The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 15, 2023 /PRNewswire/ — As per The Business Research Company’s iron ore market forecast, the global iron ore market size is expected to grow from $405.1 billion in 2022 to $447 billion in 2023 at a compound annual growth rate (CAGR) of more than 10%. The iron ore market size is then expected to grow from $657.7 billion in 2027 at a CAGR of more than 10%. Going forward, the increasing urbanization, the rising healthcare expenditure and the growing residential sector will drive the growth.
The global iron ore mining market is concentrated, with a few large players in the market. Vale S.A. was the largest competitor with 12.9% iron ore market share, followed by Rio Tinto, BHP, Fortescue Metals Group Ltd. (FMG), Anglo American Plc, National Mineral Development Corporation, Metinvest, Angang Steel Company Limited, Ferrexpo and Atlas Iron.
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Companies in the iron ore market are developing innovative technological tools and using advanced technologies to grow in the market, as per the iron ore market outlook. Furthermore, 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.
Automation in the mining industry is another key feature of the iron ore market. Iron ore companies are opting for automation in the mining processes to strengthen their position in the market. For example, 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.
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The global iron ore market is segmented –
1) By Type: Construction, Manufacturing, and Other Types
2) By Mining Type: Underground Mining, Surface Mining
As per TBRC’s iron ore market projections, the top growth potential in the iron ore market segmented by mining type will arise in the surface mining segment, which will gain $133.9 billion of global annual sales by 2027. The iron ore demand in China will gain the most at $70.7 billion.
The Business Research Company recommends player in the iron ore market to adopt strategies such as strengthening mining capabilities through technological advancements, strategic collaborations and partnerships, improving supply chain through the expansion of iron ore export capacities, strengthening business operations through new contracts and developing and operating a portfolio of high-quality mineral assets.
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