PRN: Iron Ore Mining Market - 2020 Forecasts for Asia-Pacific & North America Regions
Iron Ore Mining Market - 2020 Forecasts for Asia-Pacific & North America Regions
DALLAS, May 10, 2012 /PRNewswire/ --
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Asia-Pacific's iron ore consumption increased from 348.2 million metric tons in 2000 to an estimated 1.6 billion metric tons in 2011. During 2012-2020, iron ore consumption in Asia is expected to increase at a CAGR of 5.2% to reach 2.6 billion metric tons in 2020. This is owing to rising demand from the steel industries of China and India, which are expected to account for a combined demand of 2.3 billion metric tons of iron ore by 2020.
North America is home to substantial high-grade iron ore reserves and, according to the United States Geological Survey (USGS) 2011, the region contributed around 13.2 billion metric tons towards global iron ore reserves at the end of 2010, accounting for an 8% share of total global reserves. The US, with potential reserves of 6.9 billion metric tons, or around 4% of the global iron ore reserves, has the largest iron ore reserves in the region, followed by Canada with a 3.6% share of the global reserves. North American iron ore reserves are predominantly magnetite and hematite grades, which are rich in ferrous content and require no further beneficiation. North America's iron ore reserves are mainly found in the provinces of Minnesota and Michigan in the US, and in the Quebec, ! Newfoundland and Labrador provinces of Canada.
A. Iron Ore Mining Market in Asia-Pacific to 2020 - Interplay Between Regional Demand for Steel and Iron Production Shapes the Competitive Landscape
The Asia-Pacific region's substantial reserves of iron ore represent a major strength over other iron ore mining regions across the globe. According to the United States Geological Survey (USGS), Asia had 61.3 billion metric tons or 36% of global crude iron ore reserves at the end of 2010. These reserves by and large are mainly located in Australia, China, Kazakhstan and India.
The region's iron ore production stood at 1.8 billion metric tons in 2011, and is expected to grow at a compound annual growth rate (CAGR) of 6.1% to reach 3.1 billion metric tons in 2020, surpassing consumption by 500 million metric tons.
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B. Â Iron Ore Mining Market in North America to 2020 - Demand for Steel in the US to Boost Regional Iron Ore Production
North America produced an estimated 97.1 million metric tons (MMt) of iron ore in 2011, and production is expected to grow at a compound annual growth rate (CAGR) of 4.1% during 2012-2020, to reach 140 MMt in 2020.
North America's iron ore consumption decreased from 90.1 MMt in 2000 to an estimated 61.7 MMt in 2011. However, during the forecast period, the North American iron ore consumption is expected to increase at a CAGR of around 3.6% to reach 86.8 MMt by 2020.
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