Iron Ore Market 2024 | Analysis, Regional Outlook, Current Trends, Market Share & Forecast To 2033

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.

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.

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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.

Competitive Landscape -
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

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.

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Key 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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