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 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 BusinessInsights™ provides thisinformation in its research report, titled “Iron Ore Market, 2023-2030”.
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 hematite segment is likely tocapture 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.
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 thoroughanalysis 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.
Drivers and Restraints:
Rising Government Infrastructure Investments inDeveloping Regions to SpurMarket Growth
Substantial governmentspending on large-scale infrastructure 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.
Regional Insights:
Asia Pacific RegionDominated the Market Owing to Dominanceof Key Players
Asia Pacific held the largest global iron ore marketshare in 2022. Key players such as China, India, andJapan hold a pivotal role in steel production and iron ore consumption,
cementing the region's prominent market presence.
