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2024 Global Outlook: Iron Ore Market Trends and Forecasts
Iron Ore Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Companies in the iron ore market are developing innovative technological tools and using advanced technologies to grow in the market. For instance, in September 2021, Metso Outotec, a Finland-based technology and service provider for minerals processing and metals refining industries, developed a set of solutions that will increase process efficiency, production capability, and product quality while lowering energy use, environmental impact, and maintenance and operating expenses. Some of the latest digital solutions that enhance preventive maintenance planning and execution include the Metso Outotec Optimizing Control System OCS-4D, the Planet Positive Optimus advanced process control system, the VisioPellet pellet size-control system, and the Pallet Car Condition Monitoring System. An innovative operator training program is also being introduced by Metso Outotec, using cutting-edge simulation technologies in a safe virtual plant environment.
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Major Key Players of the Market:
Corning Incorporated, Cubert GmbH, Norsk Elektro Optikk AS, Telops Inc, Thorlabs Inc., Surface Optics Corporation, Applied Spectral Imaging Inc, Headwall Photonics, XIMEA GmbH, Bayspec Inc, DAEIL SYSTEMS Co Ltd, LightPath Technologies Inc, Zolix Instruments Co Ltd, Beijing Huaqiang Zongheng Technology Co Ltd, Shenzhen Wayho Technology Co Ltd, Specim, Pixxel, Imec, Photonis, Resonon partners, NTechLab, Russian Space Systems (RKS), Geoscan Group, Space Research Institute of the Russian Academy of Sciences, ScanEx Research and Development Center Terrasigna, TRL Space, Romanian Space Agency, MDA Corporation, ITRES Research Limited, Optech (Teledyne Optech), APEX Spectral Technol, ImpactVision, Vitta, Hi Technologies, Brain4care, TissueLabs, Ninsaúde, Zane Wave, Mvp Tech, N Tech Security Systems, Ansari Security Systems, V-ITS, Rezatec, HyVista Corporation,, Specto Natura, Sokotra Capital Ltd
Iron Ore Market 2024 Key Insights:
• 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%.
• Rising Construction Activities Fuel The Growth Of The Iron Ore Market
• Innovative Technological Advancements Propel Growth For Companies In The Iron Ore Market
• Asia-Pacific was the largest region in the iron ore market in 2023
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