The global demand for iron ore is expected to stand at 2.41 Billion metric tons by 2024, and the market is projected to exhibit a CAGR of over 5.32% during the forecast period, owing to the increasing use of steel in numerous end-use industries such as automotive, ships, building and construction. Additionally, the demand for iron ore is dominated by the increasing demand for medicines and paints, which is expected to propel the growth of the global iron ore market during the forecast period.
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The global iron ore market report has been segmented based on product type, form, end-use industry, and region. By product type, the global iron ore market has been divided into hematite, magnetite, limonite, siderite, and others. Hematite, which has high iron content, is suitable for steelmaking compared to other product types, owing to which the segment accounted to a major share of over 30% of the global market, in 2018, and is expected to follow similar trend during the forecast period. Hematite due to its high iron content of over 56–64% Fe undergoes a simple crushing, screening, and blending process before being shipped for steel production. Thus, due to its simple extraction process, the cost of production reduces by 20–30% compared to other iron ore products. Hematite is abundantly found across the globe, particularly in Brazil and Asia (China, India, and Australia), which is expected to play a vital role in the growth of the segment during the forecast period.
Based on form, the global iron ore market has been divided into fines, lumps, pellets, and HBI/DRI. The pellet segment accounted for the largest market share in 2018, followed by fines and lumps segments, and is expected to witness healthy growth throughout the forecast period. The growth is attributed to the increasing use of iron ore pellets.
Based on application, the global iron ore market has been categorized into construction, transportation, medical, paints & coatings, others. The construction segment in 2018 accounted for the largest market share in terms of volume and is expected to maintain its dominance during the forecast period. The growth is attributed to the expanding construction industry coupled with the development of commercial infrastructure.
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