Stone Mining and Quarrying Market Definition
The stone mining and quarrying market consists of sales of stone mining and quarrying and related services by entities (organizations, sole traders, and partnerships) that mine and quarry dimension stone such as rough blocks or slabs of stone and crushed and broken stone. It also comprises stone beneficiating activities such as crushing, grinding, washing, screening, pulverizing and sizing.
Mining refers to the process of extracting buried material below the earth whereas, quarrying refers to extracting materials from the surface directly. A quarry is a place where dimension stone or aggregate including gravel, sand, and crushed stone is mined. The products of dimension stone quarries comprise a prismatic block of rocks such as granite, limestone, slate, marble, and sandstone.
Stone Mining and Quarrying Market Size
The global stone mining and quarrying market reached a value of nearly $8,058.8 million in 2020, having increased at a compound annual growth rate (CAGR) of 1.2% since 2015. The market is expected to grow from $8,058.8 million in 2020 to $11,146.7 million in 2025 at a rate of 6.7%. The market is then expected to grow at a CAGR of 5.1% from 2025 and reach $14,321.0 million in 2030.
Growth in the historic period resulted from increase in demand for natural stones, strong economic growth in emerging markets, increase in production capacities, low-interest rate environment. The market was restrained by fatal accidents in mining, reduction in free trade, geo-political tensions.
Going forward government policies, growing capital expenditure on infrastructure development, increasing construction activities, improved logistics infrastructure will drive the growth. Factors that could hinder the growth of the stone mining and quarrying market in the future include shortage of skilled workforce, coronavirus pandemic, environmental impacts of stone mining and quarrying, uncertain demand for stone mining and quarrying.
Stone Mining and Quarrying Market Drivers
The key drivers of the stone mining and quarrying market include:
New Growing Capital Expenditure On Infrastructure Development
The surge in capital expenditure on infrastructure development is projected to propel the revenue for the stone mining and quarrying market over the forecast period. Growth in capital expenditure on infrastructure is led by the growing population, rapid urbanization, strong economic growth, and migration of people toward urban areas. For instance, according to the Global Infrastructure Outlook, which forecasts infrastructure investment needs across 50 countries and seven sectors to 2040, the global population is expected to grow by almost 2 billion people or a 25% increase and around 46% of the global population will migrate from rural to urban areas by 2040, triggering massive demand for infrastructure support. Moreover, the outlook forecasts that the global infrastructure investments need to reach $94 trillion by the end of 2040, to keep pace with demographic and economic changes worldwide. The increasing expenditure on infrastructure is likely to generate higher demand for stone materials in the buildings & construction industry, which in turn is expected to contribute to the market growth.
Stone Mining and Quarrying Market Restraints
The key restraints on the stone mining and quarrying market include:
Uncertain Demand For Stone Mining And Quarrying
Uncertain demand for stone mining and quarrying is anticipated to limit the growth of the stone mining and quarrying market. Global lockdown due to the COVID-19 pandemic led to the closure of construction and manufacturing activities, resulting in uncertain demand for stone mining and quarrying during H1 of 2020. The construction sector is the key end-user of stone mining and quarrying, reduced spending and partial closure of real-estate and housing activities by consumers has largely affected the consumption of stone and related products. For instance, In India, investments in the infrastructure sector recorded a decline attributing to government finances being prioritized for relief and welfare measures during the COVID-19 pandemic. This limited the ability of the government to fund infrastructure projects. Moreover, investments by private players in major infrastructure projects including the construction of highways and roads were impacted by a delay in the mobilization of the migrant workforce. Therefore, negatively impacting the stone mining and quarrying market’s growth.
Stone Mining and Quarrying Market Trends
Major trends influencing the stone mining and quarrying market include:
Hardcore and Aggregate Products as Drainage Base
The usage of hardcore and aggregate as drainage foundations is gaining significant popularity in the stone mining and quarrying market. Growing focus on areas causing floods by removing natural draining is surging the requirements for stone or aggregates as drainage-friendly base or foundation. Hardcore, gravel, and aggregates are materials that are used in construction and are used interchangeably. Hardcore refers to the mass of solid materials used as the formation and make-up material to raise levels, create a firm level, and fill irregularities in excavations. Hardcore may be used in the formation of paving, driveways, ground floor slabs, roads, and so on. Moreover, aggregate is a material used as a means of reinforcement and stabilizing in construction to provide fill voids, drainage, to provide hard surfaces, and to protect pipes
Popularity of Precision Surface Excavation Machines in Mining
Precision surface excavation machines are becoming more popular because they help to reduce noise and pollution in sensitive areas. Precision surface excavation machines are versatile units that utilize a slicing drum to mechanically unearth materials and have advantages over the customary drilling and blasting strategies. Surface excavation machines are low in noise, dust, and vibration and can cut more precisely and produce a smaller, more consistent particle size thus eliminating the need for a primary crusher. This is particularly important in mines in environmentally sensitive areas where noise and dirt pollution need to be minimized due to environmental regulation and pressure. For instance, Vermeer Corporation is the biggest provider of surface excavation machines globally
Opportunities and Recommendations in the Stone Mining and Quarrying Market
Opportunities –The top opportunities in the stone mining and quarrying market segmented by type will arise in the dimension stone mining, which will gain $2,175.6 million of global annual sales by 2025. The top opportunities in the stone mining and quarrying market segmented by organization size will arise in the large enterprises segment, which will gain $2,161.7 million of global annual sales by 2025. The molecular stone mining and quarrying market size will gain the most in the China at $2,881.8 million.
