Global Mining Market Insights Forecast 2024 - 2033
23 Aug, 2024
The mining market has witnessed strong growth, surging from $2138.73 billion in 2023 to $2276.8 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 6.5%. The remarkable expansion in the historic period can be attributed to technological advancements, increased investments in mining, favorable government policies, the utilization of renewable energy in mining, and the rapid fluctuations in commodity prices. Looking ahead, the market is poised for strong growth, projecting to reach $2825.81 billion in 2028, with a CAGR of 5.5%. The anticipated growth in the forecast period is driven by a rise in infrastructure development, increasing merger and acquisition activities, the implementation of autonomous equipment, and increasing construction activities. Major trends in the forecast period include a focus on the use of lidar (light detection and ranging), drone technology, product innovations, the launch of digital twin, the use of 3D mine visualizers, battery-driven mining machinery and equipment, technological advancements, automated mining machinery, and an increase in the use of telematics.
Major Driver In The Mining Market
Governments globally are supporting the mining industry through subsidies and encouragement of foreign direct investments (FDI). In 2021, the Government of India's Ministry of Mines enacted the Mines and Minerals Amendment Act 2021 and published The Mineral Conservation and Development Rules to foster mining sector growth. Government support includes investments from public finance institutions, tax exemptions, and budget allocations. These policies are expected to continue, providing sustained momentum for the mining market. The market size for mining is set to experience growth in 2023, with continued upward trends anticipated in 2024 and 2028.
Request A Free Sample Of The Global Mining Market ReportMining Market Competitive Landscape
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
Key Mining Market Trend
The adoption of renewable energy is helping mining companies reduce power costs and control emissions. Solar or wind projects near mine sites reduce connection costs to the power grid. For example, BHP and Rio Tinto have started using renewable energy sources. According to an EY report, Rio Tinto aims to generate 10% of its 20-25 MW power demand from renewable sources, reducing diesel use by approximately 4 million liters and CO2 emissions by 12,000 tons. In 2020, Rio Tinto approved a large-scale solar photovoltaic and battery storage system for its Koodaideri mine in Western Australia, which will become one of the largest photovoltaic installations at a mining site. A Fitch Solutions report notes that renewable energy in mining includes 57% solar thermal, 37% solar PV, and 4% wind energy.
Get The Full Global Mining Market ReportMining Market Segmentation
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 segmants: 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
By Geography:The regions 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
Asia-Pacific was the largest region in the mining market in 2023.
The Mining Global Market Report 2024 furnishes information about the global mining market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.