NEW YORK, Aug. 5, 2024 /PRNewswire/ -- The global iron ore
market size is estimated to grow by USD 57.5
billion from 2024-2028, according to Technavio. The
market is estimated to grow at a CAGR of 3.2% during the forecast
period. Upsurge in consumption of high-strength iron ore and steel
is driving market growth, with a trend towards economic growth in
China and India boosting demand for stainless steel.
However, high capital investment market poses a challenge. Key
market players include Anglo American plc, Ansteel Group Corp.
Ltd., ArcelorMittal SA, Atlas Iron Pty Ltd., BCI Minerals Ltd., BHP
Group plc, China Hanking Holdings Ltd., Cleveland Cliffs Inc.,
Eurasian Resources Group Sarl, Ferrexpo Plc, Fortescue Metals Group
Ltd., GFG Alliance, KIOCL Ltd., Luossavaara Kiirunavaara AB,
Metinvest BV, Mideast Integrated Steel Ltd., Mount Gibson Iron
Ltd., NMDC Ltd., Rio Tinto Ltd., and Vale SA.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Fines,
Pellets, Lump, and HBI/DRI), Source (Surface mining and Underground
mining), and Geography (APAC, Europe, South America, North America,
and Middle East and Africa)
|
Region
Covered
|
APAC, Europe, South
America, North America, and Middle East and Africa
|
Key companies
profiled
|
Anglo American plc,
Ansteel Group Corp. Ltd., ArcelorMittal SA, Atlas Iron Pty Ltd.,
BCI Minerals Ltd., BHP Group plc, China Hanking Holdings Ltd.,
Cleveland Cliffs Inc., Eurasian Resources Group Sarl, Ferrexpo Plc,
Fortescue Metals Group Ltd., GFG Alliance, KIOCL Ltd., Luossavaara
Kiirunavaara AB, Metinvest BV, Mideast Integrated Steel Ltd., Mount
Gibson Iron Ltd., NMDC Ltd., Rio Tinto Ltd., and Vale SA
|
Key Market Trends Fueling Growth
The iron ore market is significantly influenced by the
industrial growth of China and
India, two of the world's largest
crude steel producers. China's
economy and infrastructure development have been the primary
drivers for the country's iron ore demand. The construction and
manufacturing sectors have witnessed robust growth, fueling the
need for iron ore. India is also a
major consumer of iron ore, with its industrialization and
expanding automotive and construction industries contributing to
the market's growth. The availability of raw materials, skilled
labor, and cost-effectiveness in both countries further bolsters
the iron ore market. Additionally, the growth of process industries
such as automobile, chemical, paper, and pulp is propelling the
global iron ore market's expansion. The increasing infrastructure
projects for roads, highways, and railways, along with the
industrial sector's continued growth, will lead to a rise in per
capita iron ore consumption in these high-growth economies.
Overall, China and India's industrialization and infrastructure
development will continue to drive the demand for iron ore,
contributing to the market's growth during the forecast
period.
The global Iron Ore market is witnessing significant trends in
various sectors. Impurities in iron ore are a major concern for
foundries, leading to research for improving the quality of lump
iron ore and iron ore fines. Energy storage and iron catalyst
industries are exploring the use of iron ore as a key material.
Sinter plants and blast furnaces are focusing on increasing
productivity by enhancing blast furnace capacity and optimizing the
use of coke breeze. Steel mills are in high demand for
manufacturing purposes, with steel being a crucial material in the
building industry for foundations, steel plates, galvanized sheets,
wire rope, and more. Coking coal and oxygen are essential
components in the steelmaking process. The mining practice of
extracting iron minerals like hematite, magnetite, and goethite
from the Earth's crust continues to be a nonrenewable resource
intensive process. The automotive and transportation industries
rely heavily on iron ore for car bodies and various
components.
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Market Challenges
- The global iron ore market is a significant industry with
substantial investments required for mining operations, including
heavy equipment and machinery. Infrastructure development, such as
railways and harbors, is also essential for transportation.
Government regulations and duties pose challenges for manufacturers
in this capital-intensive market. The presence of established
international and domestic players may limit opportunities for new
entrants during the forecast period.
- The Iron Ore market faces several challenges in today's
business landscape. With the rise of advanced high-strength steel,
weight reduction and fuel efficiency are key priorities for
automotive industries. Electric and hybrid cars are gaining
popularity, leading to decreased demand for iron ore in traditional
sectors like petrochemicals and oil drilling rigs. However, the
demand for durability in ships, boats, and yachts remains strong.
