The global iron ore marketsize was valued at USD 276.59 billion in2022. The market is anticipated 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 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 BusinessInsights™ provides thisinformation in itsresearch report, titled “Iron Ore Market, 2023-2030”.
Source:
COVID-19 Impact:
Reduction in Steel Demand due to Price Volatility Hampered MarketProgress
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.
Segmentation:
Hematite Segment to Dominate due to HigherPorosity than Magnetite
On the basisof type,the market is fragmented into hematite, magnetite, and others. The hematitesegment is likely to capture a major market share during the forecastperiod. The hematite ore demonstrates higher reducibility and porosity than
magnetite ore, which is driving the segment growth.
Steelproduction Segment Held a Prominent Share Owing to RisingGlobal Demand for Steel
In terms of application, the market isdivided into steel production and others.The steel production segment captured the key market share. Thesurge in global demand for steel, particularly in regions with strong
industrial and construction sectors, acts as a major driver for increased steel
production, consequently fostering market growth.
Interms of region, the market is categorized into Europe, North America, Asia
Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers a thorough analysis of the primarydrivers 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.
Drivers andRestraints:
Rising Government Infrastructure Investments inDeveloping Regions to SpurMarket Growth
Substantial government spending on large-scaleinfrastructure projects in developing regions spurs steel demand, subsequently
boosting the demand for iron ore. Since steel is an essential material for
projects such as road construction and airport development. This boost in steel
demand directly drives the iron ore market growth.
However, the adoption of alternative methods such ashydrogen-based reduction processes and electric arc furnaces decreases the
demand for traditional blast furnaces and primary iron ore, affecting market
growth.
