Market Snapshot

The Middle East iron ore pellets market was valued at USD 1,092.04 million in 2020 and is expected to register a CAGR of 4.36% to reach USD 1,532.82 million by the end of 2028. In terms of volume, the market was pegged at 27,363.06 thousand tons in 2020, and the demand is projected to reach 35,826.00 thousand tons by the end of 2028. Middle East iron ore pellets market is primarily driven by the growing steel production coupled with expanding steelmaking capacity in the Middle East. Another key driver of the iron ore pellets market includes using steel in the construction of low- and high-rise buildings, sports stadiums, bridge deck plates, harbors, cladding & roofing, offices, security fencing, etc. However, fluctuating raw material prices and regulations on mining activities act as a major restraint for market growth. Nevertheless, a rising preference for electric vehicles and increased investments in infrastructure developments is likely to boost the Middle East iron ore pellets market throughout the forecast period.
The market is predominantly driven by the growing steel production in the Middle East, as iron ore pellet is the key feedstock for the steelmaking process. Expanding steelmaking capacity in the Middle East, especially in Iran, fuels the growth of the Middle East iron ore pellets market. Another Rapid industrialization and urbanization coupled with increased public and private investment promote steel use, increasing the demand for iron ore pellets. However, fluctuating raw material prices and regulations on mining activities act as a major restraint for market growth. Nevertheless, a rising preference for electric vehicles and increased investments in infrastructure developments is likely to boost the Middle East iron ore pellets market throughout the forecast period.

Market Segmentation

The Middle East Iron Ore Pellets market has been segmented by source, technology, end-user, and country. Based on the source, the market has been segmented into hematite, magnetite, taconite, and others.
Based on technology, the market has been segmented into blast furnace/oxygen-based, electric arc furnace, and induction furnace. Among these, the blast furnace/oxygen-based segment accounted for the largest share of 67.32% in the Middle East iron ore pellets market. Based on end-use, the market has been segmented into construction, automotive & transportation, consumer goods, marine, industrial, and others.

Regional Analysis

Based on country, the Middle East iron ore pellets market has been divided into Saudi Arabia, Oman, Bahrain, Kuwait, UAE, Qatar, Israel, Iraq, Jordan, Lebanon, and the rest of the Middle East. Iraq’s iron ore pellets market dominated the Middle East Iron Ore Pellets market with a share of 20.45% by value in 2020 and is expected to register the fastest growth with a CAGR of 5.04% during the forecast period. The market growth in Iraq is driven by the growing construction industry, rising investments in the steel industry, and expanding steelmaking capacity.

Major Players

Vale S.A. (Brazil), LKAB (Sweden), United States Steel Corporation (US), ArcelorMittal (Luxembourg), Bahrain Steel (Bahrain), Cleveland-Cliffs Inc. (US), Ferrexpo Plc (Switzerland), Jindal Saw Gulf LLC (UAE), KIOCL Limited (India), Metalloinvest MC LLC (Russia), Metso Outotec (Finland), and SIMEC (England) are the key players operating in the Middle East iron ore pellets market.

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