Global Iron Ore Market Progress Prospects, Key Distributors Vale S.A., Rio Tinto, BHP, Fortescue Metals Group Ltd. (FMG), Anglo American Plc

The Business Research Company’s Iron Ore Market Report - Opportunities And Strategies - Global Forecast To 2030

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The global iron ore market reached a value of nearly $136,145.5 million in 2019, having increased at a compound annual growth rate (CAGR) of 4.8% since 2015. The market is expected to decline from $1,64,534.6 million in 2019 to $1,31,964.9 million in 2020 at a rate of –19.8%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to slightly grow from $130,892.0 million in 2021 to $132,496.9 million in 2023 at a CAGR of 0.6% and decline to $129,444.0 million in 2030.

The Key drivers of the Iron Ore market include:-
Government policies that support the iron ore industry are expected to drive the iron ore market. Governments are providing subsidies and encouraging foreign direct investments (FDI) in the mining industry. The amount of government support includes support through governments public finance institutions such as bilateral development banks and export credit agencies investing in mining projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned mining and utility companies. For instance, in 2019, the government of India approved the increase of iron ore leasing areas in Orissa from 10 square kilometers to 58 square kilometers, and encouraged the private auction of these ores by private companies such as TATA Steel operating in the iron ore market. These government policies will continue to support the growth of the iron ore market.

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Iron Ore Market Segmentation:-
By Type Of Ore
1.Agglomerated Iron Ores
2. Nonagglomerated Iron Ores And Concentrates

The nonagglomerated iron ores and concentrates was the largest segment of the iron ore market by type of ore, accounting for 74.0% of the total market in 2019.

By End Users
1. Construction
2.Manufacturing
3.Others

The construction was the largest segment of the iron ore market by end-use, accounting for 37.6% of the total market in 2019.

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By Geography - The Iron Ore market is segmented Into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

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Some of the major key players involved in the Iron Ore market are
1.Vale S.A.
2.Rio Tinto
3.BHP
4.Fortescue Metals Group Ltd. (FMG)
5.Anglo American Plc

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.