Westford, USA, May 02, 2023 (GLOBE NEWSWIRE) -- The global Iron Ore Mining market size is expected to reach USD 4.9 billion by 2030 and exhibit a CAGR of 7.18% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing demand for the construction industry, increasing infrastructure development, technological advancement in mining techniques, increase in global steel production, government initiatives to boost mining activities and growing demand from the emerging economies fueling the Market's growth
Government Initiatives and Trends to Promote the Use of Iron Ore Mining
At a global scale, the increasing adoption of autonomous mining equipment, the shift towards higher-grade iron ore products, the rise in demand for renewable energy technologies, and the implementation of advanced technologies for improving efficiency and reducing operational costs are the trends promoting the growth.
Governments worldwide have initiated several policies and programs to promote the growth of the iron ore mining market. For example, the Indian government has allowed 100% foreign direct investment in the mining sector and introduced a National Mineral Policy to promote sustainable mining practices.
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Open-pit Type Demand to Grow Substantially in the Forecast Period
Open-pit type dominates the global market owing to its low cost. It is also highly efficient, and on the other hand, the increasing demand for steel production in various industry, especially in developing economies, is promoting its growth.
Steel Production is the Leading Application Segment
In terms of application, the steel production segment is the leading segment due to the demand from the construction industry. Moreover, the growth in infrastructure development and industrialization, along with the demand from the automotive and manufacturing sector is aiding the growth of this application segment.
Asia-Pacific is the leading Market Due to Several Government Initiatives
Region-wise, Asia-Pacific is one of the largest growing markets due to the infrastructure development and industrial growth. In terms of future projections, several government initiatives such as China's Belt and Road Initiative and India's National Steel Policy are expected to further boost the demand for iron ore mining in the Asia Pacific region.
Browse in-depth TOC on " Iron Ore Mining Market "
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Iron Ore Mining Market Report Suggests:
- In terms of application, the steel production segment dominates due to the demand for infrastructure development.
- In terms of type, the open-pit type segment is projected to gain more popularity as it is highly efficient
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Iron Ore Mining Market Segmentation:
The global Iron Ore Mining market report is segmented based on Product type, application, and region.
By Type of Mining:
- Surface Mining
- Underground Mining
- Open-pit
By Application
- Steel Production
- Medicine
- Others
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
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Iron Ore Mining Market Major Company Profiles:
- Rio Tinto
- BHP Billiton
- Vale S.A.
- Anglo American
- Fortescue Metals Group
- ArcelorMittal
- NMDC Limited
- Cleveland-Cliffs Inc.
- National Mineral Development Corporation (NMDC)
- Assmang Limited
- Kumba Iron Ore
- African Rainbow Minerals
- Mount Gibson Iron
- Labrador Iron Ore Royalty Corporation
- LKAB Minerals
- Roy Hill Holdings
- Ferrexpo
- Champion Iron Limited
- Mineral Resources Limited
- Shandong Iron and Steel Group Co., Ltd.
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