growing use of steel in the automotive and transportation industries are driving the growth of the Iron Ore Market at a CAGR of 2.74% during the forecast period 2025 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Global Iron Ore Market” that contains the information from 2019 to 2035.

The Global Iron Ore Market is estimated to register a CAGR of 2.74 % during the forecast period of 2025 to 2035.

MRFR recognizes the following companies as the key players in the Global Iron Ore Market — Vale S. A., Rio Tinto, BHP, Fortescue Metals Group Ltd, Ansteel Group Corporation Limited, ArcelorMittal, METALLOINVEST MC LLC, LKAB, Cleveland-Cliffs Inc., HBIS GROUP, Anglo American plc, EVRAZ plc and others.

The Global Iron Ore Market accounted for registering a CAGR of 2.74% during the forecast period and is estimated to reach USD 665.90 billion by 2035.

According to BHP, 98% of iron ore is converted into pig iron for steelmaking. This steel is used in buildings, bridges, and other infrastructure. Structural steel finds numerous applications in constructing low and high-rise buildings, sports stadiums, bridge deck plates, harbors, cladding & roofing, offices, security fencing, and coastal & flood defenses. This is attributed to its immense strength, which makes it an ideal choice for constructing buildings. Additionally, structural steel is tensile, ductile, flexible, and cost-effective, which are the added advantages. The major factors driving the growth of the construction industry include population growth, economic growth, high investments in infrastructure development, and a rise in tourism due to the hosting of mega-events.

Investments in infrastructure development, affordable housing, healthcare, education, and hospitality to promote tourism are expected to play a pivotal role in the growth of the global construction industry. The world's population is expected to increase by 2 billion people in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050, according to a new United Nations report published in 2019. This will be accompanied by rapid urbanization, with the continuous need for buildings and infrastructure anticipated to continue to grow worldwide. Reducing the consumption of natural resources and associated emissions is crucial for future sustainability.

The growing construction industry in emerging regional markets, with rising residential and commercial construction, especially in India and China, coupled with improving living standards and rising per capita disposable incomes, is driving the growth of the iron ore market. Increasing spending by the Indian Government on infrastructure development, such as the Smart Cities Mission, Green Corridor, and building of ports, is propelling the demand for iron ore. According to Invest India, the construction industry in the country is expected to reach USD 738.5 billion in 2022. With the mega-events such as Expo 2020 and FIFA World Cup 2022, the UAE and Qatar are expected to increase the number of construction and renovation activities, thereby fueling the demand for steel in the region. Dubai has allocated USD 7 billion for infrastructure development and construction for the World Expo 2020, while Qatar is spending on the country's economic transformation program, National Vision 2030. Under the National Vision 2030, the Government plans to invest some USD 16.4 billion in infrastructure and real estate projects over the next four years.

The growing construction industry in developed nations, with increasing investments in residential construction and infrastructure development, are likely to boost the growth of the iron ore market. According to the Associated General Contractors of America, the US construction industry in the US was worth USD 1.3 trillion in 2019. This market growth can be attributed to the increase in residential construction with the growing need for single-family dwellings. Moreover, with European construction companies focusing on vertical integration to gain a competitive edge and expand their presence in other regions, the construction industry is expected to grow at a significant rate during the review period. This is expected to drive the growth of the European iron ore market. The increasing demand for commercial spaces in developed and developing countries due to the growth of service sectors such as IT, BFSI, and telecom is driving the growth of the construction industry.

Thus, the healthy growth of the construction industry is expected to fuel the growth of the global iron ore market during the study period.

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Segmental Analysis

The Global Iron Ore Market has been segmented based on by Product Type, by Form and by End-Use Industry.

Based on Product Type, this segment includes Hematite, Magnetite, Limonite, Siderite, and Others. The Hematite segment dominated the global market in 2024, while it is projected to be the fastest–growing segment during the forecast period. Hematite is one of the most important ores of iron pellets. It was mined at various locations across the world. However, today's production comes from a few dozen large deposits where significant equipment investments allow companies to efficiently mine and process the ore. Most ores are now mined from China, India, Australia, Russia, Ukraine, Brazil, Venezuela, South Africa, Canada, and the US. Hematite is majorly used to produce pigments, radiation shielding, healing stones, as a gem material, heavy media separation and its preparations, ballast, and other products. Hematite ore, due to its high iron content, the ore must undergo only a simple crushing, screening, and blending process before being deemed fit for steel production, thus making it suitable for various mining and steel producing companies.

