Iron ore production in Sweden, measured in million metric tons of iron content, stood at 15.1 in 2023. Over the previous two years, production experienced slight declines of 0.57% in 2022 and 0.56% in 2023. Historically, since 2013, the highest annual production was 22.6 million metric tons, but it significantly dropped by 33.63% in 2015. In the years that followed, fluctuations continued, with the most significant drop of 17.49% observed in 2020, followed by a recovery increase of 19.78% in 2021. The 5-year Compound Annual Growth Rate (CAGR) leading up to 2023 was -0.58%, indicating a slight declining trend overall.
Looking ahead, the forecast from 2024 to 2028 shows a consistent but slight decline in iron ore production, with the forecasted 5-year CAGR at -0.47% and a total projected reduction of 2.35% over this period. By 2028, production is expected to fall to 14.66 million metric tons.
Future trends to watch for include potential technological advancements in mining and processing, shifting global demand for iron ore, environmental regulations, and economic conditions that may impact production levels and efficiency in Sweden.
