Metal Ores - Papua New Guinea | Statista Market Forecast

Production in Metal Ores market is projected to amount to 157.80m kg in 2024.
An annual growth rate of -1.13% is expected (CAGR 2024-2029).

Definition:

The metal ores market covers the production of 36 items including a wide range of metallic elements such as iron, aluminum, copper, gold, and silver as well as less common elements such as vanadium, and tantalum. These elements are extracted from underground mines and open-pit mines and are used in a variety of industries including construction, automotive, and electronics.

Additional information:

The market comprises productions and production growth rates. Data is only provided for the countries that are active in the above-mentioned markets. The markets only display B2B production.

Ferrous metals
Non-Ferrous metals
Precious metals
Alkali metals
Heavy metals

The mining industry involves the extraction of minerals, oil, gas, and other natural resources from the earth's surface. This industry plays a crucial role in the global economy, providing important raw materials for various industries such as construction, manufacturing, and power generation.

This market faces several challenges, including environmental concerns related to land degradation, water pollution, and carbon emissions. Occupational health and safety risks, including accidents and exposure to harmful substances, also pose a challenge. The market is also vulnerable to fluctuations in global commodity prices, regulatory pressures, and geopolitical risks. Additionally, social and political opposition to mining and quarrying activities, particularly in ecologically sensitive areas or regions with indigenous populations, can also pose significant challenges to the industry.

The COVID-19 pandemic and the ongoing conflict in Ukraine have had significant impacts on the mining market. The pandemic has led to disruptions in global supply chains, reduced demand for certain minerals and metals, and closures of mining operations due to restrictions on movement and workforce safety concerns. These disruptions have resulted in production delays, lower commodity prices, and revenue losses for companies in the industry. The conflict in Ukraine has also had a significant impact on the mining market, particularly in the eastern regions where much of the country's mining activity takes place. The conflict has disrupted supply chains and transportation routes, increased security risks, and caused significant damage to infrastructure and mining equipment. As a result, many mining operations in the affected areas have been suspended, leading to significant production losses.

The mining market's future outlook is uncertain and complex. The industry will continue to be influenced by global economic conditions and commodity prices, as well as technological advancements and emerging markets. Companies will also need to address environmental sustainability and social responsibility concerns while leveraging digital technologies to optimize operations and increase efficiency. Additionally, there will be pressure to diversify product offerings and explore new mineral resources to meet the demands of emerging technologies.

Data coverage:

The data encompasses B2B. Figures are based on the production of mineral raw materials and orebodies. The market covers the production of coal, crude petroleum, metal ores, non-metallic ores, and natural gas.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of market-leading companies and industry associations, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the mining market.

Additional notes:

The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Industrial market, in a PDF format.

Precious metals, such as gold, silver and platinum, are among the most valuable commodities worldwide. The value of the materials is determined by their relative scarcity. In 2020, an estimated 380 metric tons of gold were produced in China, the world's largest producer of the metal. This production output was stable compared to 2019 figures, despite a slump in metal demand due to the Covid-19 healthy crisis. That same year, China was estimated to have around 2,000 metric tons of mine reserves of gold. It was dwarfed by Australia’s gold reserves, which reached some 10,000 metric tons.