Global Iron Ore Market Size 2024, Forecast To 2033
11 Mar, 2024
The iron ore market size has grown strongly in recent years. It will grow from $420.08 billion in 2023 to $455.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to growing demand from the energy sector, strong economic growth in emerging markets, the increasing construction activities and the growing automotive production. The iron ore market size is expected to see strong growth in the next few years. It will grow to $598.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the increasing urbanization, the rising healthcare expenditure and the growing residential sector. Major trends in the forecast period include developing innovative technological tools by using advanced technologies, introducing innovative decarbonization technologies, developing advanced iron ore hubs, collaborating with contemporary companies, launching new digital tools and leveraging automation in the mining processes.
Global Iron Ore Market Key Driver
The iron ore market is poised for growth, propelled by the increasing construction activities globally. Construction activities involve assembling various elements to create structures, and iron ore is indispensable in the production of steel, a primary construction material. Notably, in 2021, residential activities saw a 4.3% rise compared to the previous year, as reported by Stats NZ Tatauranga Aotearoa. Moreover, the US Census Bureau indicated a 10.2% growth in the value of construction activities, reaching $1,792.9 billion in 2022. This substantial increase in construction activities is driving the demand for iron ore, positioning the market for growth in 2023, 2024, and 2028.
Get A Free Sample Of The Global Iron Ore Market ReportGlobal Iron Ore Market Segments
The iron ore market covered in this report is segmented –
1) By Mining Type: Underground Mining, Surface Mining
2) By End-Use Industry: Construction, Manufacturing, Other End-Uses
By Geography:The regions covered in the iron ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the iron ore market in 2023. The regions covered in the iron ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Iron Ore Industry Players
Vale S.A, Rio Tinto, BHP, Fortescue Metals Group Ltd., Anglo American Plc, National Mineral Development Corporation, Metinvest, Angang Steel Company Limited, Ferrexpo, Atlas Iron, Sesa Goa Iron Ore, Sumitomo Metal Industries Ltd, M.S India Iron Ore Mines Private Limited, Vedanta Limited, Kudremukh Iron Ore Company, MSPL Limited, ITOCHU Corporation, Marubeni Corporation, Baoshan Iron & Steel Co Ltd, Ansteel Group Corporation Limited, Minmetals Land Limited, Zijin Mining Group Company Limited, Luossavaara-Kiirunavaara Aktiebolag, Sydvaranger AS, Rana Gruber AS, Beowulf Mining plc, SIMEC Group, Metalloinvest MC LLC, Severstal Group, Evraz Group SA, NLMK Group, Mechel, Black Iron, ArcelorMittal SA, POSCO, Amaroq Minerals Ltd, Greenland Resources Inc, Bluejay Mining Plc, Redpath Mining Inc, Agnico Eagle Mines Limited, United States Steel Corporation, Cleveland-Cliffs Inc, CSN MINERACAO, Kinross Brasil Mineracao SA, AndesMinerals SA, Coro Mining Corp, Ma'aden, Chadormalu Mining & Industrial Co, Golgohar Mining & Industrial Co, KOC Holding AS, Iran Central Iron Ore Co, Kumba Iron Ore Limited, Sedibeng Iron Ore, Assmang, Richards Bay Minerals, African Natural Resources and Mines Limited, Tshipi Borwa Mine, Khumani Mine, Sishen Mine
Get The Full Global Iron Ore Market Report
Iron Ore Market Overview
Iron mining refers to the process of extraction of iron ore. Due to its affordability, surface mining is used to extract the majority of iron ores. In this procedure, the rock is combined with water and processed into powder using spinning mills. Magnetism is used to separate iron ore from the taconite.
Iron Ore Global Market Report 2023 provides data on the global iron ore market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iron ore market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.