The global iron ore market size is estimated to grow by USD 57.5 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 3.2% during the forecast period.
APAC is estimated to contribute 89% to the growth of the global market.
The iron ore market in APAC is anticipated to expand due to the rising demand for steel in the region. This demand is driven by industrialization and infrastructure development projects in countries like Indonesia, South Korea, and India.
Notably, Indonesia has announced a USD430 billion investment in infrastructure by 2024. Several industrial, commercial, and residential projects are underway in these countries, fueling the need for iron ore. Additionally, increasing government initiatives to boost steel production will further boost the demand for iron ore in APAC during the forecast period.