Published Date: February 2024
Iron Ore Mining is the process of extracting iron ore from the ground or underground deposits to be used in the production of iron and steel. Iron ore is a valuable commodity and a critical raw material for the steel-making industry, which is essential for various infrastructure, construction, and manufacturing projects worldwide. The mining of iron ore has been a significant industry for many centuries, and it remains a vital sector in the global economy. The majority of iron ore is used to produce pig iron, which is then processed into steel.
The expansion of global economies, particularly in emerging markets like China, India, and other developing countries, has been a major driver of iron ore demand. These countries have experienced rapid economic growth, leading to increased construction and infrastructure development, thus boosting the demand for Iron Ore Mining Market. The development of large-scale infrastructure projects, such as roads, bridges, railways, and buildings, requires massive amounts of steel. Consequently, iron ore mining experiences a surge in demand to meet the steel requirements for these projects.
The report “Iron Ore Mining Market, By Type (Iron Ore Mining Fines and Iron Ore Mining Pellets), By Application (Construction Industry and Transportation), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”
Key Highlights:
- In April 2023, NMDC plans to increase iron ore output by more than 21% this fiscal. A senior official at state-owned miner NMDC told ET that the company intends to produce 50 million tons of iron ore in the current fiscal year. The aim indicates a more than 21% increase from the company's 41.22 million tons of iron ore produced in fiscal 2022-23. By FY27, NMDC hopes to boost output to 60 million tons. Iron ore mines are owned by NMDC in Chhattisgarh and Karnataka.
- In October 2022, Porto Grande Mineracao Ltda (PGML), a Brazilian company with foreign capital participation, launched a new iron ore mining project in the city of Porto Grande. Amapa state authorities have received a plan for the Ferro Matapi project from PGML. The local mines are estimated to produce 540,000 tons of iron ore each year. The initial investment is expected to be around $25 million. During the construction phase, approximately 250 jobs are planned to be produced.
Analyst View:
The future growth of the iron ore mining market will be closely tied to global economic growth and infrastructure development. As emerging economies continue to develop and industrialize, the demand for steel and, consequently, iron ore is expected to rise. The steel industry is the primary consumer of iron ore, and any growth in steel production will directly impact the iron ore mining market. The demand for steel in various sectors, such as automotive, machinery, and consumer goods, will influence iron ore mining activities.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Iron Ore Mining Market, By Type (Iron Ore Mining Fines and Iron Ore Mining Pellets), By Application (Construction Industry and Transportation), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”
Key Market Insights from the report:
Iron Ore Mining Market accounted for US$ 3.4 billion in 2024 and is estimated to be US$ 5.4 billion by 2034 and is anticipated to register a CAGR of 5.40%. Iron Ore Mining Market is segmented based on Type, Application and Region.
- Based on Type, Iron Ore Mining Market is segmented into Iron Ore Mining Fines and Iron Ore Mining Pellets.
- Based on Application, Iron Ore Mining Market is segmented into Construction Industry and Transportation.
- By Region, the Iron Ore Mining Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Iron Ore Mining Market:
The prominent players operating in the Iron Ore Mining Market includes, IMX Resources Limited, BHP Billiton Limited, Rio Tinto Group, Northern Iron, Shree Minerals Ltd., Pluton Resources Limited (PLV), Western Desert Resources Limited, Mount Gibson Iron Limited, and ArcelorMittal, Beadell Resources Ltd.
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