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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Iron Ore Global Market Report 2022' -
94 billion in 2021 to $188.69 billion in 2022 at a compound annual growth rate (CAGR) of 13.0%. The iron ore mining market is expected to grow to $261.71 billion in 2026 at a compound annual growth rate (CAGR) of 8.5%.
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.
The main types of iron mining are construction, manufacturing, and other types.Construction refers to the act or result of construing, interpreting, or explaining.
The carbon content is pig iron, wrought iron, and cast iron. The mining type includes underground mining, and surface mining.
Asia-Pacific was the largest region in the iron ore mining market in 2021. The regions covered in this iron ore mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growth in the iron ore mining market is due to increasing construction projects in rapidly developing countries such as China and India owing to the rising population and infrastructure development.Population refers to the whole number of people or inhabitants in a country or region.
The primary use of iron ore (98%) is to make steel.For instance, In June 2022, according to Worldometer, a US-based reference website that provides counters and real-time statistics for diverse topics, The current population of China is 1,450,341,718.
Therefore, the rising population is driving the growth of 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 tracks 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.
The countries covered in the iron mining market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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