The Europe mining remanufacturing components market was valued at US$ 1.08 billion in 2022 and is expected to reach US$ 1.54 billion by 2030; it is estimated to register a CAGR of 4.6% from 2022 to 2030.
Also, in January 2023, the state-owned mining firm in Sweden, LKAB, declared that it had found over one million tons of rare earth oxides in the country's northern region. It is the largest known deposit in Europe. This growth in mining has directly affected the demand for equipment in the industry, such as wheel loaders and wheel dozers, ultimately driving the demand for mining remanufacturing components.
In 2021, the majority of brown coal (~92%) was utilized for power generation. This indicates a consistent need for mining equipment and components to support the extraction and processing of brown coal for electricity generation. As the demand for brown coal remains steady, the mining remanufacturing components market can expect a continuous demand for products and services.
Additionally, the use of hard coal, particularly coking coal, in the steel & iron industry further contributes to the market growth. Coking plants in the EU consumed 37.19 million metric tonnes of coking coal in 2021 to produce 31 million tonnes of coke oven, which is essential for steel production. The stability and slight rise in coking plant activity in 2021 indicate a continued need for mining remanufacturing components to support the coal-to-coke conversion process.
Thus, the substantial consumption of brown coal and hard coal in Europe, particularly for power production and steel manufacturing, creates a favorable environment for the growth of the mining remanufacturing components market. The demand for mining equipment and components is expected to remain strong, providing opportunities for businesses operating in this sector to thrive and expand their operations.
Growth in Mining Industry Drives Europe Mining Remanufacturing Components Market
Governments and organizations in countries such as Australia, China, the Czech Republic, Portugal, the US, Canada, and others are actively promoting exploration and mining activities. In November 2023, a tentative agreement was achieved between the European Parliament and the Council about the Critical Raw Materials Act (CRMA). The regulation will affect businesses in a variety of ways, including the manufacturing sector, investors, non-EU players, and the mining and processing industries. By early 2024, the CRMA may rank among the fastest-passed EU regulations ever. Its goal is to secure Europe's supply of resources such as magnesium, lithium, nickel, and other elements needed for the green transition and strategic industries.Also, in January 2023, the state-owned mining firm in Sweden, LKAB, declared that it had found over one million tons of rare earth oxides in the country's northern region. It is the largest known deposit in Europe. This growth in mining has directly affected the demand for equipment in the industry, such as wheel loaders and wheel dozers, ultimately driving the demand for mining remanufacturing components.
Europe Mining Remanufacturing Components Market Overview
The significant consumption of brown coal in Europe, particularly in countries such as Germany, Poland, Bulgaria, Czechia, Romania, and Greece, is expected to have a positive impact on the mining remanufacturing components market in Europe. Germany, being the largest consumer of brown coal in the EU, accounted for 45% of the total consumption in 2022. This high demand for brown coal, primarily used for power production, creates opportunities for the mining remanufacturing sector to provide essential components and equipment for mining operations.In 2021, the majority of brown coal (~92%) was utilized for power generation. This indicates a consistent need for mining equipment and components to support the extraction and processing of brown coal for electricity generation. As the demand for brown coal remains steady, the mining remanufacturing components market can expect a continuous demand for products and services.
Additionally, the use of hard coal, particularly coking coal, in the steel & iron industry further contributes to the market growth. Coking plants in the EU consumed 37.19 million metric tonnes of coking coal in 2021 to produce 31 million tonnes of coke oven, which is essential for steel production. The stability and slight rise in coking plant activity in 2021 indicate a continued need for mining remanufacturing components to support the coal-to-coke conversion process.
Thus, the substantial consumption of brown coal and hard coal in Europe, particularly for power production and steel manufacturing, creates a favorable environment for the growth of the mining remanufacturing components market. The demand for mining equipment and components is expected to remain strong, providing opportunities for businesses operating in this sector to thrive and expand their operations.
Europe Mining Remanufacturing Components Market Segmentation
The Europe mining remanufacturing components market is categorized into component, equipment, industry, and country.- Based on component, the Europe mining remanufacturing components market is segmented into engine, axle, transmission, hydraulic cylinder, and others. The engine segment held the largest Europe mining remanufacturing components market share in 2022.
- In terms of equipment, the Europe mining remanufacturing components market is segmented into excavator, wheel loader, wheel dozer, crawler dozer, haul truck, and others. The crawler dozers segment held the largest Europe mining remanufacturing components market share in 2022.
- By industry, the Europe mining remanufacturing components market is divided into coal, metal, and others. The metal segment held the largest Europe mining remanufacturing components market share in 2022.
- By country, the Europe mining remanufacturing components market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Germany dominated the Europe mining remanufacturing components market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Europe Mining Remanufacturing Components Market Landscape
5. Europe Mining Remanufacturing Components Market - Key Market Dynamics
6. Mining Remanufacturing Components Market - Europe Analysis
7. Europe Mining Remanufacturing Components Market Analysis - by Component
8. Europe Mining Remanufacturing Components Market Analysis - by Equipment
9. Europe Mining Remanufacturing Components Market Analysis - by Industry
10. Europe Mining Remanufacturing Components Market - Country Analysis
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Atlas Copco AB
- J C Bamford Excavators Ltd
- Caterpillar Inc.
- Epiroc AB
- Swanson Industries Inc
- Komatsu Ltd
- Liebherr-International AG
- AB Volvo
- Hitachi Construction Machinery Co Ltd
