Global iron ore mining performance has been strong through the end of 2023. Industry revenue is a function of global demand conditions and volatility in the world price of iron ore throughout the period has led to several years of double-digit rises. Global iron ore mining revenue has been surging at a CAGR of 8.1% over the past five years and is expected to total $305.1 billion in 2023, when revenue will fall by an estimated 7.1% This five-year overall growth can be mainly attributed to the recovering demand trends after the peak of the COVID-19 pandemic. This rise in demand, along with a decrease in total production, has caused iron ore prices and revenue to expand significantly year-over-year. Still, industry revenue will decrease in 2023 as iron ore prices drop due to inflation and recession concerns in the west. Also, the Russian-Ukrainian war have led to Europe conversing energy and producing less steel, which required iron ore as a primary input material.
The Global Iron Ore Mining industry consists of companies that mine iron-bearing ores that are primarily hematite, magnetite and taconite. In addition to ore extraction, mining includes the development of mine sites and the processing of ore mined into a concentrate or pellet form. The iron ore and iron ore pellets are then sold as an input to blast furnace steel production.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BHP Group Limited
- Rio Tinto PLC
- Vale SA
Methodology
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