Global Iron Ore Pellets Market Size to Exceed USD 118785.7 Million by 2035 | CAGR of 6.43%
Category: Chemicals & MaterialsGlobal Iron Ore Pellets Market Size to Exceed USD 118785.7 Million by 2035 | CAGR of 6.43%
According to a research report published by Spherical Insights & Consulting, The Global Iron Ore Pellets Market Size is Expected to Grow from USD 59836.3 Million in 2024 to USD 118785.7 Million by 2035, at a CAGR of 6.43% During the Forecast Period 2025-2035.
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Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On ''The Global Iron Ore Pellets Market Size, Share, and COVID-19 Impact Analysis, By Product (Blast Furnace and Direct Reduction), By Application (Steel Production, Iron Based Chemicals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035. Detailed Report Decription Here: https://www.sphericalinsights.com/reports/iron-ore-pellets-market
The iron ore pellets market involves the production and supply of small, spherical iron ore agglomerates used primarily as feedstock in steelmaking processes, including blast furnace (BF) and direct reduced iron (DRI) routes. These pellets are made by agglomerating fine iron ore concentrates with binders and heat-treating them for durability and high iron content. The market is driven by robust global steel demand, particularly in Asia-Pacific, increasing adoption of DRI and low-carbon steel technologies, and stricter environmental regulations favoring high-grade pelletized feedstock. However, growth is restrained by the high capital and operating costs of pelletizing plants, along with limited availability of high-grade iron ore in certain regions, which necessitates costly beneficiation.
The blast furnace segment accounted for the largest share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the product, the iron ore pellets market is divided into blast furnace and direct reduction. Among these, the blast furnace segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Due to the large installed BF–BOF capacity, while the direct reduction segment is set to grow rapidly, driven by DRI adoption and low-carbon steel demand.
The steel production segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the application, the iron ore pellets market is divided into steel production, iron based chemicals, and others. Among these, the steel production segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Due to extensive pellet use in blast furnace and DRI steelmaking, supported by rising infrastructure, urbanization, and growing demand for low-carbon steel globally.
Asia Pacific is expected to hold the majority share of the global iron ore pellets market during the forecast period.
Asia Pacific is expected to hold the majority share of the global iron ore pellets market during the forecast period. Asia Pacific is expected to dominate due to its large steel production base, with China producing over 1 billion tons annually and India rapidly expanding capacity. Strong infrastructure development and increasing DRI adoption further drive high demand for iron ore pellets.
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North America is anticipated to grow at the fastest pace in the global iron ore pellets market during the forecast period. North America is projected to grow rapidly due to increasing adoption of DRI–EAF steelmaking, which relies on high-grade DR pellets. Abundant natural gas, investments in low-carbon steel projects, and capacity expansions by integrated producers, combined with stringent environmental regulations, are accelerating pellet demand across the region.
Major vendors in the global iron ore pellets market are Samarco, Vale S.A., Ferrexpo PLC, Bahrain Steel (GIIC), Jindal Steel & Power Ltd., KIOCL Ltd., ArcelorMittal, Ansteel Group, China Baowu Steel Group, and Severstal.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In June 2024, Stegra and LKAB have agreed to begin test rail deliveries of iron ore pellets in late 2026 once railway upgrades are finished, ensuring logistics readiness. The pellets will support Stegra’s green hydrogen and direct reduction steel production at its Boden plant.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the iron ore pellets market based on the below-mentioned segments:
Global Iron Ore Pellets Market, By Product
- Blast Furnace
- Direct Reduction
Global Iron Ore Pellets Market, By Application
- Steel Production
- Iron Based Chemicals
- Others
Global Iron Ore Pellets Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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