Mining activities pose environmental problems, including waste
materials, tailings, acid mine drainage, airborne dust, and
dangerous materials. These issues have led to increased regulations
from the International Labour Organization and stricter
environmental standards. Iron oxide-based paints, hydrogen gas
production, metalworking, flat glass production, and deposition
processes all require iron oxide in various forms, such as Fe3O4
and Fe2O3. Renewable energy sources, like hydrogen and steam
oxidation, offer potential solutions to reduce carbon emissions.
Additionally, iron oxide is used in various industries, including
catalysts, hydrogen reduction processes, cleaning, etching, and
reduction processes. It's also found in UV radiation absorbers,
packaged food items, beverages, shield against radiation, healing
stones, gems, and heavy media separation. Despite these diverse
applications, the industry must continue to address environmental
concerns and ensure safe mining practices.
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challenges - Download a Sample Report
Segment Overview
This iron ore market report extensively covers market
segmentation by
- Product
- 1.1 Fines
- 1.2 Pellets
- 1.3 Lump
- 1.4 HBI/DRI
- Source
- 2.1 Surface mining
- 2.2 Underground mining
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 South America
- 3.4 North America
- 3.5 Middle East and
Africa
1.1 Fines- Iron ore fines are crushed forms of iron
ore used in the production of sinter, a material essential for
improving the permeability of iron burden in blast furnaces. Sinter
is produced by mixing fine iron ore with a binder (clay) and
sometimes flux (limestone). The advantage of using fine iron ore
products lies in their ability to be blended for optimal iron
concentration and reduced contaminants in the blast furnace. In the
sintering process, iron ore fines are combined with coke breeze,
limestone, and recycled sinter particles. The global iron ore fines
market is expected to grow due to increasing demand for sinter in
blast furnaces and the export of these fines to countries for
further processing or use as raw materials in steel production.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
Iron ore is a crucial nonrenewable resource found primarily in
the Earth's crust, predominantly as minerals such as hematite,
magnetite, and goethite. These minerals contain metal iron, which
is an essential component in producing steel, a versatile material
used extensively in various industries. Steel's industrial
applications include construction, automobile manufacturing, and
appliance production. Sedimentary rocks, including iron-rich
formations, are the primary sources of iron ore. The mining process
extracts the ore, which is then transported to steel mills for
refining. The resulting steel is used to create a multitude of
products, such as frames, panels, doors, engine blocks, gears,
suspensions, and hot-rolled steel. Iron ore's applications extend
beyond steel production. Tungsten, manganese, nickel, vanadium, and
chromium are often found in iron ore deposits as impurities. These
elements have significant industrial uses, further increasing the
importance of iron ore in various industries. In construction, iron
ore contributes to the production of steel beams, columns, and
rebar, which are essential for building structures, from
residential to commercial and industrial. In the automotive
industry, iron ore is used to manufacture car frames and engine
blocks, making it an integral part of the global transportation
sector.
Market Research Overview
Iron ore is a crucial nonrenewable resource found primarily in
the Earth's crust, mainly as minerals like Hematite, Magnetite,
Goethite, Limonite, Siderite, and others. These minerals contain
iron compounds that are essential for producing steel, a key
material in construction, automotive industry, and transportation.
The mining practice extracts iron ore from deposits, which can be
in the form of irregular nodules or larger lumps and pellets. Iron
ore is a vital ingredient in steel production, which is used to
make various products like car bodies, trucks, and vehicles. The
automotive industry and transportation sector are significant
consumers of steel, with the production of fuel-efficient and
environmentally friendly vehicles driving the demand for iron ore.
The mining and processing of iron ore involve significant equipment
expenditures and the establishment of sinter facilities and blast
furnaces. Other minerals like Tungsten, Manganese, Nickel,
Vanadium, and Chromium are often found in iron ore deposits and
have industrial applications in various sectors. The construction
industry uses iron ore to build structures like buildings, bridges,
and infrastructure, while the car manufacturing sector uses it to
produce frames, panels, doors, engine blocks, gears, suspensions,
wheels, fuel tanks, and various other components. The steel
produced from iron ore is also used in the production of advanced
high-strength steel for weight reduction and fuel efficiency in
cars and trucks. The demand for iron ore is driven by the growing
need for infrastructure development, increasing living standards,
and the production of fuel-efficient and environmentally friendly
vehicles. The future of the iron ore market looks promising, with
the increasing focus on electric and hybrid cars and the continued
growth of the construction industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Fines
- Pellets
- Lump
- HBI/DRI
- Source
-
- Surface Mining
- Underground Mining
- Geography
-
- APAC
- Europe
- South America
- North America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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