Surface Mining Market: Hitting New Heights between the Forecast Period 2020 -2025 | Rio Tinto, BHP Billiton, Barrick Gold Corporation and more.
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According to the World Bank, global metal consumption observed a positive growth of about 1.80% in 2016. Additionally, the increasing use of metals across the globe is promoting the expansion of global market. Apart from this, an abundance of mineral and metal ores in the world is expected to impact the growth of the market positively. Growing consumption of electricity has raised the demand for coals in the world. This factor is expected to augment the growth of the global surface mining market. Further, improvement in surface mining technologies is also responsible for the growth of the market. Also, the market is observing the launch of new and innovative surface mining solutions, which further enhances operational efficiency. This factor is expected to initiate current and future market growth prospects.
Companies considered and profiled in this Market study
Rio Tinto, BHP Billiton, Barrick Gold Corporation, Glencor, China Shenhua Energy, Coal India Limited, Vale S.A., Freeport-McMoran, Goldcorp Inc., Anglo American
For the purpose of this report, Reports and Data have segmented global Surface Mining Market on the basis of Method, Mineral, End Users, and region:
Method Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Open Pit Mining
Mountain Removal Mining
Mineral Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
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End User Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Electric power industry
Regional Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
Further key findings from the report suggest
1. Non-metallic ore accounts for a market share of 30.6% in 2018.
2. The rise in demand can be due to the growing use of lime, salts, and phosphate.
3. Metallic ore is valued at USD 12.87 Billion by 2026 and is estimated to reach USD 16.39 Billion by 2026 at a CAGR of 3.0% during the forecast period.
4. Strip mining method accounts for the largest share of 36.8% of the market in 2018.
5. Strip mining is implemented when the mineral deposits and the surface of the ground are adjacent to each other. It is likely due to increasing demand for metals such as zinc, gold, silver, and copper.
6. Among the End users, the metal segment accounts for the largest share of 39.3% in 2018.
7. Electric power industry end user is estimated to reach USD 7.41 Billion by 2016 at the highest CAGR of 3.2% during the forecast period.
8. With the growing industrialization and urbanization across the globe, the demand for power generation has also increased.
9. The rising need has led to an enhanced demand for coal, which plays an essential role in energy production.
10. Coal is widely used for electricity generation purpose, and is anticipated to promote the surface mining industry growth during the forecast period.
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