Metal Ore Mining Market Characteristics
The metal ore mining market consists of sales of metal ores and concentrates by entities (organizations, sole traders and partnerships) that mine metallic mineral ores. The industry includes establishments developing mine sites, ore dressing, and other beneficiating operations such as crushing, grinding, washing, drying, sintering, concentrating, calcining, and leaching.
Competitive Landscape of the Metal Ore Mining Market
Major players in the global metal ore mining market include Rio Tinto Plc, Vale SA, BHP Billiton Ltd, Barrick Gold, Anglo American Plc, Fortescue Metals Group Ltd, Newmont Mining Corporation, AngloGold Ashanti, Kinross Gold, Gold Corp.
Metal Ore Mining Market Size
The metal ore mining market size is expected to reach $660 billion by 2022, significantly growing at a CAGR of around 10% during the forecast period. The growth in the metal ore mining market is due to the expectation of greater stability in the commodity prices, and rising demand for iron ore products from developing countries such as China and India, for purposes of building and construction and manufacturing.
However, the market for metal ore mining is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Metal Ore Mining Market Segmentation
The global metal ore mining market is further segmented based on type and geography.
By Type - The metal ore mining market is segmented into metal ore, iron ore, gold, silver, uranium, vanadium, and all other metal ore mining, among these segments, the gold market accounts for the largest share in the global metal ore mining market.
By Geography - The global metal ore mining is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific metal ore mining market accounts the largest share in the global metal ore mining market.
Trends in the Metal Ore Mining Market
Robotics in mining, renewable energy in metal ore mining and cognitive computing will boost the mining sector are the major trends witnessed in the global metal ore mining market.
Potential Opportunities in the Metal Ore Mining Market
With increase in positive economic outlook, improved technology, emerging markets growth, the scope and potential for the global metal ore mining market is expected to significantly rise in the forecast period.