Global market to reach 2.5bn tonnes by 2026 – analysts
Published: 29 Jul 22
Amid the Covid-19 pandemic, the global market for iron-ore, estimated at 2.2-billion metric tonnes in the year 2022, was projected to reach a revised size of 2.5-billion metric tonnes by 2026, growing at a compound annual growth rate of 3.2% over the analysis, stated a report by market research company Global Industry Analysts titled 'Iron-ore - Global Market Trajectory & Analytics’. The report, published in May this year, stated that the steel industry had experienced faster-than-expected recovery from the impact of lockdowns and production disruptions amid the Covid-19 outbreak. The report attributed the rebound to the strong contribution from major end-use sectors like construction and automotive.