Iron Ore Global Market Report 2024

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 expansion observed in the historical period can be attributed to growing demand from the energy sector, strong economic growth in emerging markets, increasing construction activities, and the growth of 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 anticipated growth in the forecast period can be attributed to increasing urbanization, rising healthcare expenditure, and the growing residential sector. Key trends expected in this period include the development of innovative technological tools using advanced technologies, the introduction of innovative decarbonization technologies, the establishment of advanced iron ore hubs, collaboration with contemporary companies, the launch of new digital tools, and the leveraging of automation in mining processes.

The anticipated surge in construction activities is poised to drive the growth of the iron ore market in the foreseeable future. Construction involves assembling various elements to create structures for specific locations, utilizing detailed designs and plans. Iron ore plays a critical role in steel production, a fundamental construction material used in diverse structures such as buildings, bridges, and roads. Notably, in June 2021, Stats NZ Tatauranga Aotearoa reported a 3.7% increase in building activities in March 2021 in New Zealand. Moreover, residential activities experienced a 4.3% rise in 2021 compared to 2020. Additionally, the US Census Bureau highlighted a 10.2% growth rate in the value of construction activities, reaching $1,792.9 billion in 2022 from $1,626.4 billion in 2021. Thus, the escalating construction activities are a significant catalyst for the iron ore market's growth.

The increasing allocation of funds to healthcare is expected to propel the iron ore market during the forecast period. Healthcare expenditure encompasses all costs related to providing health services, excluding expenses for drinking water and sanitation. Iron ore, essential for producing steel, is a predominant metal in the manufacturing of medical equipment. Steel is widely used in maintaining sanitation and cleanliness in hospitals globally. For example, the 2021–2030 National Health Expenditure (NHE) report by the US Centers for Medicare & Medicaid Services predicted a 5.1% annual increase in national health spending, reaching approximately $6.8 trillion by 2030. During this period, Medicare expenditures are expected to grow at a 7.2% annual rate, and Medicaid spending is forecasted to increase by 5.6% annually. Therefore, the escalating healthcare expenditure is a driving force behind the growth of the iron ore market.

Companies in the iron ore market are leveraging innovative technological tools and advanced technologies to foster market growth. In September 2021, Metso Outotec, a Finland-based technology and service provider, introduced solutions aimed at enhancing process efficiency, production capability, and product quality while reducing energy consumption and environmental impact. The digital solutions include the Metso Outotec Optimizing Control System OCS-4D, Planet Positive Optimus advanced process control system, VisioPellet pellet size-control system, and Pallet Car Condition Monitoring System. Additionally, the company introduced an operator training program utilizing cutting-edge simulation technologies in a safe virtual plant environment.

Collaborations and partnerships have emerged as a prominent trend in the iron ore market, with companies strategically engaging in such alliances to bolster their market standing. For instance, in June 2021, Rana Gruber, a Norway-based iron ore company, joined forces with Cargill Metals, a US-based steel trader, to consistently deliver high-quality iron and ore products to their customers. This collaboration allows Rana Gruber to benefit not only from Cargill's cost-effective risk management and marketing solutions but also, significantly, from its global network and specialized industry knowledge along the ferrous supply chain. These advantages enable Rana Gruber to focus on its core competencies, such as mining and research and development, aiming to enhance the grade of its high-grade iron ore product, hematite, from 62% to 65%. Additionally, in September 2022, Rio Tinto, a UK-based mining company, partnered with Baowu, a China-based iron and steel company, for a $2 billion iron ore project in Australia. This collaborative venture in Western Australia aims to develop 25 million tons of iron ore, with Rio Tinto holding 54% ownership and state-owned Baowu having the remaining 46%. The joint venture will invest $2 billion in the project's development, with a $1.3 billion contribution from Rio Tinto.

In January 2023, Cyclone Metals Limited, an Australia-based iron ore company, successfully acquired Labrador Iron Pty Ltd. for an undisclosed amount. This strategic acquisition allows Cyclone Metals to expand its iron ore portfolio with the addition of the largest magnetite iron ore deposit project. The move reflects a shift towards clean energy and a commitment to reducing global carbon emissions. The unique appeal of magnetite ores positions them favorably compared to hematite ores, contributing to a more environmentally sustainable footprint for the steel industry. Labrador Iron Pty Ltd., based in Canada, specializes in the exploration, development, and mining of iron ore projects.

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.

Asia-Pacific was the largest region in the iron ore market in 2023. The regions covered in the iron ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the iron ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of iron mining are categorized as construction, manufacturing, and other types. Construction typically refers to the act or result of construing, interpreting, or explaining. In terms of iron, the carbon content leads to different forms, including pig iron, wrought iron, and cast iron. The mining methods encompass both underground mining and surface mining.

The iron ore market research report is one of a series of new reports that provides iron ore market statistics, including iron ore industry global market size, regional shares, competitors with an iron ore market share, detailed iron ore market segments, market trends and opportunities, and any further data you may need to thrive in the iron ore industry. This iron ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The iron mining market includes revenues earned by entities by making steel, auto parts, and catalyst. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.