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Iron Ore Mining Market Sees Promising Growth

“Data Bridge Market Research” has recently added a concise research on the Iron Ore Mining Market to depict valuable insights related to significant market trends driving the industry. The report features analysis based on key opportunities and challenges confronted by market leaders while highlighting their competitive setting and corporate strategies for the estimated timeline. Some are the key & emerging players that are part of coverage and have being profiled are Rio Tinto; BHP; Vale; Anglo American; Fortescue Metals Group; Indiana Resources; Shree Minerals Ltd.; Mount Gibson Iron; ArcelorMittal; Great Panther Mining Limited; Atlas Iron Pty Ltd; Iron Ore Company of Canada; KIOCL Limited

Global iron ore mining market is expected to grow with a steady CAGR in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the rising levels of development activities from the Asia-Pacific region resulting in enhanced industrialization.

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Market Definition: Global Iron Ore Mining Market

Iron ore mining is the process of extraction of iron mineral from the various mineral deposits and rocks present in mines. The rocks are extracted and undergo the smelting process so that the melted iron can be poured into molds so that various iron-based products are formed

Market Drivers:

  •          High levels or urbanization and industrialization activities globally resulting in requirement of iron for infrastructure engineering activities; this factor is expected to positively drive the growth of the market
  •          Increasing support from the government in the form of favourable policies and compliances for undertaking or adoption of mining activities; this factor is expected to drive the market growth

Market Restraints:

  •          Requirement of significant amounts of capital for mining activities are factors restraining the growth of the market
  •          Complications and issues towards the environment associated with mining and specifically iron ore mining are factors restraining the growth of the market

Key Developments in the Market:

  •          In August 2018, MINERAL RESOURCES LIMITED announced that they had completed the acquisition of Cleveland-Cliffs Inc.’s Koolyanobbing iron ore business division along with the assets utilized in that mine. This will enable export and transportation of iron ore from the region and provide significant economic benefits to the region.
  •          In July 2017, JSW announced that they had purchased a number of iron ore mines in India. The mines located at different regions of Karnataka are expected to increase the annual capacity of iron ore extraction by 4.7 metric tonnes annually. All of the mines are expected to be deemed operational by the end of the fiscal year 2017-18.

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Top Manufacturers Covered in the Report:

Few of the major competitors currently working in iron ore mining market are Rio Tinto; BHP; Vale; Anglo American; Fortescue Metals Group; Indiana Resources; Shree Minerals Ltd.; Mount Gibson Iron; ArcelorMittal; Great Panther Mining Limited; Atlas Iron Pty Ltd; Iron Ore Company of Canada; KIOCL Limited; Cleveland-Cliffs Inc.; GFG Alliance; Eurasian Resources Group; JSW; MINERAL RESOURCES LIMITED; Exxaro; FERREXPO; Ferrous Recursos Limitada; Glencore; IRC Company Limited; LKAB Koncernkontor; Severstal and Sydvaranger.

Competitive Analysis: Global Iron Ore Mining Market

Global iron ore mining market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of iron ore mining market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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