Iron Ore Pellets Market Analysis | 2023-2028

Market Insights

The Iron Ore Pellets Market was estimated at US$ 45.65 billion in 2022 and is expected to grow at a CAGR of 3.65% during 2023-2028 to reach US$ 56.77 billion in 2028.

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What are Iron Ore Pellets?

Iron ore pellets are small, spherical balls of iron ore that are used in the production of steel. They are created by agglomerating fine iron ore particles through a process called pelletizing. This involves mixing the iron ore with additives such as bentonite and water to form a pelletized mixture. The mixture is then fed into a pelletizing machine where it is formed into small balls and hardened through high-temperature processing.

Market Drivers

The prime factor that is contributing to the demand for iron ore pellets is the growing adoption of carbon-free technologies in steel manufacturing. Iron ore pellets serve as a crucial raw material in the steelmaking industry, providing a more efficient and consistent means of introducing iron into blast furnaces compared to traditional iron ore. Their uniform size and composition enhance the efficiency of iron and steel production processes, contributing to the production of high-quality steel.

Segments Analysis

By Grade Type

The iron ore pellets market is segmented into blast furnaces and direct reduction. The blast furnace segment held the larger share of the market and is expected to remain dominant during the forecast period. The growth of the segment is owing to its ability to process large quantities of iron ore pellets coupled with continuous improvement in operational parameters.

By Balling Type

The market is segmented as balling disc and balling drum. The balling disc segment held the larger share of the market and is expected to remain dominant during the forecast period, owing to its quality coupled with the ability to manufacture the desired shape and shape of pellets.

By Application Type

The iron ore pellets market is segmented into steel production and iron-based chemicals. The steel production segment accounted for the larger share by application type and is expected to maintain its dominance over the forecast period, on account of the growing demand from construction and automotive sectors.

By Technology Type

The market is segmented into electric arc furnaces, electric induction furnaces, and oxygen-based/blast furnaces. The oxygen-based blast furnace segment accounted for the largest share by technology and is likely to maintain its command, bolstered by its superior effectiveness and efficiency in comparison to other technologies.

By Source Type

The iron ore pellets market is segmented into hematite, magnetite, and others. The hematite segment accounted for the largest share by source and is expected to maintain its dominance, driven by its high iron content as well as by its presence in abundance across the globe.

By Pelletizing Process Type

The market is segmented as traveling grate, grate kiln, and others. The grate-kiln segment accounted for the largest share of the pelletizing process and is expected to continue its leading position, owing to lower power consumption associated with the process.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to contribute a significant market share during the forecast period. The Asia-Pacific market is expected to grow with a lucrative CAGR due to the rapid industrialization in emerging economies coupled with huge demand from the construction and automotive sectors, especially from India and China.

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Key Players

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

• Anglo American
• Bahrain Steel
• BHP Billiton
• Cleveland-Cliffs
• Evraz
• FERREXPO
• Jindal SAW Ltd
• LKAB
• Meinvest
• Metalloinvest

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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