Recommendations-To take advantage of these opportunities, The Business Research Company recommends the companies in the stone mining and quarrying market to focus on adoption of precision surface excavation machines, adoption of robotics, focus on investing in renewable energy sources, adoption of cognitive computing, focus on competitive pricing, focus on securing long-term supply contracts with construction companies, expanding in emerging markets, increase visibility through business websites and listing websites, direct marketing, participate in building and construction events, targeting construction and building materials companies.
Stone Mining and Quarrying Market Segmentation
The stone mining and quarrying market is segmented by type, by organization size and by geography.
Segmentation by Type-
The stone mining and quarrying market is segmented by type into
- a) Dimension Stone Mining (Dimension Stones)
- b) Crushed Stone Mining (Crushed Stones)
The dimension stone mining market was the largest segment of the stone mining and quarrying market segmented by type, accounting for 67.3% of the total in 2020. Going forward, the dimensional stone mining segment is expected to be the fastest growing segment in the stone mining and quarrying market segmented by type, at a CAGR of 7.0% during 2020-2025.
Segmentation by Organization Size
The stone mining and quarrying market is segmented by organization size into
- a) Large Enterprises
b) Small & Medium Enterprises
The large enterprises market was the largest segment of the stone mining and quarrying market segmented by organization size, accounting for 74.2% of the total in 2020. Going forward, the small and medium enterprises segment is expected to be the fastest growing segment in the stone mining market segmented by organization size, at a CAGR of 7.6% during 2020-2025.
Segmentation By Geography-The stone mining and quarrying market is segmented into
- o North America
o Western Europe,
- • UK
- • Germany
- • Italy
- • Spain
- • Austria
- • Belgium
- • Denmark
- • Finland
- • Ireland
- • Netherlands
- • Norway
- • Portugal
- • Sweden
- • Switzerland
- • France
o Asia Pacific
- • China
- • India
- • Australia
- • Indonesia
- • South Korea
- • Hong Kong
- • Malaysia
- • New Zealand
- • Philippines
- • Singapore
- • Thailand
- • Vietnam
- • Japan
o Eastern Europe
- • Russia
- • Poland
- • Romania
- • Czech Republic
o South America
- • Brazil
- • Chile
- • Argentina
- • Colombia
- • Peru
- • Venezuela
o Middle East
- • Saudi Arabia
- • UAE Israel
- • Turkey
- • Israel
o Africa
- • South Africa
- • Nigeria
- • Egypt
Asia Pacific was the largest region in the global stone mining and quarrying market, accounting for 58.5% of the total in 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the stone mining and quarrying market will be Africa and North America, where growth will be at CAGRs of 14.5% and 8.2% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 7.5% and 7.3% respectively.
Stone Mining and Quarrying Market Competitive Landscape
Major Competitors In The Stone Mining and Quarrying Market are:
Vulcan Materials Company
CRH
Martin Marietta Materials Inc
Lafarge Holcim
Heidelberg Cement AG
Other Competitors In The Stone Mining and Quarrying Market Include:
National Mineral Development Corporation (NMDC)
Vedanta
Hindustan Zinc
China Shenhua Energy Co.
Zijin Mining Group Co.
Geotomographie GmbH
Glencore
BHP
Metalloinvest MC LLC
China Coal Energy Co., Ltd
China Northern Rare Earth Group High-Tech Co., Ltd
Rio Tinto
Fortescue Metals
Mitsubishi Corporation
Sumitomo Metal Mining Co., Ltd
Jiangxi Copper Co., Ltd
China Molybdenum Co., Ltd
Shandong Gold Mining Co., Ltd
Anglo American
Antofagasta
UK Coal Surface Mines Limited
Severstal Group
Evraz Group SA
NLMK Group
Mechel
EuroChem Group
Ferrexpo Plc
Black Iron
ArcelorMittal S.A.
Newmont
Southern Copper
Freeport McMoRan
Albemarle
Royal Gold
Mosaic, Hecla Mining
Alcoa
Cleveland-Cliffs Inc
United States Steel Corporation
Exiros
Altamira Gold
Dynacor Gold Mines
G2 Goldfields
Inca One Gold
Lara Exploration
Carmeuse Lime & Stone Inc
Ma'aden
Advanced Mashreq Mining Company
Chadormalu Mining and Industrial Company
IMIDRO
Stevin Rock
Afrimat Ltd
Afrisam (South Africa) (Pty) Ltd
Drift Supersand (Pty) Ltd
Dream Stone
Denron Quarries (Pty) Ltd
CiBi Nigeria Limited
Multiverse Mining & Exploration Plc