Iron Ore Market Report 2025

The iron ore market size has grown strongly in recent years. It will grow from $446.2 billion in 2024 to $484.3 billion in 2025 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to growing demand from the energy sector, strong economic growth in emerging markets, increasing construction activities, and growing automotive production.

The iron ore market size is expected to see strong growth in the next few years. It will grow to $643.88 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to the increasing urbanization, the rising healthcare expenditure, and the growing residential sector. Major trends in the forecast period include developing innovative technological tools by using advanced technologies, introducing innovative decarbonization technologies, developing advanced iron ore hubs, collaborating with contemporary companies, launching new digital tools, and leveraging automation in the mining processes.

The rise in construction activities is expected to drive growth in the iron ore market moving forward. Construction involves assembling various elements to create structures based on detailed designs and plans. Iron ore is essential for steel production, a key material used in various constructions, including buildings, bridges, and roads. For example, in July 2023, the Australian Bureau of Statistics reported that during the March quarter of 2023, the number of dwellings under construction increased by 1.3%, reaching 240,813 units - surpassing the previous record of 240,065 units set in the March 2022 quarter. Therefore, the growing construction activities are propelling the growth of the iron ore market.

Rising healthcare expenditure is expected to drive growth in the iron ore market during the forecast period. Healthcare expenditure encompasses all costs related to health services, family planning, nutrition, and emergency assistance, excluding expenses for drinking water and sanitation. Steel, produced from iron ore, is the primary metal used in manufacturing medical equipment. Sanitation and cleanliness are crucial in the medical field, making steel the most prevalent metal in hospitals and emergency rooms globally. Stainless steel is commonly used for hospital beds, disposable hazardous waste buckets, needles, and wheelchairs. For instance, in December 2023, the Centers for Medicare & Medicaid Services, a U.S. federal agency, reported that U.S. healthcare spending increased by 4.1% in 2022, reaching $4.5 trillion, surpassing the 3.2% growth rate of 2021. Therefore, the rise in healthcare expenditure is driving growth in the iron ore market.

Major companies in the iron ore market are increasingly focused on developing innovative technological tools, such as digital solutions, to enhance mining efficiency, safety, and resource management. Digital solutions encompass advanced technologies like data analytics, real-time monitoring systems, automation, and software tools that optimize mining processes, improve safety, and facilitate better decision-making. For instance, in December 2023, Epiroc, a Sweden-based mining equipment manufacturer, launched new digital solutions for surface mining, including the Blast Support tool aimed at enhancing personnel safety during blasting operations. The updated Situational Awareness application features Zone-based Messages, enabling control room personnel to send real-time alerts to individuals in specific risk zones. By integrating these advanced technologies, Epiroc aims to boost operational efficiency while ensuring safe blasting practices, adapting proven underground solutions for surface mining applications.

Major companies in the iron ore market are increasingly adopting strategic partnerships to develop innovative solutions in iron ore processing. These collaborations allow companies to combine resources and expertise, enhance research and development capabilities, expand market reach, and accelerate commercialization, ultimately driving innovation and growth in the industry. For example, in June 2024, VA Erzberg GmbH, an Austria-based mining company, partnered with EIT RawMaterials, a Germany-based innovation network supported by the European Union, to launch the Net-Zero Iron Ore Challenge. This initiative aims to reduce CO2 emissions and promote sustainable iron ore processing practices.

In January 2023, Cyclone Metals Limited, an Australia-based iron ore company, successfully acquired Labrador Iron Pty Ltd. for an undisclosed amount. This strategic acquisition allows Cyclone Metals to expand its iron ore portfolio with the addition of the largest magnetite iron ore deposit project. The move reflects a shift towards clean energy and a commitment to reducing global carbon emissions. The unique appeal of magnetite ores positions them favorably compared to hematite ores, contributing to a more environmentally sustainable footprint for the steel industry. Labrador Iron Pty Ltd., based in Canada, specializes in the exploration, development, and mining of iron ore projects.

Major companies operating in the iron ore market include Vale S.A, Rio Tinto, BHP, Fortescue Metals Group Ltd., Anglo American Plc, National Mineral Development Corporation, Metinvest, Angang Steel Company Limited, Ferrexpo, Atlas Iron, Sesa Goa Iron Ore, Sumitomo Metal Industries Ltd, M.S India Iron Ore Mines Private Limited, Vedanta Limited, Kudremukh Iron Ore Company, MSPL Limited, ITOCHU Corporation, Marubeni Corporation, Baoshan Iron & Steel Co Ltd, Ansteel Group Corporation Limited, Minmetals Land Limited, Zijin Mining Group Company Limited, Luossavaara-Kiirunavaara Aktiebolag, Sydvaranger AS, Rana Gruber AS, Beowulf Mining plc, SIMEC Group, Metalloinvest MC LLC, Severstal Group, Evraz Group SA, NLMK Group, Mechel, Black Iron, ArcelorMittal SA, POSCO, Amaroq Minerals Ltd, Greenland Resources Inc, Bluejay Mining Plc, Redpath Mining Inc, Agnico Eagle Mines Limited, United States Steel Corporation, Cleveland-Cliffs Inc, CSN MINERACAO, Kinross Brasil Mineracao SA, AndesMinerals SA, Coro Mining Corp, Ma'aden, Chadormalu Mining & Industrial Co, Golgohar Mining & Industrial Co, KOC Holding AS, Iran Central Iron Ore Co, Kumba Iron Ore Limited, Sedibeng Iron Ore, Assmang, Richards Bay Minerals, African Natural Resources and Mines Limited, Tshipi Borwa Mine, Khumani Mine, Sishen Mine.

Asia-Pacific was the largest region in the iron ore market in 2024. The regions covered in the iron ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the iron ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Iron mining involves the extraction of iron ore, primarily utilizing surface mining methods due to their cost-effectiveness. In this process, rocks are combined with water and transformed into powder using spinning mills. Magnetism is then employed to separate iron ore from the taconite.

The primary types of iron mining are categorized as construction, manufacturing, and other types. Construction typically refers to the act or result of construing, interpreting, or explaining. In terms of iron, the carbon content leads to different forms, including pig iron, wrought iron, and cast iron. The mining methods encompass both underground mining and surface mining.

The iron ore market research report is one of a series of new reports that provides iron ore market statistics, including iron ore industry global market size, regional shares, competitors with an iron ore market share, detailed iron ore market segments, market trends and opportunities, and any further data you may need to thrive in the iron ore industry. This iron ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The iron mining market includes revenues earned by entities by making steel, auto parts, and catalyst. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.