Market overview
The global iron ore market is expected to register a CAGR of 5.2% from 2021 to 2028. The market is expected to be worth USD 2.42 billion in 2028. The global iron ore market is currently experiencing a high CAGR largely because of rapidly increasing demand from the Asia-Pacific region
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The Asia-Pacific region has been industrializing rapidly. All of this requires greater usage of iron. Iron is extracted from iron ore. Iron ore is mined in various metal mines around the world. Iron is useful in making other base metals that include steel. These metals play a vital role when manufacturing various consumer durables - household appliances like washing machines and refrigerators.
The global construction industry is growing rapidly. Since iron is needed in most construction projects, large companies have been extracting iron ore from mines and processing it into iron much more extensively and intensively.
Segment overview
By iron ore type
This segment can be grouped further into the following sub-segments:
Agglomerated iron ores
Non-agglomerated iron ores
Others
By end-users
This segment can be grouped further into the following sub-segments:
Construction
Manufacturing
Others
By product type
This segment can be grouped further into the following sub-segments:
Hematite
Magnetite
Limonite
Siderite
Others
By form
This segment can be grouped further into the following sub-segments:
Sinter fines
Lumps
Pellets
Others
Regional analysis
The global iron ore market can be grouped into the following geographic regions:
North America
Western Europe
Asia-Pacific
Eastern Europe
South America
Middle East
Africa
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The Asia-Pacific currently has the largest regional market share in the global iron ore market. One main reason for this is that the iron ore mining and processing industry is fully developed in this region, incidentally, the Asia-Pacific region is expected to have the largest regional market share for the time period that this report covers.
Asians in general like to buy innovative new technological gadgets. Many of these need iron to be manufactured correctly. China, Japan, South Korea, and India are expected to be the Asian nations that generate the most revenue in the regional iron ore market. The reasons for this are that the masses in these nations are/have become more Westernized.
These masses crave Western lifestyles, hence, they crave Western electronic gadgets and other devices. All of these nations have a strong middle-class with the purchasing power to be able to afford these brands.
The Asia-Pacific region is expected to register one of the highest regional CAGRs in the world for the time period that this report covers for the reasons mentioned above.
That said, the European Union is also expected to register at least a respectable CAGR. What accounts for this is a greater demand for the technologically advanced and sophisticated devices that need iron ore to manufacture. Like their less wealthy Asian counterparts, the middle-class in the European Union is huge and wealthy enough to be able to afford these goods.
What applies to the European Union in terms of CAGR and market share also applies to the North American region.
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Industry news
Many large iron ore mining and extracting companies recently joined forces to manufacture and market low carbon iron ore to be used in feedstock production.
BHP recently expanded its Australian operations. The objective is to improve overall productivity by ramping up the production of good quality iron ore.
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