NEWARK, DE / ACCESSWIRE / September 11, 2024 / The global (Cuota de mercado de pellets de mineral de hierro) is projected to grow significantly, with its value rising from US$ 66,503.9 million in 2023 to US$ 141,988.8 million by 2033. Over the forecast period, demand for iron ore pellets is expected to increase at a CAGR of 7.9%.
Iron ore pellets are essential in the steelmaking process, enhancing production efficiency, and their demand is closely linked to the global steel industry. The rising demand from the iron and steel sectors is anticipated to continue through 2033, driven by rapid urbanization and the expanding construction sector worldwide.
According to the World Steel Association, global crude steel production reached 1,950.5 million tons in 2021, marking a 3.7% increase from 2020. As steel production and consumption grow, iron ore pellet sales are expected to rise through 2033.
The superior properties and environmental advantages of iron ore pellets have made them a preferred raw material in the iron and steel industry. As these industries continue to expand, the demand for iron ore pellets is set to increase. By 2033, the global iron ore pellet market is expected to more than double, driven by rising steel demand from key sectors such as construction and automotive.
Market revenue and projected CAGR for the top six countries in the iron ore pellet market by 2033:
Key Takeaways from the Report
Prominent Drivers of the Iron Ore Pellet Market:
Challenges Faced by the Iron Ore Pellet Market:
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Competitive Landscape:
Key players are focusing on expanding domestic production to meet growing demand from industries like steel manufacturing. They are also establishing new production facilities and improving existing ones to solidify their market positions.
Key Companies Profiled
Recent developments:
More Insights into the Iron Ore Pellet Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global iron ore pellet market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on grade [BF (blast furnace) grade and DRI (direct reduced iron) grade] and region (North America , Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East and Africa).
Iron Ore Pellet Market Segmentation by Category
By Grade:
By Region:
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Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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