$299.1bn
$XX.Xbn
711k
6,478
$XX.Xbn
Iron ore miners have enjoyed growth over the past five years. Elevated iron ore prices have spurred revenue and profit expansion, even as global production has only increased modestly. Prices increased sharply in 2019, 2020 and 2021 but have begun to normalize late over the past five years. Industry revenue has been increasing at a CAGR of 1.6% over the past five years to account for an estimated $299.1 billion in 2024, including an estimated decrease of 2.8%.
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $299.1bn in 2024.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Vale SA | 31,803.6 | 16,264.0 | 51.1 | |
BHP Group Limited | 29,505.2 | 17,857.7 | 60.5 | |
Rio Tinto PLC | 28,683.1 | 11,030.2 | 38.5 |
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Industry revenue is measured across several distinct product and services lines, including Iron ore fines and Iron ore pellets. Iron ore fines is the largest segment of the Global Iron Ore Mining.
Iron ore fines are key inputs for steel production and construction
The Global Iron Ore Mining industry consists of companies that mine iron-bearing ores that are primarily hematite, magnetite and taconite. In addition to ore extraction, mining includes the development of mine sites and the processing of ore mined into a concentrate or pellet form. The iron ore and iron ore pellets are then sold as an input to blast furnace steel production.
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Higher prices have led to revenue growth for iron ore miners. While global iron ore production has just increased modestly over the past five years, favorable pricing has led...
Learn about an industry's products and services, markets and trends in international trade.
Iron ore fines remains the industry’s largest product segment. Iron ore pellets also accounts for a significant portion of demand.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Australia accounts for a significant portion of establishments. Western Australia, in particular, is where most of the iron ore is mined.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Being able to properly manage costs is a vital competitive tool. Low operational expenses enable companies to better withstand reductions in iron ore prices
Learn about the performance of the top companies in the industry.
Vale SA is the largest global producer of mined iron ore. The company is located in Brazil and the bulk of its output is exported to other countries.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Iron ore miners are under heavy environment and noise regulation. These include the Clear Water Act, Resource Conservation and Recovery Act, Clean Air Act, the Cluster Rule a...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wage costs have climbed over the past five years. Despite iron ore miners' continued investment in automation, labor remains a crucial input.
Including values and annual change:
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The market size of the Global Iron Ore Mining industry in Global is $299.1bn in 2024.
There are 6,478 businesses in the Global Iron Ore Mining industry in Global, which has grown at a CAGR of 0.0 % between 2019 and 2024.
The market size of the Global Iron Ore Mining industry in Global has been growing at a CAGR of 1.6 % between 2019 and 2024.
Over the next five years, the Global Iron Ore Mining industry in Global is expected to decline.
The biggest companies operating in the Global Iron Ore Mining market in Global are Vale SA, BHP Group Limited and Rio Tinto PLC
Mining iron bearing ore and Processing iron bearing ore into pellets are part of the Global Iron Ore Mining industry.
The company holding the most market share in Global is Vale SA.
The level of competition is high and steady in the Global Iron Ore Mining industry in Global.