Iron is one of the most vital products used across the globe. Iron is extracted from Iron ore situated beneath the rock and minerals. These ores are wealthy in iron oxide (Fe2O3) and prmarlydiffer over color such as grey, deep yellow, rusty red to deep purple. Iron is largely found in form of goethite (FeO(OH)), siderite (FeCO3), limonite (FeO(OH).n(H2O)), hematite (Fe2O3) and magnetite (Fe3O4). One of the most vital iron ore resources can be found in sedimentary rocks such as Banded Iron Formations. Iron is widely used over the structural engineering applications, maritime purpose, automobiles & general industrial applications. The use of iron ore is reduced to pig iron by using coke for extracting crude iron metal. The Iron is not so strong in its pure form; it is hardened & strengthens by mixing of impurities associated as carbon. The Iron ores carry a high quantity of hematite or the magnetites are called as the natural ore which can be directly fed into the blast furnace for extraction of iron. In the iron ore mining process, the rocks carrying the high quantity of ore are identified, and followed by the drilling of blast holes in the rocks. The iron mining market consists of sales of iron ores and concentrates by the entities which mine the iron ore. The iron ore industry include establishments that develops mine sites, mine and beneficiate iron ore and producing sinter iron ore, except the iron ore produced in iron & steel mills. The amount of extraction and usage can be directly correlated to country’s GDP.
According to study, “Iron Ore Mining Global Market Report 2019” the key companies operating in the global iron ore mining market are Arcelor Mittal, POSCO, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Tata Steel Ltd., VALE, IMX Resources Limited, Rio Tinto Group, Northern Iron, BHP Billiton Limited, Shree Minerals Ltd., Western Desert Resources Limited, Pluton Resources Limited (PLV), Mount Gibson Iron Limited, Beadell Resources Ltd., ArcelorMittal.
Based on products and services, market is segmented into iron ore pellets & pellet feed, iron ore fines and others. Based on mining type, market is segmented into underground mining, surface mining, and others. Surface mining is also called open-pit or open-cast mining. It is a cheaper process to extract the iron ore from the ground. Based on activities, market is segmented into mining iron bearing ore and processing iron bearing ore into pellets. In addition, based on end-user, market is segmented into manufacturing, construction and others.
The market is driven by rise in demand from the construction sector, followed by increase in demand for pig iron and sponge iron. Moreover, increase in building & construction projects is a key opportunity for market. Based on 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 significant share owing to rapid development and industrialization in the region. 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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Ankur Gupta, Head Marketing & Communications