Iron Ore Mining Market Potential Growth, Share, Demand and Analysis of Key Players- Research Forecasts to 2023
Iron is one of the most important commodity used across the globe. Increasing infrastructure development and industrialization has accelerated the demand for iron. Hence, the global iron ore mining market is anticipated to grow during the forecast period. Crude Iron is produced from iron ore. Iron ore is extracted from rock and minerals. These ores are usually wealthy in iron oxide (Fe2O3) and differ in color from grey, deep yellow, rusty red to deep purple.Iron is found in the form of goethite (FeO(OH)),siderite (FeCO3), limonite (FeO(OH).n(H2O)), hematite (Fe2O3) andmagnetite (Fe3O4). The most vital iron ore resources are found in sedimentary rocks knownas Banded Iron Formations.
Iron ore isreduced to pig iron by coke to produce crude iron metal. Iron is not strong in its pure form. It is hardened and strengthen by mixing impurities such as carbon. Iron is produced from iron ore.Ores carrying higher quantity of hematite or magnetite are called natural ore and can be directly fed into blast furnace for the extraction of iron.In iron ore mining process, rocks carrying high quantity of ore are identified, followed by drilling blast holes in the rocks. After explosion, shovels load the blasted ore into trucks or conveyers. These trucks or conveyers bring the ore to the crushers to break the ore pieces into smaller chunks. These chunks are further moved to grinders to make fine powder consistency. This powder is further processed through magnetic cobbler to attract the iron and impurities are washed away. Remaining ore is converted into pellets by rolling in big drums commonly known as Pelletizing. Pellets are transported to plants for the extraction of iron.
Demand for iron is increasing at a high pace across the globe. The amount of extraction and usage can be directly correlated with any country GDP. Iron is widely used in structural engineering application, maritime purpose, automobiles and general industrial application. Hence, the demand for iron ore is expected to grow driving the global mining industry.Iron ore mining business is tremendously capital intensive as ample amount of capital is invested in heavy equipment and machinery necessary for mining activities. Various governments are introducing new policies and perks to attract private investors in the mining business. Elevated mineral prices, liberalization in mining policies and advancement in technology provide opportunities to the mining sector.
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On the basis of types of mines, the global iron ore mining market can be segmented into surface mining, underground mining and others that consists of both surface mining and underground mines.Surface mining is also called Open-Cast or Open-Pit mining. It is a cheaper procedure to extract the iron ore from the ground. In underground mining two access routes are made under the surface of earth; one for labor & material and other for the ore.
At correct depth tunnels are made in horizontal direction and iron ore is extracted through drilling and explosion.Asia is anticipated to dominate the global iron ore mining market during the forecast period. In Asia Pacific, majority of iron ore is productionin China, followed by Japan, India and Korea. Brazil, Germany and Russia are the some of the dominant extractor of iron ore across the globe. Rapid development and industrialization in Asia Pacific is anticipated to increase the production of iron ore in the region.
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Some of the key players in the global iron ore mining market are IMX Resources Limited, BHP Billiton Limited,Rio Tinto Group, Northern Iron, Shree Minerals Ltd., Pluton Resources Limited (PLV), Western Desert Resources Limited, Mount Gibson Iron Limited, Vale, ArcelorMittal and Beadell Resources Ltd. among others.