Rockville, MD , Dec. 26, 2024 (GLOBE NEWSWIRE) — According to a newly published research study by Fact.MR, a market research and competitive intelligence provider, revenue of the global iron ore mining market is Fact.MR in its new report stated that the global iron ore mining market is approximated to touch a valuation of US$ 330.4 billion in 2024 and is further forecasted to reach a size of US$ 829.86 billion by 2034. Demand is projected to increase at a remarkable CAGR of 9.6% between 2024 and 2034..
Steel is necessary in every country. Iron ore is becoming more necessary as the demand for steel keeps rising. Several significant industries, including manufacturing, automotive, construction, and others, heavily rely on steel. Demand is also rising because of increasing manufacturing, infrastructure, and building in several countries.
In several countries, including China, India, Indonesia, and others, industrialization and urbanization are driving a sharp rise in steel output to fulfill infrastructure and industrial demands. This increase in steel manufacturing immediately increases the demand for iron ore, ensuring consistent market growth.
In the projection period, East Asia is analyzed to hold a sizable proportion of the global market for iron ore mining. China is the leading producer of iron ore and as well as user of steel in East Asia. Because China is the world’s top producer of steel and South Korea as well as Japan comes under top manufacturing countries, there is a great demand for iron ore in this region. China’s enormous infrastructural investments and industrial expansion are the main drivers of its demand for premium iron ore.
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Key Takeaways from Market Study
- The worldwide market for iron ore mining is projected to reach a value of US$ 829.86 billion by 2034.
- The steel manufacturers – China segment is analyzed to expand at 10.2% CAGR from 2024 to 2034.
- The market in East Asia is analyzed to register revenue worth US$ 161.15 billion in 2024.
- The North American region is forecasted to achieve a size of US$ 28.29 billion by 2034-end.
- The market for iron ore mining in China is analyzed to reach a valuation of US$ 207.52 billion by 2034.
- Demand for iron ore fines is approximated to reach US$ 547.16 billion by the end of 2034.
- The market in South Korea is evaluated to rise at a 12.1% CAGR from 2024 to 2034.
“To improve operational efficiency and reduce production costs, prominent iron ore mining companies are investing in advanced technologies, including automation, artificial intelligence, and machine learning,” says a Fact.MR Report
Leading Players Driving Innovation in the Iron Ore Mining Market:
ArcelorMittal; LKAB; Vale S.A.; NMDC Limited; Rio Tinto Group; BHP Group; Kumba Iron Ore (Anglo American); Fortescue Metals Group; Cleveland-Cliffs Inc.; Anglo American PLC.
Growing Demand for Iron Ore Fines Compared to Other Types:
The requirement for iron ore fines is higher in comparison with other types because it is widely used in the making of steel. Iron ore fines are tiny particles of iron ore that are often less expensive and easier to transport than larger lumps of iron ore. These fines are generally turned into pellets using pelletizing processes prior to being used in blast furnaces to create steel.
The increasing need for steel in construction, automotive, and infrastructure projects, together with the ease of handling and shipping iron ore fines, are the primary factors driving their market leadership. The growing demand for iron ore fines is further supported by the growth of global trade and increased steel production in a number of countries.
Iron Ore Mining Industry News:
- In November 2024, with 74 million tons of iron ore concentrate reserves with a Fe content of more than 67%, Kazakhstan intends to start a massive Lomonosovske iron ore project (Lomo) by 2027. Production is projected to continue for 20 years. According to Kallanish, Mohamad Shafiq, the CEO of Kazax Minerals Inc., made this statement at the Mining Show in Dubai, United Arab Emirates.
- On September 20, 2023, the DCH group’s Sukha Balka mine opened a new extraction unit at the Yuvileyna mine. It holds 73,000 tons of unprocessed ore.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the iron ore mining market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product and service (iron ore fines, iron ore pellets & pellet feed, iron ore lump) and major market (steel manufacturers – china, steel manufacturers – rest of the world, iron ore processors & other industrial markets), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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