The Mineral Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mineral Global Market Report 2024, The mineral market size has grown strongly in recent years. It will grow from $1021.75 billion in 2023 to $1083.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to growth in industrialization and infrastructure development, global economic conditions, environmental regulations, commodity prices, infrastructure projects.
The mineral market size is expected to see strong growth in the next few years. It will grow to $1335.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to circular economy practices, supply chain resilience, evolving consumer preferences, geopolitical factors, infrastructure investment. Major trends in the forecast period include technological innovation in mineral processing, green technologies, technological advancements in mining, renewable energy technologies, strategic stockpiling.
Advanced ceramics are cost-effective and are considered to be better alternatives to metals, plastics and glass because of their ability to offer better performance. Advanced Ceramics are identified by their high chemical purity and careful processing. It is used as thermal barrier coating in the hot part of engines, ceramic composite, thermal protection systems, engine components and even in sensors and antennas. For instance, advanced ceramics reached$10.41 Billion in 2021, at a compound annual growth rate of 6.5%, thus indicating an increase in the usage of advanced ceramics. GE Aviation’s $4.3 billion five-year investments, in US operations, were used for producing a new generation of jet engines, aircraft systems and engine components advanced ceramics.
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The mineral market covered in this report is segmented –
1) By Type: Cement and Concrete Products, Glass and Glass Products, Other Non-Metallic Mineral Products, Clay Products and Refractories, Lime and Gypsum Products
2) By Application: Chemicals Manufacturing, Metallurgy, Electrical Grid Infrastructure, Electronics, Glass Products, Vehicles, Other Applications
3) By End User: Construction, Manufacturing, Other End Users
Subsegments Covered: Cement, Ready-Mix Concrete, Concrete Pipe, Brick, and Block, Other Concrete Products, Flat Glass, Container Glass, Glassware and Other Glass Products Pottery, Ceramics, and Plumbing Fixtures, Clay Building Material and Refractories, Lime Products, Gypsum Products
The imposition of high taxes on cement and concrete products limited the growth of the mineral products market. Mineral products such as cement, made from a different combination of minerals, are generally sold in high volumes at low prices, but heavy taxes imposed on cement and concrete products restrained the market’s growth. In July 2021, according to Cleartax, Cement will attract 28% GST resulting in increased costs for the infrastructure sector, The tax of limestone is at 5%. India’s cement industry is the second-largest producer of cement after China. High taxes on cement negatively affected the mineral products market.
The mineral market report table of contents includes:
- Executive Summary
- Mineral Market Characteristics
- Mineral Market Trends And Strategies
- Mineral Market – Macro Economic Scenario
- Global Mineral Market Size and Growth
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- Global Mineral Market Competitive Benchmarking
- Global Mineral Market Competitive Dashboard
- Key Mergers And Acquisitions In Mineral Market
- Mineral Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Glencore PLC
- Jiangxi Copper Company Limited
- BHP Billiton Limited
- China National Building Material Group Co. Ltd.
- Compagnie de Saint-Gobain S.A.
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