A Comprehensive Guide to Iron Ore Procurement Intelligence
The global iron ore category is anticipated to grow at a CAGR of 3.89% from 2023 to 2030. Growth of the category can be attributed to increased demand from manufacturing, automotive, energy and construction sectors due to increasing urbanization, and robust economic growth in emerging markets. Iron ores extracted from mines are turned into pigments that are used to produce steel, which has wide range of end-use applications. Rising production of steel in developing economies, particularly in those of Asia Pacific, such as India, China, and Vietnam, is a crucial factor fuelling the demand for pellets, thus, supporting the growth for global category. However, factors such as stringent guidelines laid by the governments across the globe over mining operations and shortage of workforce may hinder the growth of global category. Technologies that drive the global category include automation, digital twins, IoT (internet of things), automated drilling, 3D imaging, and autonomous haulage. Aut...