Global Iron Ore Mining Market 2023-2030

Global Iron Ore Mining Market 2023-2030

Global Iron Ore Mining Market Size, Share & Trends Analysis Report by Type (Iron Ore Mining Fines, Iron Ore Mining Pellets, and Iron Ore Pellet Feed), and by End-User (Construction, Transportation, and Others) Forecast Period (2023-2030)

The global iron ore mining market is anticipated to grow at a CAGR of 6.1% during the forecast period (2023-2030). Automation in the mining industry is a key factor driving the growth of the global iron ore mining market. Iron ore mining companies are opting for automation in the mining processes to strengthen their position in the global market. For instance, in June 2022, Rio Tinto, a UK-based metals and mining corporation, opened Gudai-Darri, its most technologically advanced mine. Gudai-Darri leverages a unique deployment of technology at a competitive level to boost productivity and improve mine safety. This covers both the allocation of parts in the new workshop and the employment of robotics in the ore sampling lab.

From fully digital replicas of the processing plant that enable teams to monitor and respond to data gathered from the plant to autonomous trucks, trains, and drills that are standard across many Rio Tinto mines, Gudai-Darri symbolizes a turning point in its iron ore business's adoption of automation and technology, with significant improvement in efficiency and productivity.

The personnel associated in mining activities must enhance their processes per the regulatory policies imposed by various governments. These stringent policies further result in more time for approval, which will create hindrance to the iron ore mining market growth. The inconsistent raw material prices pose a major challenge to the iron ore mining markets’ growth rate. However, expansion of steel industries is anticipated to offer lucrative opportunity to the market growth.

Segmental Outlook

The global iron ore mining market is segmented on the basis of type and end-user. Based on type, the market is sub-segmented into iron ore mining fines, iron ore mining pellets, and iron ore pellet feed. Based on end-user, the market is sub-segmented into construction, transportation, and others.

Construction Sub-Segment is Expected to Hold a Major Market Share Based on End-User Segment

The growing urbanization and industrialization across the globe has resulted into approval of new construction projects. Steel is one of the major products used in the construction. Steel is extracted from the iron ore mining. Therefore, the growing construction industry is anticipated to drive the growth of this market segment.

Regional Outlook

The global iron ore mining market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America & Europe are anticipated to held considerable share in the global market, owing to the high concentration of the major market players.

Global Iron ore mining Market Growth, by Region 2023-2030

Source: OMR Analysis

Asia-Pacific held Considerable Share in the Global Iron Ore Mining Market

Among all regions, the Asia-Pacific regions are anticipated to grow at a considerable CAGR over the forecast period. In January 2023, the Goa government has started the process of auctioning five more iron ore mining blocks, all located in North Goa district with an aim to pave way for the resumption of the state's iron ore mining industry in the state. In the same month, the Bihar government has initiated a process for auctioning of glauconite and iron ore reserves worth $2.4 million in Rohtas and Jamui districts and will engage SBI Capital Markets to prepare a report for the same. The government held a meeting with several stakeholders recently to initiate the auction process. Resumption of these mining projects are anticipated to drive regional market growth.

Market Players Outlook

The major companies serving the iron ore mining market include Vale SA, Rio Tinto, BHP, FMG, and Anglo American Plc among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, and project expansion, to stay competitive in the market. Companies in the iron ore mining market are developing innovative technological tools and using advanced technologies to expand their market share. For instance, in September 2021, Metso Outotec, a Finland-based technology and service provider for minerals processing and metals refining industries, developed a set of solutions that will increase process efficiency, production capability, and product quality while lowering energy use, environmental impact, and maintenance and operating expenses.

Some of the latest digital solutions that enhance preventive maintenance planning and execution include the Metso Outotec Optimizing Control System OCS-4D, the Planet Positive Optimus advanced process control system, the VisioPellet pellet size-control system, and the Pallet Car Condition Monitoring System. An innovative operator training program is also being introduced by Metso Outotec, using cutting-edge simulation technologies in a safe virtual plant environment.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global iron ore mining market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.