Iron Ore Mining in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
NAICS 21221CARevenue
$11.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
6,841
Businesses
10
Wages
$X.Xbn
Iron Ore Mining in Canada industry analysis
Iron ore miners have experienced significant growth for most of the period since iron is used to produce steel, linking performance directly to the strength of the global economy and construction markets. Exports are a significant market for miners and heightened demand from China alongside expansions from other major trading partners has been beneficial, as iron ore prices have spiked amid supply shortages. Overall, revenue has swelled at a CAGR of 4.6% to $11.8 billion through the end of 2024. Profit also pushed upward since steel producers had no choice but to pay higher prices amid low supply. Even so, revenue is set to dip a modest 0.3% in 2024 alone as prices push down and the economy fully recovers.
Trends and Insights
- The pandemic caused supply chain issues, leading to significant price hikes that boosted revenue. Even so, revenue gradually declined as supply shortages were resolved toward the end of the period.
- Other products enjoy growth as steelmakers diversify their production process. Steelmakers are increasingly adopting electric arc furnaces to use more energy-efficient direct-reduced iron (DRI) and hot-briquette iron (HBI).
- Nearly all operational mines are located in the Labrador Trough, Quebec or Nunavut. Some of these are actively operated mines and others are facilities engaged in beneficiating or otherwise preparing iron ores.
- Iron ore miners primarily compete based on price, creating a highly competitive landscape despite the low number of enterprises. Miners toward cost management to gain a competitive edge, with more prominent companies becoming vertically integrated.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.6 % over the past five years, to reach an estimated $11.8bn in 2024.
Trends and Insights
Price hikes and ramped up production aids growth
- Iron ore prices are determined by global supply and demand conditions for the commodity. Iron ore is made into steel for use in buildings, railways and other infrastructure and its importance to a modern economy has been compared with oil.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Exports continue to hold down the fort
- Miners' historical reliance on foreign trade to drive revenue growth will continue as emerging economies industrialize and engage in construction activity. Exports are set to swell and account for more than three-quarters of revenue.
Biggest companies in the Iron Ore Mining in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Iron Ore Company of Canada | 3,333.6 | 902.6 | 27.1 | |
ArcelorMittal | 3,167.5 | 1,472.5 | 46.5 | |
Baffinland | 354.1 | 129.4 | 36.5 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Iron Ore Mining in Canada
Products & Services
Industry revenue is measured across several distinct product and services lines, including Iron ore pellets and Iron ore concentrates and other . Iron ore pellets is the largest segment of the Iron Ore Mining in Canada.
Trends and Insights
Production for concencreates remain elevated
- Iron products in the form of concentrates and lump iron are typically used for steel production. Some may be used for alloying, refining lead and manufacturing cement or other products.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Copper, Nickel, Lead & Zinc Mining in Canada
Complementors
- Coal Mining in Canada
- Gold & Silver Ore Mining in Canada
- Stone Mining in Canada
- Sand & Gravel Mining in Canada
- Iron & Steel Manufacturing in Canada
International industries
- Global Iron Ore Mining
- Iron Ore Mining in the US
- Iron Ore Mining in Australia
- Iron Ore Mining in New Zealand
- Iron Ore Mining in China
Table of Contents
About this industry
Industry definition
The Iron Ore Mining industry in Canada mines iron ore and manganiferous ores valued primarily for their iron content. Companies in this industry also process ore into a concentrated or pellet form. This industry excludes blast furnace operations.
What's included in this industry?
Iron ore miningIron ore beneficiatingCompanies
Iron Ore Company of CanadaArcelorMittalBaffinlandPurchase this report to view all 3 major companies in this industry.
Related Terms
BENEFICIATIONIRON ORE PELLETSPELLETIZINGTACONITEIndustry Code
NAICS 212210 - Iron Ore Mining in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The pandemic caused supply chain issues, leading to significant price hikes that boosted revenue. Even so, revenue gradually declined as supply shortages were resolved toward...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Other products enjoy growth as steelmakers diversify their production process. Steelmakers are increasingly adopting electric arc furnaces to use more energy-efficient direct...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Nearly all operational mines are located in the Labrador Trough, Quebec or Nunavut. Some of these are actively operated mines and others are facilities engaged in beneficiati...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Iron ore miners primarily compete based on price, creating a highly competitive landscape despite the low number of enterprises. Miners toward cost management to gain a compe...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The Canadian government added high-grade iron ore to its Critical Minerals List, creating new opportunities for mining companies. This move is great news for Baffinland as it...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Iron Ore Company of Canada's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of ArcelorMittal's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Baffinland's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Iron Ore Company of Canada, and factors influencing its performance in the industry
- Description and key data for ArcelorMittal, and factors influencing its performance in the industry
- Description and key data for Baffinland, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Mining companies receive favourable tax regimes from the government. These regimes allow companies to recover invested capital before paying off taxes.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Given the industry's high capital intensity, depreciation accounts for a notable share of revenue. Recent upticks in production have caused depreciation to swell as companies...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Iron Ore Mining industry in Canada in 2024?
The market size of the Iron Ore Mining industry in Canada is $11.8bn in 2024.
How many businesses are there in the Iron Ore Mining in Canada industry in 2024?
There are 10 businesses in the Iron Ore Mining industry in Canada, which has grown at a CAGR of 7.4 % between 2019 and 2024.
Has the Iron Ore Mining industry in Canada grown or declined over the past 5 years?
The market size of the Iron Ore Mining industry in Canada has been growing at a CAGR of 4.6 % between 2019 and 2024.
What is the forecast growth of the Iron Ore Mining industry in Canada over the next 5 years?
Over the next five years, the Iron Ore Mining industry in Canada is expected to grow.
What are the biggest companies in the Iron Ore Mining market in Canada?
The biggest companies operating in the Iron Ore Mining market in Canada are Iron Ore Company of Canada, ArcelorMittal and Baffinland
What does the Iron Ore Mining in Canada include?
Iron ore mining and Iron ore beneficiating are part of the Iron Ore Mining industry.
Which companies have the highest market share in the Iron Ore Mining in Canada?
The company holding the most market share in Canada is Iron Ore Company of Canada.
How competitive is the Iron Ore Mining industry in Canada?
The level of competition is high and steady in the Iron Ore Mining industry in Canada.
