The global iron ore market 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 of3.9% during the forecast period.
Ironore, 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 inits research report, titled “Iron Ore Market, 2023-2030”.
COVID-19 Impact:
Reduction in Steel Demand dueto Price Volatility Hampered Market Progress
Lockdownsand 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.
Report Coverage:
Thereport offers a thorough analysis of the primary 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.
