Global Iron Ore Pellets market growth 2024, Forecast To 2033

The iron ore pellets market size has grown strongly in recent years. It will grow from $58.1 billion in 2023 to$61.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to steel production growth, urbanization and infrastructure development, global automotive industry growth, environmental regulations favoring pelletization, investments in mining infrastructure, and resource abundance in key regions. The iron ore pellets market size is expected to see strong growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to demand for high-quality steel, stricter environmental standards, burgeoning wind energy sector, global trade dynamics, and investments in upgrading pellet plants. Major trends in the forecast period include technology advancements in pelletizing, trade policies and export restrictions, integration of digital technologies, and quality and specifications of iron ore pellets.