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.
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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.
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.
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This
research report analyzes this market on the basis of its market
segments, major geographies, and current market trends. Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
This
report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This
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technology, Porter’s five force model analysis and detailed
profiles of top industry players. The report also includes a review
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and new entrants along with detailed value chain analysis.
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