Iron Ore Mining Market Scope
Iron ore mining is the process of discovery of iron ore from sedimentary rock. The Iron ore is a type of mineral and rock from which metallic iron is extracted economically. This ore is rich in oxides and varies in a different color from dark grey, bright yellow and deep purple to rusty red. It is usually found in many several forms including magnetite (Fe3O4), hematite (Fe2O3), goethite (HFeO2), siderite (FeCO3). There are two types of mining techniques based on excavation methods such as surface mining and underground mining. Among these techniques, iron ore is exclusively mined by the surface mining operation. Whereas Australia and Brazil are among the world’s largest iron ore mine producers which producing 930 million metric tons and 480 million metric tons respectively in 2019. India comes in fourth place which producing 210 million metric ton iron ore in 2019.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Vale (Brazil), BHP Group (Australia), Rio Tinto (United Kingdom), Cargill (United States), National Mineral Development Corporation (India), KIOCL Limited (India), China Minmetals Corporation (India), Anglo American (United Kingdom), Fortescue Metals Group (Australia), Metalloinvest Management Company LLC (Russia) and ArcelorMittal Dofasco (Canada) |
CAGR | % |
The global iron ore mining market is fragmented according to countries such as Australia, China, Brazil, India, United States, and Russia and many more countries. There is increasing production of steel will boom the iron ore mining market. The Iron Mining Association of Minnesota's (IMA) mission is to promote an iron ore industry that will provide long-term growth and prosperity for all stakeholders through profitability in a competitive, global market. The key players in this market are Vale (Brazil), BHP Group (Australia), Rio Tinto (United Kingdom), Cargill (United States), National Mineral Development Corporation (India). Research Analyst at AMA estimates that United Kingdom Vendors will contribute to the maximum growth of Europe Iron Ore Mining market throughout the predicted period.
Vale (Brazil), BHP Group (Australia), Rio Tinto (United Kingdom), Cargill (United States), National Mineral Development Corporation (India), KIOCL Limited (India), China Minmetals Corporation (India), Anglo American (United Kingdom), Fortescue Metals Group (Australia), Metalloinvest Management Company LLC (Russia) and ArcelorMittal Dofasco (Canada) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Essel Mining & Industries Ltd (India), Beijing Huaxia Jianlong Mining (China), Santa Fe Mining (Chile) and FERREXPO PLC (Switzerland).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Europe Iron Ore Mining market by Type , by Application (Construction Industry, Manufacturing Industry and Others) and Region with country level break-up.
On the basis of geography, the market of Iron Ore Mining has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In July 2021,JSW Steel's acquisition of iron ore mines through auctions has proved to be a game-changer, and the company will see its steelmaking capacity expand to around 37.5 MTPA by FY 2024-25 from 18 MTPA currently, group chairman, Sajjan Jindal, said in the company's annual report .
In September 2019, Vale, the Brazilian mining firm launched a new pellet feed product from its IOCJ iron ore fines in China to meet growing demand for direct-charge products. The use of IOCJ as a pellet feed is one of the strategies; Vale is using to avoid oversupply of 65pc fines from its output growth.
According to ‘American Geoscience Institute’, there are some environmental regulations on mining activities such as Clean Air Act regulation address to air pollution that may be potentially hazardous to human health and natural resources. As the mining method is usually open cast, it degrades natural landscapes, surface and ground water, Flora and Fauna, as well as the ambient air quality within the mining area and its environments.
Influencing Trend:
Iron Ore Industry Has Benefited from Rising Prices and Higher Production Volumes, Increasing Demand for Minerals is projected to be high in Order to Achieve the Energy Transition and Iron Ore Mining Has Contributed to Increasing the GDP of any Country Such as Australia, and China
Market Growth Drivers:
Increasing Mining of Iron Ores for the Production Steel Globally and Growing Industrialization in Developing Countries Such as India, Australia, Japan and Others will drive the Iron Ore Mining Market
Challenges:
Mining Companies Continue To Focus On Maintaining a Safe Working Environment for All Their Employees
Restraints:
Consumption of New Car is Low, Automotive Industry will Restraints the Iron Ore Market and Rising Environmental Impact Such as Global Warming will Restraint the Global Iron Ore Mining Market
Opportunities:
Manufacturing companies have Invested in Steel and Coal Mines in Abroad, Such as in Australia, Brazil will Boom Iron Ore Mining Market and Increasing Opportunities Due to the Automated Drilling System are Transforming Iron Ore Mining into a Safer and More Productive Industry
Key Target Audience
Mining Industries, Mining Association, Regulatory & Government Bodies, Research Organization, End-User Industries and Others