Top Factors Driving the Global Iron Ore Market | Technavio

Technavio market research analysts forecast the global iron ore market to grow at a CAGR of nearly 4% during the period 2018-2022, according to their latest report.

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This market research report segments the global iron ore market into the following products (fines, pellets, lump, and HBI/DRI) and key regions (China, APAC (excluding China), EMEA, and the Americas).

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In this report, Technavio analysts highlight the increased seaborne iron ore trade as a key factor contributing to the growth of the global iron ore market:

Increased seaborne iron ore trade

A major challenge for iron ore producers is the efficiently designed logistic services. As major iron ore producers export their product to international customers, they prefer integrated rail, road, and seaway logistic system. Among these, seaborne iron ore trade is a major driver for the iron ore export and import market. When compared to other means of logistics, nearly 90% of the global merchandise is carried by sea. Globalization of economies led to an increasing demand for the shipping industry in export and import of enormous amount of goods. Simultaneously, it resulted in various international trade benefits such as lower freight cost and economy of scale, among others.

According to a senior analyst at Technavio for metals and minerals, “In 2017, the demand for the global seaborne iron ore in China accounted for more than 60% of the share by volume. This is attributed to the growing steel manufacturing market and its demand from various end-user industries. Such factors are expected to drive the global iron ore market during the forecast period.”

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Global iron ore market segmentation

Of the four major products, the fines segment held the largest market share in 2017, accounting for nearly 62% of the market. The market share for this application is expected to decrease by 2022. The fastest growing application is pellets, which will account for 21% of the total market share by 2022.

China was the leading region for the global iron ore market in 2017, accounting for a market share of 62%. By 2022, China is expected to witness a positive growth and gain market share.

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