Market overview

The global iron ore market is expected to register a CAGR of 5.2% from 2021 to 2028. The market is expected to be worth USD 2.42 billion in 2028. The global iron ore market is currently experiencing a high CAGR largely because of rapidly increasing demand from the Asia-Pacific region

Get sample copy of report at: 

The Asia-Pacific region has been industrializing rapidly. All of this requires greater usage of iron. Iron is extracted from iron ore. Iron ore is mined in various metal mines around the world. Iron is useful in making other base metals that include steel. These metals play a vital role when manufacturing various consumer durables - household appliances like washing machines and refrigerators.

The global construction industry is growing rapidly. Since iron is needed in most construction projects, large companies have been extracting iron ore from mines and processing it into iron much more extensively and intensively.

Segment overview

By iron ore type

This segment can be grouped further into the following sub-segments:

  • Agglomerated iron ores
  • Non-agglomerated iron ores
  • Others

By end-users

This segment can be grouped further into the following sub-segments:

  • Construction 
  • Manufacturing 
  • Others

By product type

This segment can be grouped further into the following sub-segments:

  • Hematite
  • Magnetite
  • Limonite
  • Siderite 
  • Others

By form

This segment can be grouped further into the following sub-segments:

  • Sinter fines
  • Lumps
  • Pellets
  • Others

Regional analysis

The global iron ore market can be grouped into the following geographic regions: 

  • North America
  • Western Europe
  • Asia-Pacific
  • Eastern Europe
  • South America
  • Middle East
  • Africa

The Asia-Pacific currently has the largest regional market share in the global iron ore market. One main reason for this is that the iron ore mining and processing industry is fully developed in this region, incidentally, the Asia-Pacific region is expected to have the largest regional market share for the time period that this report covers. 

Asians in general like to buy innovative new technological gadgets. Many of these need iron to be manufactured correctly. China, Japan, South Korea, and India are expected to be the Asian nations that generate the most revenue in the regional market of iron ore. The reasons for this are that the masses in these nations are/have become more Westernized.

These masses crave Western lifestyles, hence, they crave Western electronic gadgets and other devices. All of these nations have a strong middle-class with the purchasing power to be able to afford these brands.

The Asia-Pacific region is expected to register one of the highest regional CAGRs in the world for the time period that this report covers for the reasons mentioned above.

That said, the European Union is also expected to register at least a respectable CAGR. What accounts for this is a greater demand for the technologically advanced and sophisticated devices that need iron ore to manufacture. Like their less wealthy Asian counterparts, the middle-class in the European Union is huge and wealthy enough to be able to afford these goods.

What applies to the European Union in terms of CAGR and market share also applies to the North American region.

Speak to analyst:

Industry news

  • Many large iron ore mining and extracting companies recently joined forces to manufacture and market low carbon iron ore to be used in feedstock production. 
  • BHP recently expanded its Australian operations. The objective is to improve overall productivity by ramping up the production of good quality iron ore.

Browse Related Reports:

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.


Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America


+1 628 258 0071(US) 

+44 2035 002 764(UK)

Email: [email protected]