The India iron ore market size reached USD 9.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 12.3 Billion by 2033, exhibiting a growth rate (CAGR) of 2.62% during 2025-2033. The market is fueled by growing domestic steel production, expanding infrastructure projects, and strong export demand, especially from China, while government policies, new reserve auctions, and enhanced logistics support supply, with environmental regulations and price fluctuations shaping market dynamics.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
|
2024
|
Forecast Years
|
2025-2033
|
Historical Years
|
2019-2024
|
Market Size in 2024 | USD 9.7 Billion |
Market Forecast in 2033 | USD 12.3 Billion |
Market Growth Rate (2025-2033) | 2.62% |
Rising Domestic Demand from Steel Sector
India's expanding steel industry remains a key driver for iron ore demand, fueled by government-led infrastructure projects, urbanization, and industrial growth. The National Steel Policy aims for 300 million tonnes of steel production by 2030, significantly increasing the need for high-grade iron ore. Large steel producers are expanding capacity, which results in higher domestic raw material procurement. Also, policies like "Make in India" and the Production Linked Incentive (PLI) scheme induce production of steel, strengthening iron ore consumption. Supply chain efficiency and policy change in the mining sector also aid in the growth of the sector. However, regulatory barriers and environment issues create challenges, which affect pricing and production trends in the long term.
Export Growth Amidst Global Demand Shifts
India's exports of iron ore have grown, with China and other Asian buyers dominated by strong demand. Indian miners continue to gain from periodic government actions notwithstanding, following supply disruptions globally in Australia and Brazil. The global move towards emerging economies in steel production has provided new export markets, with demand increasing for low-alumina and high-grade iron ore fines. Domestic supply deficiencies and seasonal fluctuations affect trade flows, though. In November 2024, exports fell 20% month-on-month to 1.53 million tonnes from 1.97 million tonnes in October, mainly because of softer demand from China. Geopolitical trade policies and volatile freight rates also affect export competitiveness, but cost-efficient mining operations in India support its global presence. With optimized beneficiation and processing capacities, the industry continues to ride market fluctuations while holding a strong position in global trade.
Policy Reforms and Mining Sector Developments
Government initiatives aimed at streamlining mining operations have significantly improved transparency and efficiency in India’s iron ore sector. The introduction of auction-based allocation for mineral blocks has boosted production, with provisional iron ore output reaching approximately 275 million tonnes in FY 2023-24, reflecting a 7.5% annual increase. The abolition of export duties on poor-grade ore and relaxation of restriction on mining in important states such as Odisha and Karnataka further tightened supply. Further, the National Mineral Policy and changes made to the Mines and Minerals (Development and Regulation) Act favored foreign investment and private sector involvement, maximizing use of resources. Eco-friendly practices in mining with newer techniques for beneficiation are on the rise for minimizing waste generation and maximizing the yield. Yet, environmental laws and land acquisition issues remain obstacles to massive projects, affecting long-term production and market stability.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on type and end use.
Type Insights:
The report has provided a detailed breakup and analysis of the market based on the type. This includes fines, lumps, pellets, and others.
End Use Insights:
A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes steel industry, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
---|---|
Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
|
Types Covered | Fines, Lumps, Pellets, Others |
End Uses Covered | Steel Industry, Others |
Regions Covered | North India, South India, East India, West India |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: