According to Technavio’s latest report, the global iron ore market outlook is expected to grow at a CAGR of over 3% during the forecast period. This means that it will reach 2.2 billion tonnes by 2019.
The global iron ore market is growing at a steady pace during the forecast period. Primarily, iron ore is consumed in steel making. Approximately 98% of iron ore produced is used in the steel making process. Thus, the market is driven by the demand from sectors such as construction, infrastructure, transportation, and related industrial applications.
The major iron ore producing regions are Australia, and Brazil. Brazil hosts five of the largest iron ore mines, Australia five, and Africa one. The Australian iron ore sector is export-oriented and exports approximately 80% to 90% of its production.
According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for
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