The global iron ore market size was valued at USD 279.35 billion in 2023 and is projected to grow from USD 290.25 billion in 2024 to USD 397.98 billion by 2032, exhibiting a CAGR of 4.0% during the forecast period.
Iron ore is an essential natural mineral, primarily consisting of magnetite and hematite, essential for the manufacturing of iron and steel. Steel serves as a cornerstone material for infrastructure, providing the necessary framework and components. As infrastructure projects advance, the consumption of steel rises, effectively propelling market growth.
Fortune Business Insights™ provides this information in its research report, titled “Iron Ore Market, 2024-2032”.
Segmentation:
Hematite Segment is Slated to Hold the Major Share owing to Abundance and Economic Importance of the Product
By type, the market is divided into hematite, magnetite, and others. The hematite segment is touted to hold the largest share. Hematite is considered as the most economically and quantitatively significant industrial ore. It is more plentiful than other varieties, cementing its market prominence despite a marginally lower iron content.
Steel production Segment Captured the Key Share Owing to Innovations in Steelmaking Techniques
By application, the market is divided into steel production and others**.** The steel production segment held the major market share. Ongoing innovations in steelmaking technology improve the efficiency of iron ore utilization in the steel production process. These advancements lead to a more economical use of resources, further bolstering the steel production segment.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Mentioned in the Report: