The global iron ore market size was valued at USD 276.59 billion in 2022. The market is anticipated to expand from USD 279.35 billion in 2023 to USD 365.14 billion by 2030, exhibiting a CAGR of 3.9% during the forecast period.
Iron ore, primarily composed of hematite and magnetite, is a crucial raw material for iron and steel production. The market has experienced significant growth, driven by the increased demand for the product resulting from the rapid industrialization and urban expansion observed in emerging economies such as China and India.
Fortune Business Insights™ provides this information in its research report, titled “Iron Ore Market, 2023-2030”.
Source:
https://www.fortunebusinessinsights.com/iron-ore-market-108698
COVID-19 Impact:
Reduction in Steel Demand due to Price Volatility Hampered Market Progress
Lockdowns and decreased economic activity caused a temporary decline in steel demand, which, in turn, led to a drop in iron ore demand, affecting the market's growth. The market experienced price fluctuations as market conditions rapidly shifted due to the pandemic. Prices initially decreased and later surged as stimulus measures were employed and steel production continued, creating market uncertainty.
Segmentation:
Hematite Segment to Dominate due to Higher Porosity than Magnetite
On the basis of type, the market is fragmented into hematite, magnetite, and others. The hematite segment is likely to capture a major market share during the forecast period. The hematite ore demonstrates higher reducibility and porosity than magnetite ore, which is driving the segment growth.
Steel production Segment Held a Prominent Share Owing to Rising Global Demand for Steel
In terms of application, the market is divided into steel production and others. The steel production segment captured the key market share. The surge in global demand for steel, particularly in regions with strong industrial and construction sectors, acts as a major driver for increased steel production, consequently fostering market growth.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
