Metric sales

Global iron ore market to reach 2.7 billion metric tons by 2026

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Editing: 16; Published: February 2022
Executive Pool: 3243
Companies: 97 – Players covered include Anglo American Plc; ArcelorMittal SA; BHP Billiton Group; Champion Iron Limited; Cleveland-Cliffs Inc.; Ferrexpo plc; Fortescue Metals Group Ltd. ; Hainan Mining Co.,Ltd. ; Hancock Prospecting Pty Ltd; Luossavaara-Kiirunavaara AB; Mechel PAO; Metalloinvest MC LLC; Rio Tinto Group; United States Steel Company; Vale SA and others.
Blanket: All major geographies and key segments
segments: Product type (fines, HBI/DRI, granules, lumps)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Turkey; Ukraine; Rest of Europe; Asia Pacific; India; South Korea; Taiwan; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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Global iron ore market to reach 2.7 billion metric tons by 2026
Supported by end-use industries and the positive outlook in both developed and developing economies, demand for steel is expected to increase in 2021 and 2022. The industry is expected to benefit from the eventual stabilization of the ongoing waves of COVID-19 as well as vaccination programs, facilitating a gradual return of the main steel-consuming countries to normal. The steel industry has experienced a faster-than-expected recovery from the impact of lockdowns and production interruptions amid the COVID-19 outbreak. The rebound can be attributed to the strong contribution from major end-use sectors like construction and automotive. Representing the main consumer of steel, the global construction sector saw a drop in production in 2020, considerably greater than the 2% drop recorded during the financial recession of 2009. However, the sector is expected to recover quickly and likely to reach 2019 levels. Factors that are likely to hinder the growth of this sector are steel overcapacity, fluctuating demand for iron ore, fluctuating prices, coronavirus pandemic, rising interest rates interest, shrinking free trade, skills shortages and the environmental effects of iron ore mining.

Amid the COVID-19 crisis, the global iron ore market estimated at 2.3 billion metric tons in 2022 is expected to reach a revised size of 2.7 billion metric tons by 2026, with growth at a CAGR of 3.7% over the analysis period. . Fines, one of the segments analyzed in the report, is expected to grow at a CAGR of 4% to reach 1.3 billion metric tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the HBI/DRI segment is readjusted to a revised CAGR of 3.4% for the next 7-year period. This segment currently accounts for a 27.3% share of the global iron ore market.

The US market is estimated at 33.5 Million metric tons in 2022, when China is expected to reach 1.6 Billion metric tons by 2026
The iron ore market in the United States is estimated at 33.5 million metric tons in 2022. The country currently accounts for a 1.5% share of the global market. China, the world’s second largest economy, is expected to reach an estimated market size of 1.6 billion metric tons in 2026 growing at a CAGR of 4.1% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 1.6% and 1.9% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.9% while the rest of the European market (as defined in the study) will reach 1.7 billion metric tons by the end of the analysis period. Traditionally, China has been the main driver of growth in the iron ore industry across the world and is expected to remain so for the next few years. Any change in the country’s steel production significantly influences the global iron ore trade. China’s demand for iron ore is driven primarily by rapid urbanization and industrialization and robust GDP growth, which exceeds the growth rates of most western countries.

Segment of pellets to reach 426.3 Million metric tons by 2026
In the global Pellets segment, United States, Canada, Japan, China and Europe will drive the CAGR of 3% estimated for this segment. These regional markets representing a combined market size of 244.9 million metric tons will reach a projected size of 329.6 million metric tons by the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific is expected to reach 81 million metric tons by 2026, while Latin America will grow at a CAGR of 3.6% over the analysis period. Continued

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