Mining Market Definition And Segments
Mining is the process of extraction of minerals, metals and other valuable materials from the earth.
The main types of mining are mining support activities, general minerals, stones, copper, nickel, lead, zinc., metal ore, coal, lignite, and anthracite. General minerals include mine construction sand and gravel, industrial sand, kaolin and ball clay, clay and ceramic and refractory minerals, potash, soda and borate mineral, phosphate rock, or other chemical and fertilizer minerals mining. The various processes used for mining are underground mining and surface mining. The different service providers include independent contractors and companies.
The mining market covered in this report is segmented –
1) By Type: Mining Support Activities, General Minerals, Stones, Copper, Nickel, Lead, And zinc., Metal Ore, Coal, Lignite And Anthracite
2) By Process: Underground Mining, Surface Mining
3) By Service Provider: Independent Contractors, Companies
Sub segments: Coal Mining Support Activities, Metal Mining Support Activities, Non-Metallic Minerals Mining Support Activities, Potash, Salt, Magnesite, Sulfur, Kaolin, Asbestos, Feldspar, Boron, Gypsum, Talc, Graphite, Baryte, Bentonite, Diatomite, Lithium, Selenium, Perlite, Vermiculite, Arsenic, Diamond, Other General Minerals, Dimension Stones, Crushed Stones, Nickel, Lead And Zinc: Copper, Nickel, Lead And Zinc., Gold Ore, Iron Ore, Silver Ore, Uranium Ore, Vanadium Ore, All Other Metal Ores, Lignite And Anthracite: Coal, Lignite, Anthracite
The mining market size has grown strongly in recent years. It will grow from $2138.73 billion in 2023 to $2276.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to technological advancements, an increase in investments in mining, favorable government policies, the use of renewable energy in mining and the rapid change in commodity prices.
The mining market size is expected to see strong growth in the next few years. It will grow to $2825.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to a rise in infrastructure development, increasing merger and acquisition activities, increasing implementation of autonomous equipment and increasing construction activities will drive the market growth. Major trends in the forecast period include focus on use of lidar (light detection and ranging), drone technology, product innovations, launch of digital twin, use of 3d mine visualizers, battery-driven mining machinery and equipment, technological advancements, automated mining machinery and a rise in the use of telematics.
Government Policies To Support The Mining Industry To Drive The Mining Market.
Governments are providing subsidies and encouraging foreign direct investments (FDI) in the mining industry. The amount of government support includes the support through governments' public finance institutions such as bilateral development banks and export credit agencies investing in mining projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned mining and utility companies. For instance, in 2021, the Ministry of mines of the Government of India, enacted the Mines and Minerals Amendment Act 2021, and published The Mineral Conservation and Development Rules to facilitate the growth of Mining industry in India and to regulate the industry. These government policies will continue to support the growth of the mining market.
Increasing Demand For Minerals And Metals Boosts The Mining Market
Increasing demand for minerals and metals is expected to propel the growth of the mining market going forward. A mineral is defined as a naturally occurring substance characterized by its unique chemical and physical properties, composition, and atomic structure. Metals are elementary substances, such as gold, silver, and copper, and are often good conductors of electricity and heat, shiny, and malleable. The demand for minerals and metals is being driven by a combination of factors, including economic growth and use of raw materials for a wide range of industries, including construction, electronics, automotive, and renewable energy. For instance, in May 2023, according to Natural Resource Canada, a Canada-based official website, the 2021 value of Canadian mineral production was $55.5 billion, 20% higher than the 2020 value of $46.4 billion. Metals’ value of production increased by 13% in 2020. Therefore, increasing demand for minerals and metals is driving the growth of the mining market.
