Iron Ore Mining Market Characteristics
The iron mining market consists of sales of iron ores and concentrates by entities (organizations, sole traders and partnerships) that mine iron ore. The industry includes establishments that develop mine sites, mine and beneficiate iron ore and produce sinter iron ore, except iron ore produced in iron and steel mills. It also includes producing other iron ore agglomerates.
Competitive Landscape of the Iron Ore Mining Market
Major players in the global iron ore mining market include Arcelor Mittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), POSCO, TATA STEEL and VALE.
Iron Ore Mining Market Size
The iron ore mining market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the iron ore mining market is due to increase in construction projects in rapidly developing countries such as China and India owing to rise in population and infrastructure development.
However, the market for iron ore mining is expected to face certain restraints from several factors such as interest rate increases, workforce issues and safety.
Iron Ore Mining Market Segmentation
The global iron ore mining market is further segmented based on type and geography.
By Type - The iron ore mining market is segmented into construction, manufacturing and others.
By Geography - The global iron ore mining is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific iron ore mining market accounts the largest share in the global iron ore mining market.
Trends in the Iron Ore Mining Market
The use of autonomous hauling systems (AHS) trucks in the iron ore mining industry is significantly enhancing production efficiency and reducing turnaround time. AHS control and track mining vehicle movements, coordinates and autonomously drives off-highway haul trucks operating in a mine, as the major trends witnessed in the global iron ore mining market.
Potential Opportunities in the Iron Ore Mining Market
With increase in building and construction projects the scope and potential for the global iron ore mining market is expected to significantly rise in the forecast period.
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