Global mining market predicted to reach US$3,535.59 bln in 2032

The market is expected to grow from US$2,008.94 bln in 2022.

According to a new report, Mining Global Market Opportunities And Strategies To 2032, the mining market has increased at a compound annual growth rate (CAGR) of 4.7% since 2017.

Growth was driven by technological advancements, an increase in investments, favourable government policies, the use of renewable energy on site and the rapid change in commodity prices. Factors that negatively affected growth in the historic period were the reduction in free trade, environmental challenges associated with coal and stone mining and the COVID-19 impact.

Going forward, a rise in infrastructure development, mergers and acquisitions, increased use of autonomous equipment and increasing construction activities will drive the market growth. Factors that could hinder the growth of the mining market in the future include accidents, a shortage of skilled workforce and the alternative sources for power generation.

In the report, the mining market is segmented by type into mining support activities, general minerals, stones, copper, nickel, lead, and zinc, metal ore and coal, lignite and anthracite. The coal, lignite and anthracite market was the largest segment of the mining market by type, accounting for US$859.33 bln or 42.8% of the total market in 2022. The general minerals market is expected to be the fastest-growing segment at a CAGR of 8.5%.

The metal mining support activities market was the largest segment of the mining support activities market by type, accounting for US$160.68 bln or 60.8% of the total market in 2022. The nonmetallic minerals mining support activities market is seen as the fastest-growing segment at a CAGR of 8.4%.

The general minerals market saw salt supply the largest segment by type, providing US$38.43 bln or 20.3% of the total market in 2022. The perlite market is regarded as the fastest-growing segment going forward at a CAGR of 21.4%.

The stones market is segmented by type into dimension stones and crushed stones. Dimension stones made up US$8.13 bln or 68.3% of the total market in 2022. The crushed stones market is expected to replace this at a CAGR of 8.0%.

For copper, nickel, lead and zinc, copper was the largest segment, accounting for US$153.13 bln or 67.2% of the total market in 2022. The nickel market is expected to be the fastest-growing segment at a CAGR of 9.6%.

Iron has traditionally been the main ore market by type, at US$384.57 bln or 84.2% of the total market in 2022. The gold ore market is expected to become the fastest-growing segment at a CAGR of 11.0%.

Coal was the largest segment of the coal, lignite and anthracite market by type, accounting for US$621.39 bln or 72.3% of the total market in 2022. The lignite market is predicted to be the fastest-growing segment going forward at a CAGR of 4.9%.

In terms of underground and surface mining it is expected that surface mining will retain its position as the largest segment, 62.7% of the total market in 2022 and expected to be the fastest-growing segment at a CAGR of 6.1%.

Asia Pacific was the largest region in the mining market, accounting for 64.3% of the global market in 2022. It was followed by North America, Eastern Europe and the other regions. Looking forward, the fastest growing regions in the mining market will be the Middle East and Western Europe, where growth will be at CAGRs of 13.7% and 6.9% respectively from 2022-2027.