The global iron ore market size wasvalued 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 theforecast period.
Iron ore, primarily composed ofhematite 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.
FortuneBusiness Insights™ provides this information in its research report, titled “Iron Ore Market, 2023-2030”.
COVID-19Impact:
Reduction in Steel Demand due toPrice Volatility Hampered Market Progress
Lockdowns and decreased economicactivity 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, themarket is fragmented into hematite, magnetite, and others. The hematite segment islikely 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 ProminentShare 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 demandfor 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 categorizedinto Europe, North America, Asia Pacific, Latin America, and the Middle East
& Africa.
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.
