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.
Learn More On The Iron Ore Market Report – https://www.thebusinessresearchcompany.com/report/iron-ore-global-market-report
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