The Mexico mining market is expected to reach USD 2.30 billion by 2030, expanding at a CAGR of 2.9% over the forecast period. The growth of the industry is attributed to increasing demand for precious metals, which account for the major share of the market. Moreover, the growing demand for metals such as copper, zinc, and lead that find various uses in electrical & electronic applications are further fueling the market growth.
The mining sector is getting rapid exposure of technological advancements such as automation and digitization. These include the introduction of automated tunnel drilling and drilling systems, autonomous vehicles, drone, and intelligent sensors, which are designed to increase the efficiency and management of mining operations and reduce wastage.
For instance, in July 2022, Fresnillo, one of the world’s largest silver producers, placed an order to Eprico for underground mining machines. The order consists of Boltec and Cabletec rock reinforcement rigs, Boomer face drilling rigs, Simba production drilling rigs, Minetruck haulers, and Scooptram loaders.
Based on sector, the non-metallic minerals segment is anticipated to witness the fastest growth rate over the forecast period. The segment growth is attributed to widespread applications of products like kaolin, silica, and feldspar in various industries. Growing investments in the end-use industries of these products is propelling their demand and thus, mining.
Metal prices in Mexico witnessed a sharp decline from January to April 2020 owing to a sudden drop in demand caused by the outbreak of COVID-19. However, post-April 2020, prices recovered sharply owing to the restart of manufacturing activities with social distancing norms in place.
To remain competitive, mining companies are entering into long-term supply contracts with end users. Also, the companies use derivative contracts to protect them from market volatility. These fluctuations expose the companies to the risk of opportunity loss and mark-to-market fair value adjustments. These contracts could include forward sales, futures contracts, call options, and other derivative instruments.
The mining sector is getting rapid exposure of technological advancements such as automation and digitization. These include the introduction of automated tunnel drilling and drilling systems, autonomous vehicles, drone, and intelligent sensors, which are designed to increase the efficiency and management of mining operations and reduce wastage.
For instance, in July 2022, Fresnillo, one of the world’s largest silver producers, placed an order to Eprico for underground mining machines. The order consists of Boltec and Cabletec rock reinforcement rigs, Boomer face drilling rigs, Simba production drilling rigs, Minetruck haulers, and Scooptram loaders.
Based on sector, the non-metallic minerals segment is anticipated to witness the fastest growth rate over the forecast period. The segment growth is attributed to widespread applications of products like kaolin, silica, and feldspar in various industries. Growing investments in the end-use industries of these products is propelling their demand and thus, mining.
Metal prices in Mexico witnessed a sharp decline from January to April 2020 owing to a sudden drop in demand caused by the outbreak of COVID-19. However, post-April 2020, prices recovered sharply owing to the restart of manufacturing activities with social distancing norms in place.
To remain competitive, mining companies are entering into long-term supply contracts with end users. Also, the companies use derivative contracts to protect them from market volatility. These fluctuations expose the companies to the risk of opportunity loss and mark-to-market fair value adjustments. These contracts could include forward sales, futures contracts, call options, and other derivative instruments.
Mexico Mining Market Report Highlights
- Based on sector, precious metals held a revenue share of more than 47.0% in 2022 in the market. This market share is attributed to growing consumer preference for fashionable and luxurious items
- Mexico has wide reserves of gold and silver. As of 2021, Mexico stood 7th in the world, in terms of gold production. In 2021, similar to other prominent gold producers in the world, Mexico’s gold production fell too, and dropped down to 100 tons in 2021 from 101.63 tons in 2020
- The non-ferrous held second-largest share of the market. Its growth can be attributed to increasing penetration of metals in electric vehicles (EVs). Growing EV production further propels the demand for metals such as lead, copper, zinc, and molybdenum
Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Research Methodology
1.4. Research Scope and Assumptions
1.5. Information Procurement
1.5.1. Purchased database
1.5.2. Internal Database
1.5.3. Secondary Sources
1.5.4. Third Party Perspective
1.5.5. Primary Research
1.6. Information Analysis
1.6.1. Data Analysis Models
1.7. Market Formulation and Data Visualization
1.8. Data Validation and Publishing
Chapter 2. Executive Summary
2.1. Market Insights
2.2. Market Snapshot
2.3. Segmental Outlook
2.4. Competitive Outlook
Chapter 3. Market Variables, Trends & Scope
3.1. Market Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Value Chain Analysis
3.3.1. Mining Trends
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Market Opportunities
3.5.4. Industry Challenges
3.6. Industry Analysis- Porter’s Five Forces
3.7. PESTEL Analysis
Chapter 4. Mexico Mining Market: Sector Estimates & Trend Analysis
4.1. Definition & Scope
4.2. Sector Movement Analysis & Market Share, 2022 & 2030
4.3. Precious Metals
4.3.1. Mexico mining market estimates and forecasts, 2018 - 2030 (USD Million)
4.4. Non-Ferrous
4.4.1. Mexico mining market estimates and forecasts, 2018 - 2030 (USD Million)
4.5. Non-Metallic
4.5.1. Mexico mining market estimates and forecasts, 2018 - 2030 (USD Million)
4.6. Others
4.6.1. Mexico mining market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. Competitive Analysis
5.1. Recent Developments & Impact Analysis, By Key Market Participants
5.2. Company Ranking Analysis
5.3. Company Categorization
5.4. Vendor Landscape
5.4.1. List of Raw Material Suppliers, Distributors, and Other Prominent Manufacturers
5.4.2. List of Prospective End-Users
Chapter 6. Mexico Mining Market: Company Profiles
6.1. AHMSA
6.1.1. Company Overview
6.1.2. Financial Performance
6.1.3. Product Benchmarking
6.1.4. Strategic Initiatives
6.2. ArcelorMittal
6.2.1. Company Overview
6.2.2. Financial Performance
6.2.3. Product Benchmarking
6.2.4. Strategic Initiatives
6.3. Coeur Mining Inc.
6.3.1. Company Overview
6.3.2. Financial Performance
6.3.3. Product Benchmarking
6.3.4. Strategic Initiatives
6.4. FIRST MAJESTIC
6.4.1. Company Overview
6.4.2. Financial Performance
6.4.3. Product Benchmarking
6.4.4. Strategic Initiatives
6.5. Fortuna Silver Mines Inc.
6.5.1. Company Overview
6.5.2. Financial Performance
6.5.3. Product Benchmarking
6.5.4. Strategic Initiatives
6.6. Fresnillo plc
6.6.1. Company Overview
6.6.2. Financial Performance
6.6.3. Product Benchmarking
6.6.4. Strategic Initiatives
6.7. GRUPO MEXICO
6.7.1. Company Overview
6.7.2. Financial Performance
6.7.3. Product Benchmarking
6.7.4. Strategic Initiatives
6.8. Industrias Peñoles
6.8.1. Company Overview
6.8.2. Financial Performance
6.8.3. Product Benchmarking
6.9. Newmont Corporation
6.9.1. Company Overview
6.9.2. Financial Performance
6.9.3. Product Benchmarking
6.9.4. Strategic Initiatives
6.10. Pan Ameican Silver Corp
6.10.1. Company Overview
6.10.2. Financial Performance
6.10.3. Product Benchmarking
6.10.4. Strategic Initiatives
List of Tables
Table 1 Mexico mining market estimates and forecasts, 2018 - 2030 (USD Million)
Table 2 Production, reserves, and capacity, company-wise
Table 3 Mexico mining market estimates and forecasts, by precious metals, 2018 - 2030 (USD Million)
Table 4 Top 5 gold mines in Mexico, 2021
Table 5 Mexico mining market estimates and forecasts, by non-ferrous, 2018 - 2030 (USD Million)
Table 6 Mexico mining market estimates and forecasts, by non-metallic, 2018 - 2030 (USD Million)
Table 7 Mexico mining market estimates and forecasts, by others, 2018 - 2030 (USD Million)
List of Figures
Fig. 1 Mexico mining market segmentation
Fig. 2 Information procurement
Fig. 3 Primary research pattern
Fig. 4 Primary research process
Fig. 5 Market formulation and data validation
Fig. 6 Market snapshot
Fig. 7 Segmental Outlook - Sector
Fig. 8 Competitive outlook
Fig. 9 Mexico mining market, 2018 - 2030 (USD Million)
Fig. 10 Penetration & growth prospect mapping - By Sector
Fig. 11 Value chain analysis
Fig. 12 Market dynamics
Fig. 13 Market driver analysis
Fig. 14 Market restraint analysis
Fig. 15 Mexico mining market: Sector movement analysis, 2022 & 2030 (Revenue)
Fig. 16 Silver production in Mexico, 2016 - 2021 (million ounces)
Companies Mentioned
- AHMSA
- ArcelorMittal
- Coeur Mining Inc.
- FIRST MAJESTIC
- Fortuna Silver Mines Inc.
- Fresnillo plc
- GRUPO MEXICO
- Industrias Peñoles
- Newmont Corporation
- Pan Ameican Silver Corp
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 65 |
| Published | January 2023 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 1.87 Billion |
| Forecasted Market Value ( USD | $ 2.3 Billion |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Mexico |
| No. of Companies Mentioned | 10 |
