Mining Market Report 2025

The mining market size has grown strongly in recent years. It will grow from $2.26 trillion in 2024 to $2.4 trillion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to technological advancements, an increase in investments in mining, favorable government policies, the use of renewable energy in mining and the rapid change in commodity prices.

The mining market size is expected to see strong growth in the next few years. It will grow to $3.0 trillion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to a rise in infrastructure development, increasing merger and acquisition activities, increasing implementation of autonomous equipment and increasing construction activities will drive the market growth. Major trends in the forecast period include focus on use of lidar (light detection and ranging), drone technology, product innovations, launch of digital twin, use of 3d mine visualizers, battery-driven mining machinery and equipment, technological advancements, automated mining machinery and a rise in the use of telematics.

Governments are actively providing subsidies and promoting foreign direct investments (FDI) in the mining sector. This support comes through various channels, including public finance institutions such as bilateral development banks and export credit agencies that invest in mining projects, fiscal assistance through budget allocations and tax exemptions, and investments from majority state-owned mining and utility companies. For example, in May 2024, the Australian Bureau of Statistics, a national statistical agency in Australia, reported that the mining industry expanded to 220 in 2023, up from 202 in 2022. Such government initiatives are expected to continue facilitating the growth of the mining market.

The increasing demand for minerals and metals is projected to drive the growth of the mining market in the future. Minerals are defined as naturally occurring substances with distinct chemical and physical properties, composition, and atomic structure, while metals - such as gold, silver, and copper - are elemental substances known for their excellent conductivity, shine, and malleability. This demand is fueled by various factors, including economic growth and the utilization of raw materials across multiple industries, such as construction, electronics, automotive, and renewable energy. For instance, in June 2023, the Australian Bureau of Statistics reported that mineral exploration expenditure reached $1.03 billion in the second quarter of 2023, marking a 0.8% increase from the first quarter of the same year. Thus, the rising demand for minerals and metals is a significant driver of growth in the mining market.

The adoption of renewable energy sources is aiding mining companies in reducing power costs and controlling emissions. Utilizing solar or wind projects near mine sites proves economical and environmentally friendly. Leading mining companies such as BHP and Rio Tinto have embraced renewable energy initiatives, with Rio Tinto, for instance, targeting 10% of its 20MW - 25MW power demand from renewable sources, aiming to reduce diesel usage and CO2 emissions significantly. The incorporation of renewable energy, including solar thermal, solar PV, and wind energy, is contributing to sustainable mining practices.

Major players in the mining market are actively pursuing strategic partnerships to drive revenues and promote innovation. Collaborations between mining companies, equipment manufacturers, and technology firms aim to enhance efficiency and sustainability. In May 2023, Gradiant Corporation partnered with Schlumberger NV and Rio Tinto Group to advance productivity and sustainability in the mining industry. This interdisciplinary partnership focuses on leveraging data-driven solutions and innovation to propel mining sustainability forward, demonstrating the industry's commitment to responsible practices.

Major companies operating in the mining market include BHP Group Limited, Rio Tinto Group, Glencore plc, Vale S.A., China Shenhua Energy Company Limited, Anglo American Plc, China Coal Energy Company Limited, Jiangxi Copper Corporation Limited, Yankuang Energy Group Company Limited, Zijin Mining Group Company Limited, National Mineral Development Corporation, Vedanta, Hindustan Zinc, Hindalco Industries, Bharat Aluminium Company, Rajasthan State Mines And Minerals, Gujarat Mineral Development Corporation, Fortescue Metals, Newcrest Mining, South32, Evolution Mining, China Northern Rare Earth Group High-Tech Co Ltd, Shaanxi Coal And Chemical Industry Group Co Ltd, China Molybdenum Co Ltd, Shandong Gold Mining Co Ltd, Nyrstar Stolberg Gmbh, Voerde Aluminium Gmbh, Thyssen Schachtbau Holding Gmbh, Imerys Metalcasting Germany Gmbh, ENGINEERING DOBERSEK Gmbh, Barbara Rohstoffbetriebe Gmbh, Fastner & Co, Eramet, Manoir Industries, Eurasia Mining, Petropavlovsk, Kaz Minerals, Hochschild Mining, Węglokok, Silesian-American Corporation, Kompania Węglowa, KGHM Polska Miedź, Jastrzębska Spółka Węglowa, Alrosa, Nordgold, Polymetal International, Zarechnaya, ARMZ Uranium Holding, Stoilensky GOK, Vorkutaugol, Yakutugol, Ural Mining And Metallurgical Company, Freeport Mcmoran, Newmont Mining, Peabody Energy, Teck Resources, Barrick Gold (ABX), First Quantum Minerals (FM), Agnico Eagle Mines (AEM), Kinross Gold Corp, Lundin Mining (LUN), Yamana Gold, B2Gold, Hudbay Minerals, CSN Mineração, Veladero Mine, Gualcamayo Mine, Drummond Ltd, Carbomax De Colombia SAS, Shefa Gems, OREN MODEL GAN LTD, ARAVA Mines Ltd, Quarry Mining LLC, Centamin, AIMR Mining, African Rainbow Minerals, Metal Manufacturing Nigeria Limited, Sibanye-Stillwater.

Asia-Pacific was the largest region in the mining market in 2024. North America was the second largest region in the mining market. The regions covered in the mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mining 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 mining market consists of sales of minerals, metals and other valuable materials such as sand and gravel, coal and stone extracted from the earth crust. 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.

Mining is the process of extracting minerals, metals, and other valuable materials from the Earth.

The main types of mining encompass mining support activities, general minerals, stones, copper, nickel, lead, zInc., metal ore, coal, lignite, and anthracite. General minerals include the mining of construction sand and gravel, industrial sand, kaolin and ball clay, clay and ceramic and refractory minerals, potash, soda, and borate minerals, phosphate rock, or other chemical and fertilizer minerals. Various processes are employed in mining, including underground mining and surface mining. Different service providers in the mining industry include independent contractors and companies.

The mining market research report is one of a series of new reports that provides mining market statistics, including mining industry global market size, regional shares, competitors with a mining market share, detailed mining market segments, market trends, and opportunities, and any further data you may need to thrive in the mining industry. This 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 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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