Iron Ore Market size 2023 Growth Factors, Business Opportunity by 2030

The global iron ore market size was valued at USD 276.59 billion in 2022. The market is anticipated to expand from USD 279.35 billion in 2023 to USD 365.14 billion by 2030, exhibiting a CAGR of 3.9% during the forecast period.

Iron ore, primarily composed of hematite and magnetite, is a crucial raw material for iron and steel production. The market has experienced significant growth, driven by the increased demand for the product resulting from the rapid industrialization and urban expansion observed in emerging economies such as China and India.

Fortune Business Insights™ provides this information in its research report, titled “Iron Ore Market, 2023-2030”.

Segmentation:

Hematite Segment to Dominate due to Higher Porosity than Magnetite

On the basis of type, the market is fragmented into hematite, magnetite, and others. The hematite segment is likely to capture a major market share during the forecast period.

Report Coverage:

The report offers a thorough analysis of the primary drivers contributing to industry growth in the upcoming years, with a focus on product types and prominent companies. It also delves into the significant trends shaping the global business landscape and assesses the impact of the COVID-19 pandemic on market growth.

Drivers and Restraints:

Rising Government Infrastructure Investments in Developing Regions to Spur Market Growth

Substantial government spending on large-scale infrastructure projects in developing regions spurs steel demand, subsequently boosting the demand for iron ore. Since steel is an essential material for projects such as road construction and airport development. This boost in steel demand directly drives the iron ore market growth.

Source: https://www.fortunebusinessinsights.com/iron-ore-market-108698