Iron Ore Market Overview
The global iron ore market size is projected to be USD2.41billion by 2028, at a CAGR of 5.32% during the forecast period.
Iron oxides are naturally occurring pigments in black, yellow, red, and brown. The ores of iron deposits are found in sedimentary rocks, used to obtain metal iron.
Approximately 97% of steel is produced from iron across the globe. It is a source of material to produce pig iron, the key component for producing 97% steel.
Hematite or magnetite type of iron ore consists of more than 60% iron composites. These ores are known as natural ore or direct shipping oresince they can be directly fed into the iron-making blast furnaces.
Market Dynamics
The major driver of the global iron ore market is its use in the construction industry for structural steel, having applications in sports stadiums, low- and high-rise buildings, harbors, bridge deck plates, security fencing, cladding & roofing, offices, and coastal & flood defense constructions. Rapid infrastructural development and industrialization across the globe,which will lead to an increase in construction activities, is a major factor driving the growth of the Iron Ore Market.
However, various strict regulations by the government on mining are likely tohinder the market growth during the forecast period. Some of the federal laws that regulate mining in the US are Resource Conservation and Recovery Act (RCRA), Comprehensive Environmental Response, Compensation,Toxic Substances Control Act (TSCA),National Environmental Policy Act (NEPA), Clean Air Act (CAA), Clean Water Act (CWA), and Liability Act (CERCLA).
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Segment Analysis
The global iron ore market has been segmented on the basis of product type, form, end-use industry, and region.
Based on product type, the global market has been segmented into hematite, magnetite, limonite, siderite, and others. The hematite product type segment accounted for the largest market share of more than 60% in 2020. Hematite is one of the most plentiful minerals in the shallow crust and on Earth’s surface, resulting in its high demand. Most of the ores are now mined from India,China, Australia, Ukraine, Russia,Venezuela, Brazil, South Africa, Canada, and the US.
Based on form, the market has been segmented into sinter fines, lumps, pellets, and others. The sinter fines segment accounted for a major market share in the global iron ore market in 2020. However, the pellet segment is projected to grow at the highest CAGR of over 4% during the review period.
The end-use industry is bifurcated into steel making and others. The steel making segment accounted for more than 80% of the global market. The steel making segment is further segmented into construction, automotive & transportation, medical, and others. Among these, the construction segment is projected to account for a significant market share, with the highest CAGR of 4.42%.
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Key Findings of the Study:
- The global iron oremarket is projected to reach a value of USD476,598.68 millionby 2028,with a CAGR of around 4.29%during the forecast period.
- Asia-Pacific accounted for the major market share and emerged as the fastest-growing regionin the global Iron Ore market. The market growth can be attributed to the fast-paced industrialization and urbanization in emerging economies such as India, China, Thailand, and Malaysia.
- Based on end-use industry, steelmanufacturing accounted for thehighest market share, followed by others in 2019.This is owing to growing steel applications in bridges, buildings, and other infrastructure. Structural steel finds numerous applications in constructing low- and high-rise buildings, sports stadiums, bridge deck plates, harbors, cladding & roofing, offices, security fencing, and coastal & flood defenses. This growth is attributed to its immense strength, making it an ideal choice for constructing buildings. In addition to this, structural steel has various advantageous properties such as tensile strength, ductile, flexible, and cost-effective, aiding the growth of this segment. The key factors driving the growth of the construction industry include high investments in infrastructure development,population growth, economic growth, and a rise in tourism due to the hosting of mega-events.
- Some of the leading players operating in the iron oremarket Vale, Rio Tinto, BHP, Fortescue Metals Group Ltd, Ansteel Group Corporation Limited, ArcelorMittal, Anglo American, HBIS Group, EVRAZ plc, METALLOINVEST MC LLC, LKAB, and Cleveland-Cliffs Inc.
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