Authored By: Sarah
11 Jul 2024

 Iron Ore Market Size to grow by USD 57.5 billion between 2024-2028

According to a research report “ Iron Ore Market” by Product (Fines, Pellets, Lump, HBI/DRI) Source (Surface mining, Underground mining) Geography (APAC, Europe, South America, North America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 57.5 billion, at a CAGR of  3.2% during the forecast period. In the realm of steel production, iron ore serves as a fundamental input, comprised of iron, oxygen, and various other naturally occurring minerals. The hardness and tenacity of iron are significantly influenced by its phosphorus content. Wrought iron, containing a mere 0.05% phosphorus, exhibits hardness akin to medium carbon steel. High phosphorus iron can also undergo cold forging to achieve increased hardness. The greater the phosphorus concentration, the more extensively the iron can be hammer hardened. Modern steel manufacturing processes optimize phosphorus levels between 0.07 and 0.12%, enhancing hardness by up to 30% without compromising impact strength. Simultaneously, this boosts the depth of quench hardening while decreasing carbon solubility in iron at elevated temperatures.

Browse market data tables, figures, and in-depth TOC on “Iron Ore Market” by Product (Fines, Pellets, Lump, HBI/DRI) Source (Surface mining, Underground mining) Geography (APAC, Europe, South America, North America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Fines segment is projected to dominate the market size in 2024

In the mining industry, surface mining, or open-pit mining, is a productive method for extracting shallow and accessible iron ore deposits. Extensive exploration activities, including geological surveys, drilling, and sampling, are essential to identify and assess the quantity and quality of potential iron ore deposits. Once discovered, the ore undergoes processing at a plant where it is crushed and screened to meet specific size fractions, ensuring compliance with industry standards. This efficient approach to mining maximizes productivity while minimizing costs and environmental impact.

By Source, Surface mining  segment is expected to hold the largest market size for the year 2024

In the realm of iron ore processing, iron ore fines represent the crushed and refined form of the raw material. These fines are essential for the production of sinter, a key input in the blast furnace process. Fine iron ore, when introduced directly into a blast furnace, can hinder the necessary airflow. To mitigate this issue, sinter is manufactured by combining fine iron ore with a binder, typically clay, and occasionally flux, such as limestone. The advantage of utilizing fine iron ore products lies in their ability to be blended meticulously, ensuring a precise balance of iron ore and impurities entering the blast furnace. The sintering process incorporates iron ore fines alongside other crucial components, including coke breeze, limestone, and recycled sinter particles.

APAC is forecasted to hold the largest market size by region in 2024

As a seasoned business analyst, I'm here to provide you with insights into the current state of the Iron Ore market. Demand for iron ore remains robust, driven by increasing steel production in China and other emerging economies. Supply, however, has been impacted by production disruptions and declining grades. These factors have led to price volatility, making it crucial for businesses to stay informed and adapt to market fluctuations.

The Iron Ore Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Anglo American plc
  • Ansteel Group Corp. Ltd.
  • ArcelorMittal SA
  • Atlas Iron Pty Ltd.
  • BCI Minerals Ltd.
  • BHP Group plc
  • China Hanking Holdings Ltd.
  • Cleveland Cliffs Inc.
  • Eurasian Resources Group Sarl
  • Ferrexpo Plc
  • Fortescue Metals Group Ltd.
  • GFG Alliance
  • KIOCL Ltd.
  • Luossavaara Kiirunavaara AB
  • Metinvest BV
  • Mideast Integrated Steel Ltd.
  • Mount Gibson Iron Ltd.
  • NMDC Ltd.
  • Rio Tinto Ltd.
  • Vale SA
.

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Research Analysis Overview

The Iron Ore market plays a vital role in various industries, including automotive, construction, and industrial applications. Iron ore is the primary raw material used in the production of hot-rolled steel, which is essential for manufacturing suspensions, gears, engine blocks, doors, panels, frames, and other car components. In the construction sector, iron ore is used in building and infrastructure projects. Iron ore is derived from sedimentary rocks, specifically those containing iron minerals like Goethite, Magnetite, and Hematite. These minerals are nonrenewable resources found in the Earth's crust. The iron content in these minerals is extracted through mining and processed into metal iron. Iron ore is also used in the production of alloys like Chromium, Vanadium, Nickel, Manganese, and Tungsten, which are crucial in various industries. For instance, Chromium is used in stainless steel, while Nickel is used in aerospace and automotive industries. The demand for iron ore is high due to its extensive use in various sectors. In the automotive industry, it is used in car manufacturing, while in construction, it is used in residential and commercial construction. In industrial applications, it is used in appliances and machinery. The future outlook for the iron ore market is promising, given the increasing demand for steel in various sectors.

Market Research Overview

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