Press release
Iron Ore Global Market Report 2024 - By Trends, Growth, Size, Share, Outlook By 2033
The Business Research Company presents an extensive market research report on the Iron Ore Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The iron ore market size has grown strongly in recent years. It will grow from $420.08 billion in 2023 to $455.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to growing demand from the energy sector, strong economic growth in emerging markets, the increasing construction activities and the growing automotive production.
The iron ore market size is expected to see strong growth in the next few years. It will grow to $598.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the increasing urbanization, the rising healthcare expenditure and the growing residential sector. Major trends in the forecast period include developing innovative technological tools by using advanced technologies, introducing innovative decarbonization technologies, developing advanced iron ore hubs, collaborating with contemporary companies, launching new digital tools and leveraging automation in the mining processes.
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Key Market Players:
Major companies operating in the iron ore market report are Vale S.A, Rio Tinto, BHP, Fortescue Metals Group Ltd., Anglo American Plc, National Mineral Development Corporation, Metinvest, Angang Steel Company Limited, Ferrexpo, Atlas Iron, Sesa Goa Iron Ore, Sumitomo Metal Industries Ltd, M.S India Iron Ore Mines Private Limited, Vedanta Limited, Kudremukh Iron Ore Company, MSPL Limited, ITOCHU Corporation, Marubeni Corporation, Baoshan Iron & Steel Co Ltd, Ansteel Group Corporation Limited, Minmetals Land Limited, Zijin Mining Group Company Limited, Luossavaara-Kiirunavaara Aktiebolag, Sydvaranger AS, Rana Gruber AS, Beowulf Mining plc, SIMEC Group, Metalloinvest MC LLC, Severstal Group, Evraz Group SA, NLMK Group, Mechel, Black Iron, ArcelorMittal SA, POSCO, Amaroq Minerals Ltd, Greenland Resources Inc, Bluejay Mining Plc, Redpath Mining Inc, Agnico Eagle Mines Limited, United States Steel Corporation, Cleveland-Cliffs Inc, CSN MINERACAO, Kinross Brasil Mineracao SA, AndesMinerals SA, Coro Mining Corp, Ma'aden, Chadormalu Mining & Industrial Co, Golgohar Mining & Industrial Co, KOC Holding AS, Iran Central Iron Ore Co, Kumba Iron Ore Limited, Sedibeng Iron Ore, Assmang, Richards Bay Minerals, African Natural Resources and Mines Limited, Tshipi Borwa Mine, Khumani Mine, Sishen Mine
Market Drivers:
Increasing construction activities are expected to propel the growth of the iron ore market going forward. Construction refers to the activity of putting together various elements to create a structure for a specific location using a detailed design and plan. Iron ore is crucial in the production of steel, a primary construction material used in various structures, including buildings, bridges, and roads. For instance, in June 2021, according to Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2 percent. Therefore, the increasing construction activities are driving the growth of the iron ore market.
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https://www.thebusinessresearchcompany.com/report/iron-ore-global-market-report
The iron ore market covered in this report is segmented -
1) By Mining Type: Underground Mining, Surface Mining
2) By End-Use Industry: Construction, Manufacturing, Other End-Uses
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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