Dublin, June 22, 2023 (GLOBE NEWSWIRE) -- The "Mining Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The global mining market reached a value of nearly $2,008.94 billion in 2022, having increased at a compound annual growth rate (CAGR) of 4.7% since 2017. The market is expected to grow from $2,008.94 billion in 2022 to $2,676.79 billion in 2027 at a rate of 5.9%.
The market is then expected to grow at a CAGR of 5.7% from 2027 and reach $3,535.59 billion in 2032.
Growth in the historic period resulted from the 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. Factors that negatively affected growth in the historic period were the reduction in free trade, environmental challenges associated with coal and stone mining and the COVID-19 impact.
Going forward, a rise in infrastructure development, increasing merger and acquisition activities, increasing implementation of autonomous equipment and increasing construction activities will drive the market growth. Factors that could hinder the growth of the mining market in the future include mining accidents, a shortage of skilled workforce and the alternative sources for power generation.
The mining market is segmented by type into mining support activities, general minerals, stones, copper, nickel, lead, and zinc, metal ore and coal, lignite and anthracite. The coal, lignite and anthracite market was the largest segment of the mining market by type, accounting for $859.33 billion or 42.8% of the total market in 2022. The general minerals market is expected to be the fastest-growing segment going forward at a CAGR of 8.5%.
The mining support activities market is segmented by type into coal mining support activities, metal mining support activities and nonmetallic minerals mining support activities. The metal mining support activities market was the largest segment of the mining support activities market by type, accounting for $160.68 billion or 60.8% of the total market in 2022. The nonmetallic minerals mining support activities market is expected to be the fastest-growing segment going forward at a CAGR of 8.4%.
The general minerals market is segmented by type into potash, salt, magnesite, sulfur, kaolin, asbestos, feldspar, boron, gypsum, talc, graphite, baryte, bentonite, diatomite, lithium, selenium, perlite, vermiculite, arsenic, diamond and other general minerals. The salt market was the largest segment of the general minerals market by type, accounting for $38.43 billion or 20.3% of the total market in 2022. The perlite market is expected to be the fastest-growing segment going forward at a CAGR of 21.4%.
The stones market is segmented by type into dimension stones and crushed stones. The dimension stones market was the largest segment of the stones market by type, accounting for $8.13 billion or 68.3% of the total market in 2022. The crushed stones market is expected to be the fastest-growing segment going forward at a CAGR of 8.0%.
The copper, nickel, lead and zinc market is segmented by type into copper, nickel, lead and zinc. The copper market was the largest segment of the copper, nickel, lead and zinc market by type, accounting for $153.13 billion or 67.2% of the total market in 2022. The nickel market is expected to be the fastest-growing segment going forward at a CAGR of 9.6%.
The metal ore market is segmented by type into gold ore, iron ore, silver ore, uranium ore, vanadium ore and all other metal ores. The iron ore market was the largest segment of the metal ore market by type, accounting for $384.57 billion or 84.2% of the total market in 2022. The gold ore market is expected to be the fastest-growing segment going forward at a CAGR of 11.0%.
The coal, lignite and anthracite market is segmented by type into coal, lignite and anthracite. The coal market was the largest segment of the coal, lignite and anthracite market by type, accounting for $621.39 billion or 72.3% of the total market in 2022. The lignite market is expected to be the fastest-growing segment going forward at a CAGR of 4.9%.
The mining market is also segmented by process into underground mining and surface mining. The surface mining market was the largest segment of the mining market by process, accounting for $1,259.66 billion or 62.7% of the total market in 2022. The surface mining market is expected to be the fastest-growing segment going forward at a CAGR of 6.1%.
The mining market is also segmented by service provider into independent contractors and companies. The companies market was the largest segment of the mining market by service provider, accounting for $1,087.54 billion or 54.1% of the total market in 2022. The independent contractors market is expected to be the fastest-growing segment going forward at a CAGR of 6.5%.
Asia Pacific was the largest region in the mining market, accounting for 64.3% of the global market in 2022. It was followed by North America, Eastern Europe and the other regions. Going forward, the fastest growing regions in the mining market will be the Middle East and Western Europe, where growth will be at CAGRs of 13.7% and 6.9% respectively from 2022-2027.
The global mining market is slightly fragmented, with a large number of small players. The top ten competitors in the market made up to 17.49% of the total market in 2021. The market is expected to change in near future, with the adoption of acquisition and merger strategies by the players, to enter and expand into newer geographies for sales of products and services.
BHP Group Limited was the largest competitor with 3.38% share of the market, followed by Rio Tinto Group with 2.53%, Glencore plc with 2.31%, Vale S.A. with 2.22%, China Shenhua Energy Company Limited with 1.93%, Anglo American plc with 1.87%, China Coal Energy Company Limited with 1.27%, Jiangxi Copper Corporation Limited with 0.73%, Yankuang Energy Group Company Limited with 0.69% and Zijin Mining Group Company Limited with 0.57%.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 766 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $2008.94 Billion |
| Forecasted Market Value (USD) by 2031 | $3535.59 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the mining market by type will arise in the metal ore market, which will gain $212.2 billion of global annual sales by 2027.
- The top opportunities in the mining support activities market by type will arise in the metal mining support activities market, which will gain $71.1 billion of global annual sales by 2027.
- The top opportunities in the general minerals market by type will arise in the gypsum market, which will gain $20.8 billion of global annual sales by 2027.
- The top growth potential in the stones market by type will arise in the dimension stones market, which will gain $3.1 billion of global annual sales by 2027.
- The top opportunities in the copper, nickel, lead and zinc market by type will arise in the copper market, which will gain $74.2 billion of global annual sales by 2027.
- The top opportunities in the metal ore market by type will arise in the iron ore market, which will gain $175.2 billion of global annual sales by 2027.
- The top growth potential in the coal, lignite and anthracite market by type will arise in the coal market, which will gain $82.0 billion of global annual sales by 2027.
- The top opportunities in the mining market by process will arise in the surface mining market, which will gain $430.6 billion of global annual sales by 2027.
- The top opportunities in the mining market by service provider will arise in the independent contractors market, which will gain $340.0 billion of global annual sales by 2027.
- The mining market size will gain the most in China at $192.2 billion.
Major Market Trends
- 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
- Rise In Use of Telematics
Customer Information
- Recruitment in Mining
- Employee Value Proposition (EVP) In Mining
- Investors Risk In Mining
- Global Clean-Up Commitment
- Consolidation Within Battery Minerals
- Use Of Feldspar As An Eco-Friendly Aggregate
For more information about this report visit https://www.researchandmarkets.com/r/xqwod3
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