Global Iron Ore Mining Market

Global Iron Ore Mining Market Size, Share, Growth Analysis, By Types(Iron Ore Mining Fines, Iron Ore Mining Pellets), By End use(Construction, Transportation) - Industry Forecast 2024-2031

Report ID: SQMIG15J2030 | Region: Global | Published Date: February, 2024
Pages: 219 | Tables: 65 | Figures: 75

Global Iron Ore Mining Market News

  • In July 2022, The Noamundi Iron Mine of Tata Steel was accorded a 5-Star rating for sustainable development for the year 2020-21. This is for the sixth time in a row that Noamundi Mine has received this honor. The mine was accorded 5-Star rating in 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 as well.
  • In 2022, Vale cut iron ore production by 2% y/y.The decrease in iron ore production was mainly due to the delay in the licensing of the Serra Norte mine, as well as the productivity of the S11D mines in the north of the country. This was partially offset by increased production at the Vargem Grande mine, Brucutu and increased purchases from third parties in the Southeast.
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Iron Ore Mining Market size was valued at USD 2675 million in 2019 and is poised to grow from USD 2862.25 million in 2023 to USD 4917.88 million by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).

Competition in the global Iron Ore Mining market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of applications compatible with Iron Ore Mining will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years. 'Vale S.A.', 'Rio Tinto Group', 'BHP Group', 'Fortescue Metals Group Ltd.', 'Anglo American plc', 'China Minmetals Corporation', 'ArcelorMittal', 'Cleveland-Cliffs Inc.', 'Evraz plc', 'Atlas Iron Limited', 'Champion Iron Limited', 'Mitsui & Co., Ltd.', 'NMDC Limited', 'Mount Gibson Iron Limited', 'African Minerals Limited', 'Ferrexpo plc', 'Kumba Iron Ore Limited', 'Metalloinvest Management Company LLC', 'Labrador Iron Ore Royalty Corporation', 'Zanaga Iron Ore Company Limited'

Due to the major benefits provided by Iron in various sectors, rising is leading to the rise of extraction activities.Owing to the need of iron ore in constructional activity has led to the development of mining of IIT in forecasted.

The production standard in the iron ore industry was not Up to the mark.Therefore, to enhance the production standard, the companies all around the globe started using autonomous hauling system trucks, wich is enhancing production efficiency and reducing turnaround time.This trend of EHS helps in controlling and tracking the mining vehicle movements coordinating an autonomously drives half highway haul trucks operating in a mine.

Globally, Asia Pacific is estimated to hold the highest global Iron Ore Mining market share. Main factors during this growth period are the presence of top market players,Increasing engineering and construction activity along with development focus of the government in the region.

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