Major companies operating in the mining market report are BHP Group Limited, Rio Tinto Group, Glencore PLC, Vale S.A., China Shenhua Energy Company Limited, Anglo American PLC, China Coal Energy Company Limited, Jiangxi Copper Corporation Limited, Yankuang Energy Group Company Limited, Zijin Mining Group Company Limited, National Mineral Development Corporation, Vedanta, Hindustan ZInc., Hindalco Industries, Bharat Aluminium Company, Rajasthan State Mines And Minerals, Gujarat Mineral Development Corporation, Fortescue Metals, Newcrest Mining, South32, Evolution Mining, China Northern Rare Earth Group High-Tech Co Ltd., Shaanxi Coal And Chemical Industry Group Co Ltd., China Molybdenum Co Ltd., Shandong Gold Mining Co Ltd., Nyrstar Stolberg Gmbh, Voerde Aluminium Gmbh, Thyssen Schachtbau Holding Gmbh, Imerys Metalcasting Germany Gmbh, ENGINEERING DOBERSEK Gmbh, Barbara Rohstoffbetriebe Gmbh, Fastner & Co, Eramet, Manoir Industries, Terreal Marketing, Eurasia Mining, Petropavlovsk, Kaz Minerals, Hochschild Mining, Weglokok, Silesian-American Corporation, Kompania Weglowa, KGHM Polska Miedz, Jastrzebska Spólka Weglowa, Alrosa, Nordgold, Polymetal International, Zarechnaya, ARMZ Uranium Holding, Stoilensky GOK, Vorkutaugol, Yakutugol, Ural Mining And Metallurgical Company, Freeport Mcmoran, Newmont Mining, Peabody Energy, Southern Copper.Nutrien (NTR), Teck Resources, Barrick Gold (ABX), First Quantum Minerals (FM), Agnico Eagle Mines (AEM), Kinross Gold Corp, Lundin Mining (LUN), Yamana Gold, B2Gold, Hudbay Minerals, CSN Mineração, Veladero Mine, Gualcamayo Mine, Drummond Ltd., Carbomax De Colombia SAS, Shefa Gems, OREN MODEL GAN Ltd., ARAVA Mines Ltd., Quarry Mining LLC, Centamin, AIMR Mining, African Rainbow Minerals, Metal Manufacturing Nigeria Limited, Sibanye-Stillwater, Silika Mining, Wesizwe Platinum
Rise Of Alternatives And Decline Of Coal In Power Generation
Power generation companies are increasingly using alternate sources of energy such as natural gas, nuclear power, and renewable to produce clean and sustainable electricity. The decreasing cost of installation of renewable sources of energy is also driving the use of these sources for power generation. This is expected to act as a restraint on the demand for coal in power generation. According to the US Energy Information Administration (EIA), coal's share of the total world energy consumption is expected to decline from 22% in 2040. Renewable is expected to be the fastest growing energy source, with their consumption increasing at an average rate of 2.3% per year till 2040. The continuous shift to alternative sources for power generation will restrain the mining market.
Increasing Focus On Use Of Renewable Energy To Gain A Competitive Edge
The use of renewable energy is helping mining companies reduce power costs and control emissions in the mines. As the solar or wind projects are built close to the mine sites, the cost of connecting to the power grid is also reduced. Site-appropriate renewable energy sources are reliable, consistent, and also economical. BHP and RioTinto have started using renewable energy sources in their mines. According to a report published by EY, RioTinto aims to generate 10% of 20MW – 25MW power demand from renewable energy in one of their mines and expects to reduce its diesel use by approximately 4 million liters, and its CO2 emissions by 12,000 tons. Also, in 2020, Rio Tinto approved the development of a large-scale solar photovoltaic and battery storage system for its western Australian Koodaideri mine. The solar plant will be one of Australia's largest photovoltaic installations at a mining site once completed. According to a report by Fitch Solutions, renewable energy used by mining companies from various sources include 57% solar thermal, 37% of solar PV, and 4% of wind energy.
Strategic Partnerships To Drive Revenues
Major companies operating in the mining market are focused on developing strategic partnerships to drive revenues in the market. Mining companies often form strategic partnerships with equipment manufacturers and technology firms to improve efficiency and sustainability in their operations. These collaborations drive innovation and promote responsible mining practices. For instance, in May 2023, Gradiant Corporation, a US-based solutions provider and developer of cleantech water projects Partnered With Schlumberger NV, a France-based oilfield services company, and Rio Tinto Group, a UK-based metals and mining corporation, to improve productivity and sustainability in the mining industry. The partnership aims to advance sustainability in mining through data-driven, interdisciplinary science, technology, and innovation. By partnering across ecosystems with peers, competitors, and other industries, mining companies can accelerate the creation of mining sustainability.
Asia-Pacific was the largest region in the mining market in 2023. North America was the second largest region in the mining market. The regions covered in the mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the mining market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The mining market consists of sales of minerals, metals and other valuable materials such as sand and gravel, coal and stone extracted from the earth crust. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mining market research report is one of a series of new reports from The Business Research Company that provides mining market statistics, including mining industry global market size, regional shares, competitors with a mining market share, detailed mining market segments, market trends, and opportunities, and any further data you may need to thrive in the mining industry. This mining market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.