Iron Ore Market Size 2024 And Growth Rate

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.

Iron Ore Market Growth Forecast

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.

Iron Ore Market Driver: Rising Construction Activities Fuel The Growth Of The Iron Ore Market

Increasing construction activities are expected to propel the growth of the iron ore market going forward. Construction refers to the activity of putting together various elements to create a structure for a specific location using a detailed design and plan. Iron ore is crucial in the production of steel, a primary construction material used in various structures, including buildings, bridges, and roads. For instance, in June 2021, according to Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2 percent. Therefore, the increasing construction activities are driving the growth of the iron ore market.

Iron Ore Market Driver: Increasing Iron Ore Demand Fueled By Rising Healthcare Expenditure

Rising healthcare expenditure is expected to drive the iron ore market during the forecast period. Healthcare expenditure refers to the cost that includes all expenses for providing health services, family planning, nutrition, and emergency help intended for health but does not include expenses for providing drinking water and sanitation. The most typical metal used in the production of medical equipment is steel, which is manufactured from iron ore. Sanitation and cleanliness are vitally important in the medical industry. Steel is the most common metal in hospitals and emergency rooms around the world because of this. Stainless steel is used in hospital beds, disposable buckets for hazardous waste and needles, and hospital wheelchairs. For instance, in the USA, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based Department of Health and Human Services department, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout the period 2021–2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% annual rate. Therefore, rising healthcare expenditure is driving the growth of the iron ore market.

Global Iron Ore Market Major Players

Major companies operating in the iron ore market report are 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

Global Iron Ore Market Trend: Innovative Technological Advancements Propel Growth For Companies In The Iron Ore Market

Companies in the iron ore market are developing innovative technological tools and using advanced technologies to grow in the market. For instance, in September 2021, Metso Outotec, a Finland-based technology and service provider for minerals processing and metals refining industries, developed a set of solutions that will increase process efficiency, production capability, and product quality while lowering energy use, environmental impact, and maintenance and operating expenses. Some of the latest digital solutions that enhance preventive maintenance planning and execution include the Metso Outotec Optimizing Control System OCS-4D, the Planet Positive Optimus advanced process control system, the VisioPellet pellet size-control system, and the Pallet Car Condition Monitoring System. An innovative operator training program is also being introduced by Metso Outotec, using cutting-edge simulation technologies in a safe virtual plant environment.

Global Iron Ore Market Trend: Strategic Partnerships And Collaborations Drive Growth And Innovation In The Iron Ore Market

Partnerships and collaborations are a key trend gaining popularity in the iron ore market. Companies operating in the iron ore market are focusing on collaborating to strengthen their position in the market. For example, in June 2021, Rana Gruber, a Norway-based iron ore company, partnered with Cargill Metals, a US-based steel trader, to continue providing top-notch iron and ore products to customers. Through this alliance, Cargill's metals division offers Rana Gruber not only cost-effective risk management and marketing solutions but also, more crucially, through its local presence and extensive worldwide network, specialized industry knowledge along the world's ferrous supply chain. These factors allow Rana Gruber to concentrate on its core competencies, which include mining and R&D to raise the grade of its high-grade iron ore product, hematite, from 62 to 65%. Furthermore, in September 2022, Rio Tinto, a UK-based mining company, partnered with Baowu, a China-based iron and steel company, on a $2 billion iron ore project in Australia. In Western Australia, the collaborative venture between Rio Tinto and Baowu will develop 25 million tons of iron ore. The two businesses have established a joint venture (JV), in which Rio Tinto will own 54% and state-owned Baowu will hold the remaining 46%. The JV will invest $2 billion in the project's development. The project will receive a $1.3 billion investment from Rio Tinto.

Iron Ore Market Merger And Acquisition: Cyclone Metals Limited Bolsters Iron Ore Portfolio Through Acquisition Of Labrador Iron Pty Ltd.

In January 2023, Cyclone Metals Limited, an Australia-based iron ore company, acquired Labrador Iron Pty Ltd. for an undisclosed amount. With this acquisition, Cyclone expands its iron ore portfolio with the largest magnetite iron ore deposit project, which is a shift towards clean energy and reductions in global carbon emissions that uniquely position magnetite ores as desirable than hematite ores, further reducing the steel industry’s environmental footprint. Labrador Iron Pty Ltd. is a Canada-based company that provides exploration, development, and mining of iron ore projects

Regional Analysis For The Global Iron Ore Market

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.

The countries covered in the iron ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The iron mining market includes revenues earned by entities by making steel, auto parts, and catalyst. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The iron ore market research report is one of a series of new reports from The Business Research Company that provides iron ore market statistics, including iron ore industry global market size, regional shares, competitors with an iron ore market share, detailed iron ore market segments, market trends and opportunities, and any further data you may need to thrive in the iron ore industry. This iron ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.