Iron Ore Market To Reach $301.86 Billion By 2030 | CAGR 1.4%

Iron Ore Market Growth & Trends

The global iron ore market size is expected to reach USD 301.86 billion by 2030 and is anticipated to expand at a CAGR of 1.4% during the forecast period, according to a new report published by Grand View Research, Inc. The increasing number of non-residential projects in developed countries, along with government initiatives for constructing low-cost housing units in emerging economies, are anticipated to lead to the growth of the steel market. This subsequently is expected to be the key driver for the growth of the global market for iron ore in the coming years.

The key components of the global economy, including healthcare, education, and hospitality, have been gradually receiving importance from the private and public sectors. Moreover, the growing automotive industry owing to rising disposable income, ongoing urbanization in emerging economies, and increasing electrification of vehicles is also fueling the demand for steel. This, in turn, is contributing to the rise in iron ore mining activities worldwide.

Every basic sector of the economy is a driver for the market. With increasing emphasis on green steel, producers are considering improved methods to incorporate low-carbon raw materials, including 65%, 66%, and 67.5% iron ore grades, into their production mixes.

The U.S. Department of Energy has announced an investment of USD 6 billion in 33 projects in over 20 states to decarbonize energy-intensive industries in the country. These projects are expected to be funded by the Bipartisan Infrastructure Law and Inflation Reduction Act. Such government initiatives are anticipated to surge the demand for iron and steel, thereby driving the growth of the market over the forecast period.

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Iron Ore Market Report Highlights

• Based on type, the pellets segment held the largest revenue share of over 57% of the market in 2023.

• Pellets are extensively used in steel production as they utilize less coking coal per ton of pig iron. This increases the productivity of the production process, thereby incurring low capital costs for pellet manufacturers.

• Based on end use, the steel segment is anticipated to grow at the highest revenue CAGR of 1.8% over the forecast period.

• Asia Pacific witnessed the highest demand for iron ore in 2023 owing to the large production volume of crude steel in the region.

• In February 2024, Brazil-based Vale announced that it is increasing its iron ore mining production to achieve 340–360 million tons by 2026. This is in line with the global growth strategies of the company.

Iron Ore Market Segmentation

Grand View Research has segmented the global iron ore market based on type, end-use, and region:

Iron Ore Type Outlook (Revenue, USD Million; Volume, Million Tons; 2018 - 2030)

• Fines

• Lumps

• Pellets

• Others

Iron Ore End-use Outlook (Revenue, USD Million; Volume, Million Tons; 2018 - 2030)

• Steel Industry

• Others

Iron Ore Region Outlook (Revenue, USD Million; Volume, Million Tons; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Turkey

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

List of Key Companies in the Iron Ore Market

• Anglo American

• Ansteel Group Corporation Limited

• ArcelorMittal

• BHP

• Cleveland-Cliffs Inc.

• EVRAZ plc

• Fortescue Metals Group Ltd

• HBIS Group

• LKAB

• Metalloinvest MC LLC

• Rio Tinto

• Vale