Global Iron Ore Market 2018-2022
About Iron Ore
Iron ores are solid substance from which metallic iron is extracted. It is one of the most abundant rock elements present in Earth's crust. The major producers of iron ore Australia and Brazil with Australia accounting 36.67% of total iron ore production in 2017.
Technavio’s analysts forecast the global iron ore market to grow at a CAGR of 4% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global iron ore market for 2018-2022. To calculate the market size, the report considers the revenue generated from the iron ore.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Iron Ore Market 2018-2022
Technavio recognizes the following companies as the key players in the global iron ore market: Rio Tinto, Vale, BHP, ArcelorMittal, Fortescue Metals Group, and Anglo American
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing production capacities and new plants in emerging market. With growing demand, the producers of iron ore in emerging markets have planned to expand their production capacities or have decided to start new mining plants. India is the fourth largest producer iron in the world, and the government has proposed to achieve a production capacity of 67 million metric ton of iron ore by 2021-22. To accomplish this, the government has advised iron ore producers to expand their production capacities.”
According to the report, one of the major drivers for this market is Increased seaborne iron ore trade. One of the major challenges for any iron ore producer is the efficiently designed logistic services. Since many major iron ore producers export their product to international customers than domestic, they preferred integrated rail, road, and seaway logistic system. Among these, seaborne iron ore trade is one of a major driving factor in iron ore export and import market.
Further, the report states that one of the major factors hindering the growth of this market is High capital investment market. Iron ore market is a highly capital-intensive market with huge investments in heavy equipment and machinery required for mining activities. It also requires investment in designing its logistic infrastructure such as railways and harbors for transportation. Also, the government in various regions impose duties and regulations on mining industry which must be met by iron ore manufacturers. The existence of international and domestic players in the market hinders the opportunities for new players to enter the market.
Rio Tinto, Vale, BHP, ArcelorMittal, Fortescue Metals Group, and Anglo American
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