New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mining Global Market Report 2023" - https://www.reportlinker.com/p06282204/?utm_source=GNW
The global mining market grew from $2022.6 billion in 2022 to $2145.15 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mining market is expected to grow to $2775.5 billion in 2027 at a CAGR of 6.7%.
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.
Mining is the process of extraction of minerals, metals and other valuable materials from the earth.
Asia-Pacific was the largest region in the mining market in 2022.North America was the second largest region in the mining market.
The regions covered in the mining market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
Government policies to support the mining industry is expected 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.
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.
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.
The countries covered in the mining market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Vietnam, Bangladesh, Ukraine, and Iran.
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 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.
Read the full report: https://www.reportlinker.com/p06282204/?utm_source=GNW
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