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General Minerals Global Market Worth $315.52 Billion By 2028 Rapid Growth Predicted CAGR of 8.5% | Alcoa Corporation, Clariant AG, Rio Tinto Inc., Anglo American plc
General Minerals Global Market
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According to The Business Research Company's, The general minerals market size has grown strongly in recent years. It will grow from $207.58 billion in 2023 to $227.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to global economic trends, infrastructure and construction, industrial manufacturing.
The general minerals market size is expected to see strong growth in the next few years. It will grow to $315.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to urbanization, global population growth, electric vehicles and renewable energy. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Drivers and Trends:
The growing demand for minerals is expected to propel the growth of the general minerals market going forward. A mineral is defined as a naturally occurring substance characterized by its unique chemical and physical properties, composition, and atomic structure. Minerals are fundamental raw materials used in various industries, including construction, manufacturing, electronics, and energy. This expansion of infrastructure in developing and developed nations contributes to increased mineral consumption. For instance, in May 2023, according to Natural Resource Canada, a Canada-based official website, the 2021 value of Canadian mineral production was $55.5 billion, 20% higher than the 2020 value of $46.4 billion. Metals' value of production increased by 13% in 2020. Therefore, increasing demand for minerals is driving the growth of the general minerals market.
Major companies in the general mineral market prioritize research and development activities in metal nanoparticles product for enhanced long-term profitability and responsible. Metal nanoparticles are submicron-scale entities made of pure metals or their alloys. They have unique physicochemical properties. The companies and research institutes are focusing on advanced research to leverage and use metal nanoparticles for a range of applications. For instance, in February 2022, the Korea Institute of Science and Technology (KIST) created metal nanoparticles that were significantly capable of boosting the performance of hydrogen fuel cell catalysts by employing semiconductor manufacturing technology. The institute used sputtering technology to overcome the inadequacies of the prevailing chemical synthesis.
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Major Key Players of the Market:
Alcoa Corporation, Clariant AG, Compass Minerals International Inc., Iluka Resources Limited, Rio Tinto Inc., Sociedad Quimica y Minera de Chile S.A., Aluminum Corporation of China Limited, Anglo American plc, AngloGold Ashanti Limited, Barrick Gold Corporation, BHP Group, China Molybdenum Co. Ltd., Compass Menerals International Inc., Eti Maden, First Quantum Minerals Ltd., Freeport-McMoRan Inc., Glencore plc, Gold Fields Limited, Grupo México, S.A.B. de C.V., ICL Group, Imerys SA, Jiangxi Copper Company Limited, KORE Potash, Lundin Mining Corporation, Mosaic Company, Newcrest Mining Limited, Newmont Corporation, Norilsk Nickel, Polyus PJSC, Sirius Minerals plc, Southern Copper Corporation, SQM SA, Teck Resources Limited, The Mosaic Co, Vale SA, Vedanta Resources Limited, Votorantim SA, Zijin Mining Group Co. Ltd.
General Minerals Market 2024 Key Insights:
• The general minerals market size is expected to see strong growth in the next few years. It will grow to $315.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Growing Demand For Minerals Boosts The General Minerals Market
• Innovations In Metal Nanoparticles And Mineral Market To Gain A Competitive Edge
• Asia-Pacific was the largest region in the general minerals market in 2023
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