Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $299.1bn in 2024.
Trends and Insights
Iron ore prices have been extremely volatile
- Even as iron ore prices began at a high in 2019, they have continued to climb over the past five years. The collapse of Vale’s dam and weather disrupting production by BHP Billiton and Rio Tinto led to large price increases in 2019. While iron ore prices initially dropped following the outbreak of COVID-19, they recovered in 2020 as China's 2020 stimulus plan and infrastructure investments spurred strong demand for iron ore.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Iron ore miners set to face declines, but bright spots remain
- While Chinese demand for iron ore is set to decline as the country focuses on using recycled scrap metal and construction spending may slow alongside the country’s aging population, iron ore miners will only face moderate declines.
Biggest companies in the Global Iron Ore Mining
| Company | Market Share (%)
2024 | Revenue ($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 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
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.
Trends and Insights
Iron ore fines are key inputs for steel production and construction
- Most ore consist of fines or small particles, that are beneficiated to increase iron content and are agglomerated into materials that can be charged in blast furnaces more easily.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Mining iron bearing oreProcessing iron bearing ore into pelletsCompanies
Vale SABHP Group LimitedRio Tinto PLCPurchase this report to view all 5 major companies in this industry.
Related Terms
IRON OREIRON ORE PELLETOPEN CUT MININGTACONITEMAGNETITEHEMATITEFINESPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Iron ore fines remains the industry’s largest product segment. Iron ore pellets also accounts for a significant portion of demand.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Australia accounts for a significant portion of establishments. Western Australia, in particular, is where most of the iron ore is mined.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2024
- Share of population compared to output in each region in 2024
- Data tables
- Share of global output by region in 2024
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
Being able to properly manage costs is a vital competitive tool. Low operational expenses enable companies to better withstand reductions in iron ore prices
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
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.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Vale SA's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of BHP Group Limited's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Rio Tinto PLC's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Vale SA, and factors influencing its performance in the industry
- Description and key data for BHP Group Limited, and factors influencing its performance in the industry
- Description and key data for Rio Tinto PLC, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
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...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Wage costs have climbed over the past five years. Despite iron ore miners' continued investment in automation, labor remains a crucial input.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Iron Ore Mining industry in Global in 2024?
The market size of the Global Iron Ore Mining industry in Global is $299.1bn in 2024.
How many businesses are there in the Global Iron Ore Mining industry 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.
Has the Global Iron Ore Mining industry in Global grown or declined over the past 5 years?
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.
What is the forecast growth of the Global Iron Ore Mining industry in Global over the next 5 years?
Over the next five years, the Global Iron Ore Mining industry in Global is expected to decline.
What are the biggest companies in the Global Iron Ore Mining market in Global?
The biggest companies operating in the Global Iron Ore Mining market in Global are Vale SA, BHP Group Limited and Rio Tinto PLC
What does the Global Iron Ore Mining in Global include?
Mining iron bearing ore and Processing iron bearing ore into pellets are part of the Global Iron Ore Mining industry.
Which companies have the highest market share in the Global Iron Ore Mining in Global?
The company holding the most market share in Global is Vale SA.
How competitive is the Global Iron Ore Mining industry in Global?
The level of competition is high and steady in the Global Iron Ore Mining industry in Global.
Related Industries
Widen your competitive advantage with related industries
Competitors
- Global Gold and Silver Ore Mining
- Global Copper, Nickel, Lead and Zinc Mining
Complementors
- Global Coal Mining
- Global Iron and Steel Mills
International industries
- Iron Ore Mining in the US
- Iron Ore Mining in Canada
- Iron Ore Mining in Australia
- Iron Ore Mining in New Zealand
- Iron Ore Mining in China
Methodology
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IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
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