Iron Ore Market Size To Reach $313.02 Billion By 2030

Iron Ore Market Growth & Trends

The global iron ore market size is expected to reach USD 313.02 billion by 2030 and is anticipated to expand at a CAGR of 4.0% from 2025 to 2030, according to a new report published by Grand View Research, Inc. The increasing number of non-residential projects in developed countries, along with government initiatives for constructing low-cost housing units in emerging economies, are anticipated to lead to the growth of the steel market. This subsequently is expected to be the key driver for the growth of the global market for iron ore in the coming years.

The key components of the global economy, including healthcare, education, and hospitality, have been gradually receiving importance from the private and public sectors. Moreover, the growing automotive industry owing to rising disposable income, ongoing urbanization in emerging economies, and increasing electrification of vehicles is also fueling the demand for steel. This, in turn, is contributing to the rise in iron ore mining activities worldwide.

Every basic sector of the economy is a driver for the market. With increasing emphasis on green steel, producers are considering improved methods to incorporate low-carbon raw materials, including 65%, 66%, and 67.5% iron ore grades, into their production mixes.

The U.S. Department of Energy has announced an investment of USD 6 billion in 33 projects in over 20 states to decarbonize energy-intensive industries in the country. These projects are expected to be funded by the Bipartisan Infrastructure Law and Inflation Reduction Act. Such government initiatives are anticipated to surge the demand for iron and steel, thereby driving the growth of the market over the forecast period.

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Iron Ore Market Report Highlights

• In the first quarter of 2024, iron ore prices experienced a significant decline, dropping nearly 30% due to concerns over weakened demand from China, the world's largest commodity consumer.

• The pellets segment led the market with the largest revenue share of 56.3% in 2024.

• The steel industry is anticipated to register the highest revenue CAGR of 4.0% over the forecast period.

• Asia Pacific dominated the iron ore market with the largest revenue share of 70.0% in 2024

• China held a revenue share of over 71% of the iron ore market in Asia Pacific.

Iron Ore Market Segmentation

Grand View Research has segmented the global iron ore market on the basis of type, end use, and region:

Iron Ore Type Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)

• Fines

• Lumps

• Pellets

• Others

Iron Ore End Use Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)

• Steel Industry

• Others

Iron Ore Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Turkey

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

List of Key Players of Iron Ore Market

• Anglo American

• Ansteel Group Corporation Limited

• ArcelorMittal

• BHP

• Cleveland-Cliffs Inc.

• EVRAZ plc

• Fortescue Metals Group Ltd

• HBIS Group

• LKAB

• Metalloinvest MC LLC

• Rio Tinto

• Vale