Mineral Global Market Report 2024

The mineral market size has grown strongly in recent years. It will grow from $1021.75 billion in 2023 to $1083.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed during the historical period can be attributed to several factors, including the expansion of industrialization and infrastructure development, fluctuations in global economic conditions, adherence to environmental regulations, changes in commodity prices, and the initiation of various infrastructure projects.


The mineral market size is expected to see strong growth in the next few years. It will grow to $1335.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. Anticipated growth in the forecast period can be attributed to the adoption of circular economy practices, enhancing supply chain resilience, shifts in consumer preferences, geopolitical considerations, and increased investments in infrastructure. Key trends expected during this period encompass technological advancements in mineral processing, the integration of green technologies, innovations in mining technologies, the advancement of renewable energy technologies, and strategic stockpiling initiatives.

Advanced ceramics, known for their high chemical purity and careful processing, are considered cost-effective and superior alternatives to metals, plastics, and glass, offering enhanced performance. They find applications in thermal barrier coatings, ceramic composites, thermal protection systems, engine components, sensors, and antennas. The advanced ceramics market reached $10.41 billion in 2021, demonstrating a compound annual growth rate of 6.5%. Notably, GE Aviation's $4.3 billion investment over five years in US operations contributed to the production of advanced ceramics for new-generation jet engines, aircraft systems, and engine components.

The mineral market is anticipated to witness growth driven by the increasing adoption of electric vehicles (EVs). Electric vehicles, powered by electricity stored in rechargeable batteries, predominantly use lithium-ion batteries, requiring significant amounts of minerals such as lithium, cobalt, and nickel. Lithium, a crucial component of cathodes in these batteries, is central to the electric vehicle industry. In the first quarter of 2023, over 2.3 million electric cars were sold, marking a 25% increase from the same period in 2022. The International Energy Agency (IEA) predicts 14 million EV sales by the end of 2023, reflecting a 35% year-on-year increase. The growth in EV production and sales is a key driver for the mineral market.

The mineral market faced significant challenges due to the COVID-19 pandemic in 2020. Supply chains were disrupted, and consumption declined as governments imposed lockdowns and trade restrictions. As a result, manufacturers had to halt production due to a lack of raw materials. Despite these challenges, the mineral products market is expected to recover across the forecast period, considering the pandemic as a 'black swan' event rather than a reflection of ongoing weaknesses in the market or the global economy.

The growth of the mineral market faced limitations due to the imposition of high taxes on cement and concrete products. Despite being sold in high volumes at low prices, heavy taxes on these mineral products, such as cement, restricted market expansion. In July 2021, Cement was subjected to a 28% Goods and Services Tax (GST) in India, while limestone, a key component, incurred a 5% tax. This tax structure increased costs for the infrastructure sector, impacting India's second-largest cement producer. The high taxes on cement negatively influenced the overall mineral market.

Major companies in the mineral market are adopting innovative technologies such as blockchain. Blockchain, a distributed ledger technology, is being employed to enhance traceability, transparency in the supply chain, and ensure compliance with ethical and environmental standards. In July 2021, the Australian government awarded a $3 million AU pilot project to Everledger, a blockchain provider. The pilot project aims to use blockchain technology to create a "digital certification" for critical minerals, ensuring transparency from extraction to processing and export. This digital certification is anticipated to increase the demand for Australian minerals in global markets while simplifying processes and reducing costs.

Major companies operating in the mineral market report are Glencore PLC, Jiangxi Copper Company Limited, BHP Billiton Limited, China National Building Material Group Co. Ltd., Compagnie de Saint-Gobain S.A., Rio Tinto Group, Vale S.A., Nutrien Ltd., Anglo American PLC, LafargeHolcim Ltd., Freeport-McMoRan Inc., HeidelbergCement AG, Anhui Conch Cement Company Limited, Teck Resources Limited, Newmont Corporation, Barrick Gold Corporation, Southern Copper Corporation, Sibanye-Stillwater Limited, First Quantum Minerals Ltd., Agnico Eagle Mines Limited, Gold Fields Limited, Kinross Gold Corporation, Lundin Mining Corporation, Yamana Gold Inc., Turquoise Hill Resources Ltd., Hudbay Minerals Inc., Pan American Silver Corp., Wheaton Precious Metals Corp., Iamgold Corporation, Gujarat Mineral Development Corporation Limited, Alamos Gold Inc., Americas Gold and Silver Corporation, Eldorado Gold Corporation, Endeavour Silver Corp., Equinox Gold Corp., Fortuna Silver Mines Inc., Great Panther Mining Limited, MAG Silver Corp., McEwen Mining Inc., OceanaGold Corporation, Osisko Gold Royalties Ltd., Sierra Metals Inc., SilverCrest Metals Inc., SSR Mining Inc., Torex Gold Resources Inc.

The Asia-Pacific was the largest region in the mineral market in 2023. Western Europe was the second-largest region in the mineral market. The regions covered in the mineral market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mineral market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary mineral types encompass cement and concrete products, glass and related items, non-metallic mineral products, clay products and refractories, as well as lime and gypsum products. Cement and concrete products are integral in constructing buildings and have various applications in chemical manufacturing, metallurgy, electrical infrastructure, electronics, glass production, vehicles, and other industries. These minerals serve as fundamental components in construction, manufacturing processes, and various end-user applications.

The mineral market research report is one of a series of new reports that provides mineral market statistics, including mineral industry global market size, regional shares, competitors with a mineral market share, detailed mineral market segments, market trends and opportunities, and any further data you may need to thrive in the mineral industry. This mineral market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mineral market consists of sales of metallic minerals and non-metallic minerals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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