Press release
Global Mining Market to Reach $3002.5 Billion by 2029, Growing at 5.7% CAGR
Mining Market
Governments worldwide are implementing subsidies and fostering foreign direct investments (FDI) in the mining sector. This governmental support comes in various forms, including investments in mining projects by public financial agencies such as bilateral development banks and export credit agencies, budget allocations, and tax reliefs. Government investments also come in the form of majority state-owned mining and utility corporations. An example of this can be seen in Australia where, according to the Australian Bureau of Statistics, the mining industry surged to 220 in 2023 from 202 in 2022, as reported in May 2024. The mining market's expansion is expected to continue, driven by such government initiatives.
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What is the projected compound annual growth rate (CAGR) of the mining market from 2025 to 2034, and what factors influence it?
The size of the mining market has seen robust growth in the past few years. It is projected to increase from $2260.85 billion in 2024 to $2401.85 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The causes for growth during the historic period include technological advancements, a surge in investments in the mining sector, conducive government policies, the adoption of renewable energy in mining, and swift changes in commodity prices.
The anticipated robust expansion of the mining market is set to reach $3002.5 billion by 2029, pacing at a compound annual growth rate (CAGR) of 5.7%. The predicted upward trend through the forecast period is anchored to the escalation in infrastructure development, a surge in mergers and acquisitions, heightened usage of autonomous machines, and a rise in construction ventures propelling the market dynamics. The forthcoming period can expect a shift towards the applications of lidar (light detection and ranging), drone applications, product creativity, launch of digital counterparts, adopting 3d mine visualization methods, transition to battery-powered mining machinery, tech advancements, computerized mining equipment, and surging the use of telematics.
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What are the most significant trends transforming the mining market today?
Leading entities within the mining industry are concentrating on forming strategic affiliations to enhance their market revenues. To boost efficiency and sustainability, these mining organizations commonly enter strategic collaborations with equipment manufacturers and tech companies. Such partnerships stimulate innovation and encourage compliant mining procedures. An instance from May 2023 involves Gradiant Corporation, a cleantech water projects solutions provider from the USA, teaming up with Schlumberger NV, a French oilfield services firm, and Rio Tinto Group, a UK metals and mining corporation. This collaboration was aimed at increasing efficiency and promoting sustainability in the mining sector. The collaboration's aim was to promote mining sustainability via data-led, interdisciplinary science, technology, and innovative initiatives. Through alliances with peers, competitors, or other industry stakeholders, mining firms can expedite the development and implementation of sustainable mining practices.
What are the major segments of the mining market and their role in driving growth?
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
Subsegments:
1) By Mining Support Activities: Drilling Services, Exploration Services, Mining Equipment Rental And Leasing, Consulting And Advisory Services
2) By General Minerals: Industrial Minerals, Construction Minerals, Chemical Minerals
3) By Stones, Copper, Nickel, Lead, And Zinc: Precious Stones, Semi-Precious Stones, Copper Mining Operations, Nickel Mining Operations, Lead Mining Operations, Zinc Mining Operations
4) By Metal Ore: Iron Ore, Aluminum Ore, Manganese Ore, Titanium Ore
5) By Coal, Lignite, And Anthracite: Bituminous Coal, Sub-Bituminous Coal, Lignite, Anthracite Coal
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Which regions are key players in the growth of the mining market?
Asia-Pacific was the largest region in the mining market in 2024. North America was the second largest region in the mining market. The regions covered in the mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the mining market?
Major companies operating in the mining market include 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, Eurasia Mining, Petropavlovsk, Kaz Minerals, Hochschild Mining, Weglokok, Silesian-American Corporation, Kompania Weglowa, KGHM Polska Miedz, Jastrzebska Spólka Weglowa, Alrosa, Nordgold, Polymetal International, Zarechnaya, ARMZ Uranium Holding, Stoilensky GOK, Vorkutaugol, Yakutugol, Ural Mining And Metallurgical Company, Freeport Mcmoran, Newmont Mining, Peabody Energy, 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
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What Is Covered In The Mining Global Market Report?
• Market Size Forecast: Examine the mining market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the mining market for a structured understanding.
• Key Players Overview: Analyze major players in the mining market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mining market.
• Segment Contributions: Evaluate how different segments drive overall growth in the mining market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mining market.
• Industry Challenges: Identify potential risks and obstacles affecting the mining market.
• Competitive Landscape: Review strategic developments in the mining market, including expansions, agreements, and new product launches.
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