The global magnetite iron ore market is expected to register a steady revenue CAGR over the forecast period. The magnetite iron ore market revenue growth is primarily driven by factors such as the quality of iron contain and the low carbon emission as well as low production costs. The governments and corporations are trying to find more magnetite iron ore to meet rising demand for steel.
A mineral reserve is a found naturally accumulated with an extremely high concentration of a particular mineral. An ore is a mineral deposit containing a metal that can be mined using current technology. Iron is derived from two iron ores namely, magnetite and hematite. Magnetite is ferromagnetic, which means that it is attracted to an external magnetic field; magnetite particles can behave as small magnets when magnetized. Magnetite is typically used to extract iron as pig iron or sponge iron. This iron is then used to manufacture steel. Magnetite can also function as a catalyst. It is the catalyst utilized in industrial-scale ammonia synthesis. Other uses include using it as a catalyst in the haber process to produce ammonia, as a pigment in varnishes and porcelain, and as magneto strictive micro- and nanoparticles in a number of techniques and substances.
Top Companies Operating in the Global Magnetite Iron Ore Market:
- Vale S.A. (Brazil)
- Rio Tinto Corporation (U.K.)
- BHP Group Limited (Australia)
- Fortescue Metals Group Ltd (Australia)
- Anglo American PLC (U.K.)
- Iron Ore Company of Canada (Canada)
- Labrador Iron Mines Holdings Limited (Canada)
- Champion Minerals Inc. (Canada)
- Cap-Ex Ventures Ltd (Canada)
- Cliffs Natural Resources Inc. (U.S.)
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Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
Magnetite has diverse range of usage, which makes it a key element in various industries, for instance, it is used to make steel, bolts, household gadgets, décor, equipment, flyovers, industrial facilities, automotive, heavy machinery, industrial machinery, infrastructure development, shipbuilding, railways, railway lines, and other items. Magnets, high-frequency cores, auto parts, and as a catalyst all use powdered iron. Radioactive iron (iron 59) is often used in medicine as well as in neurochemical and metallurgical research as a tracer component. Paints, dyes and pigments, polymers, personal care products, and paper and textile industries all use iron blue. Black iron oxide is a pigment that is also used in polishing compounds, medicines, and magnetic inks, which is another factor contributing to revenue growth of the market during the forecast period.
Table of Contents:
- Report Overview
1.1 Research Scope
1.2 Key Magnetite Iron Ore market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline - Global Growth Trends
2.1 Global Magnetite Iron Ore market size
2.2 Latest regional market trends
2.3 Emerging growth trends - Competitive Outlook
3.1 Global Magnetite Iron Ore market key players
3.2 Global Magnetite Iron Ore size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Magnetite Iron Ore market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Magnetite Iron Ore Market Segmentation
Type Outlook (Revenue, USD Billion; 2019-2030)
- Primarily Hematite
- Magnetite
- Others
Application/End-use Outlook (Revenue, USD Billion; 2019-2030)
- Iron and Steel
- Medication
- Others
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