Mining Market Size, Share & Industry Outlook | Report 2031

Report Description

The global mining market size was valued at around USD 1.99 Billion in 2022 and is anticipated to reach more than USD 3.98 Billion by 2031, expanding at a CAGR of around 8% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing demand for natural resources in several industries such as automotive, manufacturing, power generation, and others.

Mining refers to the process of extraction of useful materials such as minerals and other geological materials, in the forms of ore, deposits, seams, reefs, and others, from the earth. Most materials that cannot be acquired through agricultural processes or created artificially in factories or laboratories are acquired through mining.

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Ores recovered through mining include oil shale, coal, metals, limestones, gemstones, chalk, rock salt, and others. Ore refers to a natural rock or sediment that contains one or more valuable minerals and metals. Ores need to be processed, treated, or refined to extract valuable minerals and metals from them. 

For example, the government of India approved the expansion of mining areas for iron ore and encouraged private auctions of the ores by private companies. Key market players are adopting robotics and automation in mining operations to resolve the increasing complexities of these operations. For example, companies are utilizing driverless trucks to reach remote and difficult locations.

Mining Market Dynamics

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Major Drivers

Increasing government initiatives to promote mineral exploration and development is likely to boost the mining market. The government offers various subsidies to increase the storage of coal to meet the overall growing demand required for power generation. The government supports through public finance institutions such as financial support through tax exemptions and budget allocations, export credit agencies, and bilateral development banks investing in mining projects and others.

Technologically advanced mining equipment and process are projected to propel the market during the forecast period. Moreover, innovative technology such as machine learning, location awareness, and robotics allows mining companies to automate processes and shift semi-autonomous operations to fully autonomous. This is expected to reduce costs and increase safety.

Companies are recovering from the negative impact of COVID-19 and rearranging their operations, which is anticipated to boost the market during the forecast period. After the pandemic, companies begin to increase the production of mining but the continual threat of COVID-19 variants increases the pressure to adhere to strict ESG guidelines that miners have to endure diligent, flexible, and alert to changing social, political, and environmental conditions to maintain a steady recovery.

Existing Restraints

Increasing usage of alternate sources of energy such as nuclear power, natural gas, and other renewable energy sources to generate clean and sustainable electricity is estimated to hamper the mining market growth.

• According to the International Energy Agency (IEA), around USD 2.8 trillion is expected to be invested in energy in 2023 and USD 1.7 trillion is going to clean energy such as renewable energy, low-emission fuels, grids, nuclear, and end-use renewables and electrification. Around USD 1 trillion is going to be unabated in fossil fuel power and supply. Every year, for each USD 1 spent on fossil fuels, USD 1.7 is expected to be spent on clean energy.

High cost of mining equipment is expected to hamper the growth of the market. Stringent norms by governments to reduce carbon emissions are anticipated to hinder the growth of the market.

Emerging Opportunities

Increasing adoption of automation technologies including artificial intelligence, machine learning, and robotics to improve the performance and cost in the mining sector is expected to create lucrative opportunities for the market players. Automation provides a safer work environment for operators, working in an underground environment. Mining automation improves the safety, efficiency, and productivity in the mining industry.

Scope of Mining Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Mining Market Segment Insights

Type Segment Analysis

Based on type, the mining market is divided into metal mining, mineral mining, coal mining, and mining support activities. The metal mining segment is expected to grow during the forecast period, due to the rising demand for metals such as copper, aluminum, and iron in construction and manufacturing industries. Shifting inclination of consumers towards buying gold as an investment is anticipated to create a favorable market environment for the growth of the metal mining segment in the coming years. 

The coal mining segment is anticipated to hold a key share of the market in the coming years, as it is extracted from the earth by surface mining or underground mining. Once, the coal is extracted, it is used directly or to fuel power plants for electricity.

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Technique Segment Analysis

Based on technique, the market is bifurcated into surface and underground. The underground mining segment is estimated to expand at a significant CAGR during the forecast period, due to technological advancements in underground mining equipment. Rising demand for metals such as iron, gold, copper, aluminum, lead, coal, silver, and others aid in the expansion of the underground mining segment, which drives the market.

Equipment Segment Analysis

On the basis of equipment, the mining market is segmented into surface mining equipment, mining drills & breakers, pulverizing & screening equipment, crushing, mineral processing machinery, underground mining equipment, and others. The underground mining equipment is anticipated to boost the market, owing to the increasing demand for metals and minerals that are extracted through underground mining.

Underground mining equipment refers to the machinery and equipment used in mining operations conducted beneath the earth’s surface. These specialized tools are designed to extract minerals, ores, and other valuable resources from underground mines. There are some common types of underground mining equipment such as underground grills, bolters, loaders and trucks, continuous miners, and other mining equipment.  

The surface mining equipment segment is anticipated to account for a major market share in the coming years. Surface mining involves removing the rock covering the mineral deposits. There are several machines used in surface mining such as hydraulic mining shovels, wheel loaders, mining crushers, motor graders, blasthole drills, high wall miners, and draglines.

Surface mining is a method of extracting minerals or other geological materials from the earth surfaces. It is the opposite of undergrounding materials, where minerals are extracted from beneath the ground. There are several machines used in surface mining such as hydraulic mining shovels, wheel loaders, mining crushers, motor graders, blasthole drills, high wall miners, and draglines.

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Regional Analysis

Based on region, the mining market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period, due to the increasing technological advancements and digitization in countries such as India, China, Japan, and South Korea. Government subsidies and Foreign Direct Investments (FDIs) are fuelling the market in Asia Pacific.

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