Categories: Market Research

Mining Market Size and Forecast 2024-2033|BHP Group Limited, Rio Tinto Group, Glencore PLC, Vale S.A., China Shenhua Energy Company Limited

The Mining 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 Mining, The mining market size has grown strongly in recent years. It will grow from $2138.73 billion in 2023 to $2276.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to 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.

The mining market size is expected to see strong growth in the next few years. It will grow to $2825.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to a rise in infrastructure development, increasing merger and acquisition activities, increasing implementation of autonomous equipment and increasing construction activities will drive the market growth.. Major trends in the forecast period include focus on use of 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 and a rise in the use of telematics.

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.

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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

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 mining market report table of contents includes:

1. Executive Summary

2. Mining Market Characteristics

3. Mining Product/Service Analysis -Product/Service Examples

4. Mining Market Trends And Strategies

5. Mining Market – Macro Economic Scenario

26. Germany Mining Market

27. France Mining Market

28. Italy Mining Market

29. Spain Mining Market

30. Austria Mining Market

Top Major Players: