Surface Mining Global Market Report 2024

Surface mining is a method of extracting minerals located near the Earth's surface, involving the removal of the surface terrain to access the minerals beneath. This approach is generally considered to have a lower financial cost and is deemed safer compared to underground mining practices.

The primary types of surface mining include strip mining, open-pit mining, and terrace mining. Strip mining involves the removal of a layer or seam of unwanted material from the surface, allowing efficient access to the desired material beneath. Various minerals targeted in surface mining encompass metallic ore, non-metallic ore, coal, and others. The end users of these extracted minerals span industries such as metals, electric power, manufacturing, and more.

The surface mining market research report is one of a series of new reports that provides surface mining market statistics, including surface mining industry global market size, regional shares, competitors with a surface mining market share, detailed surface mining market segments, market trends and opportunities, and any further data you may need to thrive in the surface mining industry. This surface mining 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 surface mining market size has grown steadily in recent years. It will grow from $28.39 billion in 2023 to $29.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth observed in the historical period can be attributed to factors such as the increasing demand for minerals and natural resources, global economic growth, the expansion of industrialization, the availability of large-scale surface mining deposits, and the rising trends of urbanization and infrastructure development.

The surface mining market size is expected to see steady growth in the next few years. It will grow to $35.2 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The anticipated growth in the forecast period can be attributed to several factors, including the implementation of automation and autonomous mining systems, an increasing demand for rare earth elements, a growing emphasis on sustainable and environmentally friendly mining practices, the adoption of advanced geological and surveying technologies, and a rising trend toward automation in mining processes. Major trends expected during this period include technological advancements in mining equipment, the integration of the Internet of Things (IoT) in mining operations, an increased use of data analytics for predictive maintenance, the expansion of surface mining into new geographical regions, and collaborative efforts between mining companies and technology providers for digital transformation.

The increasing number of construction projects is a significant factor contributing to the growth of the surface mining market in the foreseeable future. Construction involves various activities related to building, altering, repairing, and demolishing structures, and surface mining plays a crucial role in providing essential materials such as sand, gravel, gypsum, and limestone for construction sites. For instance, Invest India, an India-based investment promotion and facilitation agency, projects that the construction industry in India will reach $1.4 trillion by 2025. Additionally, the real estate industry in India is expected to contribute 13% to the country's GDP and reach $1 trillion by 2030. Therefore, the upward trend in construction projects is a driving force behind the growth of the surface mining market.

Government policies aimed at supporting the mining industry are anticipated to drive the growth of the surface mining market. Governments worldwide are implementing measures such as subsidies and incentives to encourage foreign direct investments (FDI) in mining. These initiatives encompass financial support through public finance institutions, fiscal support via budget allocations and tax exemptions, and investments through majority state-owned mining and utility companies. For example, in November 2021, the Ministry of Mines of the Government of India enacted the Mines and Minerals Amendment Act 2021 and published The Mineral Conservation and Development Rules to foster the growth of the mining industry in India. This regulatory framework introduced key changes, removing distinctions between captive and merchant mines, streamlining statutory approvals, and easing restrictions on the transfer of mineral concessions. Thus, the supportive government policies are poised to propel the surface mining market during the forecast period.

Strategic partnerships are emerging as a noteworthy trend in the surface mining market, with major companies seeking collaborations to enhance their market positions. In June 2021, Parenti Global, an Australia-based surface mining company, partnered with Sandfire Resources, an Australia-based mining and exploration company, to expand surface mining operations in Africa. Furthermore, in September 2023, MACA, an Australia-based mining, civil, and minerals processing contracting company, partnered with Sweden-based Sandvik Mining and Rock Solutions to upgrade their surface mining fleet at the Gruyere open pit gold mine in Western Australia. This collaboration aims to improve efficiency and productivity in MACA's surface mining operations at the Gruyere mine, where they recently secured a five-year contract extension.

Major companies in the surface mining market are intensifying their focus on introducing autonomous trucks and drill rigs to gain a competitive edge. Autonomous vehicles in surface mining are gaining popularity due to their potential to enhance safety, productivity, and efficiency. For instance, in October 2022, BHP Billiton Ltd., an Australia-based mining company, implemented autonomous trucks and drill rigs at its iron ore mines in Western Australia, aiming to increase efficiency and reduce costs in the surface mining process. The company's fleet replacement strategy envisions approximately 85% of ore haulage being autonomous within the next four years.

In November 2021, Alta Equipment Group, a US-based leading provider of industrial forklifts, heavy construction equipment, and warehouse solutions in the Midwest, acquired Midwest Mine Services to expand its portfolio in the construction business and meet the growing demand for high-end engineering and design services. Midwest Mine Services is a US-based surface mining equipment company.

Major companies operating in the in the surface mining market report are Perenti Limited, American Mine Services LLC, Macmahon Holdings Limited, Bayswater Constructions Pvt. Ltd., Laxyo Energy Limited, Mining Plus Pty Ltd., Technica Group Inc., Banks Group Ltd., Day Group Ltd., Goldcorp Global Mining Pvt. Ltd., Rio Tinto Company Limited, The Broken Hill Proprietary Company Limited, Komatsu Ltd., Caterpillar Inc., Sandvikens Jernverks AB, Atlas Copco AB, Hitachi Construction Machinery Co. Ltd., Coal India Limited, Joy Global Inc., Metso Corporation, Terex Corporation, Liebherr-International AG, HD Hyundai Infracore Co. Ltd., Volvo Construction Equipment AB, CNH Industrial NV, Joseph Cyril Bamford Excavators Ltd., Sany Heavy Industry Co. Ltd., Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Wirtgen GmbH, Bell Equipment Limited, BEML Limited, FLSmidth & Co. A/S, GHH Fahrzeuge GmbH, Haver & Boecker Niagara GmbH

North America was the largest region in the surface mining market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surface mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the surface mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The surface mining market includes revenues earned by entities by providing services such as drift mining, slope mining, contour mining, and auger mining. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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