The global iron oremarket size was valued at USD 276.59 billion in 2022. The market isanticipated 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 acrucial 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 itsresearch report, titled “Iron Ore Market, 2023-2030”.
COVID-19 Impact:
Reduction in SteelDemand due to Price Volatility Hampered Market Progress
Lockdowns and decreased economic activity caused a temporarydecline 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.
Report Coverage:
The report offers a thorough analysis of the primary driverscontributing to industry growth in the upcoming years, with a focus on product
types and prominent companies. It also delves into the significant trends
shaping the global business landscape and assesses the impact of the COVID-19
pandemic on market growth.
