The Iron Ore Market was valued at USD 336.48 Billion in 2024. The Iron Ore Market industry is projected to grow from USD 338.62 Billion in 2025 to USD 665.90 Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 2.74 % during the forecast period (2025-2035).
The healthy growth of the construction industry and growing use of steel in the automotive and transportation industries are driving the growth of the Iron Ore Market.
As per the Analyst at MRFR, 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.
FIGURE 1: IRON ORE MARKET VOLUME, VALUE (2019-2035) USD BILLION
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
INCREASING ADOPTION OF IRON OXIDE PIGMENTS IN VARIOUS APPLICATIONS
Iron oxide is deployed in several applications such as catalysts in the petroleum industry, oil drilling rigs, hydrogen sulfide removal, and hydrogen gas production. Iron oxide catalysts containing zirconium and aluminum are used to produce light hydrocarbons by catalytic cracking of petroleum residual oil in a steam atmosphere. The catalyst is a hematite structure and is useful for the decomposition and desulfurization of residual oil.
The growing global energy demand, oil price fluctuations, and climatic changes have increased the focus on renewable energy. Metallic iron is oxidized by steam producing hydrogen and iron oxides. Coal-derived syngas is then passed through oxides, reducing them back to iron. Since the gaseous products of the oxidation reaction consist of hydrogen and steam, the process generates highly pure hydrogen. Hydrogen is used in various industrial applications, including metalworking, flat glass production, as a protective and carrier gas, in deposition processes, for cleaning, in etching, and in reduction processes. It is also used in electricity generation, for example, for generator cooling or corrosion prevention in power plant pipelines. Hydrogen is used to process crude oil into refined fuels, such as gasoline and diesel, and for removing contaminants, such as sulfur, from the fuels. In the energy field, most hydrogen is used through fuel cells in electric vehicles; it also has applications in the aviation and maritime industries.
Iron Ore System by Product Type Insights
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.
FIGURE 2: IRON ORE MARKET SHARE BY PRODUCT TYPE 2024 AND 2035 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Iron Ore System by Form Insights
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.
Iron Ore System by End-Use Industry Insights
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.
Iron Ore System Regional Insights
Based on the Region, the global Iron Ore are 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.
FIGURE 3: IRON ORE MARKET VOLUME, VALUE BY REGION 2024 AND 2035 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the countries considered in the scope of the Application Tracking System Market are the US, Canada, Germany, the UK, France, Spain, Italy, Russia, Belgium, Poland, Netherlands, China, Japan, India, Australia & New Zealand, Indonesia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, Iran, Israel, Turkey, South Africa, UAE and others.
Many global, regional, and local vendors characterize the Iron Ore Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.
The major competitors in the market are 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 are among others. The Iron Ore Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.
May 2021: Metalloinvest signed new long-term contracts with leading Russian and international companies for the supply of iron ore products. Under these agreements, Metalloinvest will supply 3.6 mn tons of concentration and 12 mn tons of pellets per year from Lebedinsky GOK and Andrey Varichev Mikhailovsky GOK. The contract's terms range from one to three years.
September 2021: ArcelorMittal has signed an agreement with the Government of Liberia to allow the firm to expand iron mining and logistics operations in the country. The two parties have signed an amendment to the Mineral Development Agreement (MDA) that would significantly increase the firm’s premium iron ore production while generating wider economic benefits for the country.
August 2020: HBIS Group has signed an initial deal to develop the Pampa de Pongo iron ore mine in Peru alongside current license-holder Zhongrong Xinda. The joint venture is to set up companies to work on the first stage of mine, which also contains copper, cobalt, and gold reserves.
November 2020: LKAB announced the successful production of the world’s first iron ore pellets with fossil-free fuels. Increased production of fossil fuel-free iron ore pallets will help create a value chain for fossil-free steel and reduce Sweden's total carbon dioxide emissions by 10 percent.
December 2020: Cleveland-Cliffs Inc. completed the acquisition of ArcelorMittal USA. The acquisition is expected to help the company emerge as one of the leading steelmakers in the North American market.
Iron Ore by Product Type Outlook
Iron Ore by Form Outlook
Iron Ore by Application Outlook
Iron Ore Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2024 | USD 336.48 Billion |
| Market Size 2025 | USD 338.62 Billion |
| Market Size 2035 | USD 665.90 Billion |
| Compound Annual Growth Rate (CAGR) | 2.74% (2025-2035) |
| Base Year | 2024 |
| Forecast Period | 2025-2035 |
| Historical Data | 2019-2023 |
| Forecast Units | Volume, Value (Million Tons, USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Form, By End-Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Countries Covered | The US, Canada, Germany, the UK, France, Spain, Italy, Russia, Belgium, Poland, Netherlands, China, Japan, India, Australia & New Zealand, Indonesia, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, Iran, Israel, Turkey, South Africa, UAE |
| Key Companies Profiled | 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 |
| Key Market Opportunities | ·        Increasing adoption of iron oxide pigments in various applications |
| Key Market Dynamics | ·        Healthy growth of the construction industry ·        Growing use of steel in the automotive and transportation industries |
Iron Ore Market Highlights:
Frequently Asked Questions (FAQ) :
USD 336.48 Billion is the Iron Ore Market in 2024
The Sinter Fines segment by Form holds the largest market share and grows at a CAGR of 2.76% during the forecast period.
Asia-Pacific holds the largest market share 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 are the prominent players in the Global Iron Ore Market.
The Hematite segment dominated the market in 2024.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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