Press release
Mining Market Report 2024: Size, Share, Growth, Trends, Forecast 2033
Mining Market Report
As per the report, 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 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%.
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Government Policies To Support The Mining Industry Areexpected 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.
Increasing Focus On Use Of Renewable Energy To Gain A Competitive Edge
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 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
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Major companies operating in the mining market report are BHP Group Limited, Rio Tinto Group, Glencore plc, Vale S.A., China Shenhua Energy Company Limited, Anglo American Plc, China Coal Energy Company Limited, Jiangxi Copper Corporation Limited, Yankuang Energy Group Company Limited, Zijin Mining Group Company Limited, National Mineral Development Corporation, Vedanta, Hindustan Zinc, Hindalco Industries, Bharat Aluminium Company, Rajasthan State Mines And Minerals, Gujarat Mineral Development Corporation, Fortescue Metals, Newcrest Mining, South32, Evolution Mining, China Northern Rare Earth Group High-Tech Co Ltd, Shaanxi Coal And Chemical Industry Group Co Ltd, China Molybdenum Co Ltd, Shandong Gold Mining Co Ltd, Nyrstar Stolberg Gmbh, Voerde Aluminium Gmbh, Thyssen Schachtbau Holding Gmbh, Imerys Metalcasting Germany Gmbh, ENGINEERING DOBERSEK Gmbh, Barbara Rohstoffbetriebe Gmbh, Fastner & Co, Eramet, Manoir Industries, Terreal Marketing, Eurasia Mining, Petropavlovsk, Kaz Minerals, Hochschild Mining, Węglokok, Silesian-American Corporation, Kompania Węglowa, KGHM Polska Miedź, Jastrzębska Spółka Węglowa, Alrosa, Nordgold, Polymetal International, Zarechnaya, ARMZ Uranium Holding, Stoilensky GOK, Vorkutaugol, Yakutugol, Ural Mining And Metallurgical Company, Freeport Mcmoran, Newmont Mining, Peabody Energy, Southern Copper.Nutrien (NTR), Teck Resources, Barrick Gold (ABX), First Quantum Minerals (FM), Agnico Eagle Mines (AEM), Kinross Gold Corp, Lundin Mining (LUN), Yamana Gold, B2Gold, Hudbay Minerals, CSN Mineração, Veladero Mine, Gualcamayo Mine, Drummond Ltd, Carbomax De Colombia SAS, Shefa Gems, OREN MODEL GAN LTD, ARAVA Mines Ltd, Quarry Mining LLC, Centamin, AIMR Mining, African Rainbow Minerals, Metal Manufacturing Nigeria Limited, Sibanye-Stillwater, Silika Mining, Wesizwe Platinum
Contents of the report:
1. Executive Summary
2. Mining Market Report Structure
3. Mining Market Trends And Strategies
4. Mining Market - Macro Economic Scenario
5. Mining Market Size And Growth
…..
27. Mining Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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