Market Summary
The global demand for iron ore is
expected to stand at 2.41 Billion metric tons by 2024, and the market is
projected to exhibit a CAGR of over 5.32% during the forecast period, owing to
the increasing use of steel in numerous end-use industries such as automotive,
ships, building and construction. Additionally, the demand for iron ore is
dominated by the increasing demand for medicines and paints, which is expected
to propel the growth of the global iron ore market during the forecast period.
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Competitive Analysis
·
Rio Tinto
·
Vale
·
Fortescue Metals Group Ltd
·
BHP
·
ArcelorMittal
·
Angang Group Mining Company
·
Anglo American
·
Jianlong Group
·
HBIS Group
·
METALLOINVEST MC LLC
·
Cleveland-Cliffs Inc
·
EVRAZ plc
·
LKAB
Segment Analysis
The global iron ore market
report has been segmented based on product type, form, end-use industry, and
region. By product type, the global iron ore market has been divided into
hematite, magnetite, limonite, siderite, and others. Hematite, which has high
iron content, is suitable for steelmaking compared to other product types,
owing to which the segment accounted to a major share of over 30% of the global
market, in 2018, and is expected to follow similar trend during the forecast
period. Hematite due to its high iron content of over 56–64% Fe undergoes a
simple crushing, screening, and blending process before being shipped for steel
production. Thus, due to its simple extraction process, the cost of production
reduces by 20–30% compared to other iron ore products. Hematite is abundantly found
across the globe, particularly in Brazil and Asia (China, India, and
Australia), which is expected to play a vital role in the growth of the segment
during the forecast period.
Based on form, the global iron
ore market has been divided into fines, lumps, pellets, and HBI/DRI. The pellet
segment accounted for the largest market share in 2018, followed by fines and
lumps segments, and is expected to witness healthy growth throughout the
forecast period. The growth is attributed to the increasing use of iron ore
pellets.
Based on application, the global
iron ore market has been categorized into construction, transportation,
medical, paints & coatings, others. The construction segment in 2018
accounted for the largest market share in terms of volume and is expected to
maintain its dominance during the forecast period. The growth is attributed to
the expanding construction industry coupled with the development of commercial
infrastructure.
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