances sales of the business.

Browse more reports

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