Major companies in the metal ore market include Vale S. A. , Rio Tinto, BHP Group, Anglo American plc, Fortescue Metals Group Limited, Barrick Gold Corp, Newmont Corporation, Lonmin, Glencore International and AngloGold Ashanti Limited.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Ore Global Market Report 2022" - https://www.reportlinker.com/p06282209/?utm_source=GNW
The global metal ore market is expected to grow from $417.68 billion in 2021 to $478.85 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The metal ore market is expected to grow to $831.22 billion in 2026 at a CAGR of 14.8%.
The metal ore market consists of sales of metal ores and concentrates by entities (organizations, sole traders and partnerships) that mine metallic mineral ores. The industry includes establishments developing mine sites, ore dressing, and other beneficiating operations such as crushing, grinding, washing, drying, sintering, concentrating, calcining, and leaching.
The main types of metal ores are gold ore, iron ore, all other metal ores, silver ore, uranium ore and vanadium ore.Vanadium ores are mineral formations that contain enough vanadium to allow extraction of the element using modern methods.
The various organization involved are large enterprises, small and medium enterprises. The different forms of metal ore include sinter fines, lumps, pellets and others.
Asia Pacific was the largest region in the metal ore market in 2021.Western Europe was the second largest region in the metal ore market.
The regions covered in the metal ore market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The presence of large metal ore reserves globally supported the metal ore mining activities.Metal ore reserves such as iron ore reserves are available in almost every country worldwide with 50 countries are involved in mining iron ore.
According to the U.S Geological Survey, countries such as Australia with 900 million tons and Brazil with 490 million tones of usable iron ore dominate the world’s iron ore exports, each having about one-third of total exports. The other reserves are in the China, USA, Russia, South Africa, Ukraine, Canada and India. The large metal ores reserve such as iron ores reserves globally supported the growth of metal ore mining market.
Many developed and developing economies are imposing restrictions on free trade, which are expected to hinder the growth of the metal ore mining market going forward. In September 2019, the US administration imposed additional 5% tariffs on cooking coal imports which have been subjected to a total of 30.5% tariffs and duties. In return, China imposed $185 billion worth tariffs exclusively on USA products. Following new tariffs on imported coal from the USA at 25%, the import of coal in China decreased from 2.09 million tons a year, i.e. 349,000 tones a month on average, to 152,000 tons for the first half of 2019. Reductions in the world free trade are expected to hinder the growth of the metal ore mining market due to the expected increase in the production costs and tariffs.
Mining companies are starting to use cognitive computing to enhance the decision-making capabilities in mining operations.The ability of cognitive computing to give insights on future trends of the industry and make real-time decisions are some of the driving factors for mining companies to implement this technology .
The key areas where cognitive computing and predictive technology helps mining companies include giving accurate information on drilling locations, depth to be drilled, predicting the equipment failure in advance and autonomous transportation.Goldcorp is using IBM Watson to analyze drilling reports and geological survey reports.
This approach assists geologists with the exploration process and by helping them make more accurate, data-driven decisions. For instance, according report by Scoop, the global cognitive computing market reached $31.3 billion in 2019.
The countries covered in the metal ore market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Vietnam, Bangladesh, Ukraine, and Iran.
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