The global iron oremarket size was valued at USD 279.35 billion in 2023 and is projected togrow from USD 290.25 billion in 2024 to USD 397.98 billion by 2032, exhibiting
a CAGR of 4.0% during the forecast period.
Iron ore, primarily composed of hematite andmagnetite, is a crucial raw material for iron and steel production.
The market has experienced significantgrowth, 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”.
COVID-19 Impact:
Reduction in Steel Demand due to Price VolatilityHampered Market Progress
Lockdowns and decreased economic activitycaused 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.
Report Coverage:
The report offers a thorough analysis of theprimary drivers contributing 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.
