Iron ore is a relatively abundant metallic element (it composes about 5% of the Earth’s crust) and the main raw material used in steelmaking. Around 98% of global mined iron ore is used to make pig iron, which is an intermediate product of the steel-making process. The remaining 2% is used in several applications, such as production of cement, printing inks, plastics, cosmetics (eye shadow), artistic colors, fertilizer ingredients, and pigments. Currently, iron ore is mined in over 50 countries; however, the bulk of production comes from Australia, Brazil and China.
Market Analysis and Insights: Global Iron Ore Market
Due to the COVID-19 pandemic, the global Iron Ore market size is estimated to be worth US$ 181850 million in 2021 and is forecast to a readjusted size of US$ 181850 million by 2028 with a CAGR of -2.5% during the review period. Fully considering the economic change by this health crisis, by Type accounting for % of the Iron Ore global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR in the post-COVID-19 period. While by Type segment is altered to an % CAGR throughout this forecast period.
The global iron ore market is highly fragmented with small and large vendors. The key vendors in the market are BHP, Vale, Rio Tinto etc. The top 3 companies hold a share about 40%. Asia Pacific is the largest market, with a share about 70%, followed by South America with the share about 20%.
Global Iron Ore Scope and Market Size
The global Iron Ore market is segmented by company, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Iron Ore market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2017-2028.
Segment by Type
Sinter feed
Pellet feed
Lump
Pellet
Segment by Application
Cold-rolled Sheet
Hot-Rolled Sheet
Rod and Wires
Pipes
Ingots and Semi-finished Steel
Others
By Region
United States
Europe
China
Japan
Southeast Asia
India
Other Regions
By Company
Rio Tinto
Vale
BHP
FMG
HPPL
Anglo American
ArcelorMittal
Ansteel Mining
NMDC
Metinvest
LKAB
Metalloinvest
CSN
NLMK
MRL
CAP
Severstal
EVRAZ
Cleveland-Cliffs
Ferrexpo
SSGPO
HBIS Resources
Huaxia Jianlong
Hainan Mining
Dazhong Mining
IRC
Jinling
Hanking