Based on Form, this segment includes Mining Sites, Sinter Fines, Lumps, Pellets, and Others. The Sinter Fines segment dominated the global market in 2024, while the Pellets segment is projected to be the fastest–growing segment during the forecast period. Sinter fines are created in the sinter plants, where the product could be used in the blast furnace. The sinter fines are small, irregular nodules of iron mixed with small amounts of other minerals. The sintering process is developed mainly to reduce the size of lump ore known as iron ore fines, which could not be charged directly in the blast furnace otherwise. Sintering is defined as the agglomeration of the iron ore fines (<8 mm, generally) by incipient fusion of fine mineral particles with heat produced by burning of coke breeze, uniformly distributed in raw mix bed. Sintering plants are generally associated with the production of hot metal in blast furnaces in integrated steel plants. The sintering process is a pre-treatment process to produce the charge material called a sinter for the blast furnace from iron ore fines.

Based on End-Use Industry, this segment includes Steel Manufacturing (Construction, Automotive & Transportation, Medical, Others) and Others. The Steel Manufacturing segment dominated the global market in 2024, while the Steel Manufacturing (Medical) is projected to be the fastest–growing segment during the forecast period. Steel is created from iron ore, which is a naturally occurring combination of iron, oxygen, and other minerals. Steel is made from raw materials that are mined and then turned into steel using electric arc furnace and blast furnace/basic oxygen furnace. Coke, iron ore, and limestone are used to make pig iron in the blast furnace. After 18 to 24 hours of reaction time, the cooked coal, termed coke, is taken from the oven. Cooled coke is screened into one- to four-inch chunks. Coke is a porous, hard black rock with ash and sulphur that is high in concentrated carbon (90-93 percent). Coke is particularly powerful when compared to raw coal. The permeability, heat, and gases needed to reduce and melt iron ore, pellets, and sinter are provided by the strong particles of coke with a high energy value.

Regional Analysis

Geographically, the Global Iron Ore Market has been segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.

Major demand factors driving the Asia-Pacific market are healthy growth of the construction industry and growing use of steel in the automotive and transportation industries. China produces the most iron ore in Asia-Pacific, followed by Japan, India, and Korea. Brazil, Germany, and Russia are among the world's most important iron ore producers. Iron ore production is expected to rise in Asia-Pacific because of rapid development and industrialization. China has traditionally been the primary engine of global iron ore sector growth, projected to continue in the coming years. Any change in the country's steel production has a big impact on worldwide iron ore trading.

The increasing demand for iron ore from steel making industries in North America is the major driving factor of the iron ore market. The US is a major contributor to the market in the region. The US is the world's third-largest steel producer, accounting for approximately 5.4 percent of global crude steel output, as well as one of the largest steel users. Steel demand in the automotive, construction, and oil and gas industries has soared, benefiting the business. Furthermore, cost-effective and highly efficient steelmaking technologies have acted as a catalyst, boosting global demand for US steel.

Iron ore is largely supplied by European countries such as the UK and Germany. In 2020, the steel sector employed over 326,400 people across the European Union, with Germany employing over 83,200 people. This was more than double the employment in the steel industry in Italy. Over the last decade, Germany has also been the EU's biggest supplier of semi-finished and finished steel products, with export quantities reaching over 24 million metric tons. Turkey was the top importer of European steel in 2020, thanks to its significant car manufacturing sector. The growing demand for steel from the automotive industry in the region is likely to boost the demand for the steel market. This, in turn, is expected to accelerate the growth of the iron ore industry in the region over the forthcoming years.

Steel is widely utilized in various industries, including automotive, construction, infrastructure, energy, packaging, and others. Iron ore is a major component of the steelmaking business. In important Latin American country markets, the building sector is predicted to restart in 2021, with development in homes, hotels, and other architectural market categories. Brazil, Chile, Colombia, and Peru are among the countries expected to rise. According to the industry expertise, hotel buildings may enjoy a speedier comeback in 2021. According to the construction database, there are now 534 hotel projects under construction in Latin America, with Mexico leading the way. This, in turn, is likely to boom the growth of the iron ore market in the region over the forthcoming years.

Due to the country's increasing construction industry, Saudi Arabia has the largest share of the Middle East & Africa. The government's significant investments have been a major driver of the country's primary construction expansion. Furthermore, the country intends to boost tourism, as seen by various hotel projects that have been under construction in recent years. As a result, such development projects are projected to significantly impact on the country's construction sector's needs. This, in turn, is expected to boost the growth of the iron ore market.

Key Findings of the Study

• The Global Iron Ore Market is expected to reach USD 665.90 billion by 2035, at a CAGR of 2.74% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market.


• Based on the Form, the Sinter Fines segment was attributed to holding the largest market in 2024.


• Vale S. A., Rio Tinto, BHP, Fortescue Metals Group Ltd, Ansteel Group Corporation Limited, ArcelorMittal, METALLOINVEST MC LLC, LKAB, Cleveland-Cliffs Inc., HBIS GROUP, Anglo American plc, EVRAZ plc and others are some of the players in the market.