Mining

Production in Mining market is projected to amount to 601.50bn kg in 2024.
An annual growth rate of 1.17% is expected (CAGR 2024-2029).

Definition:

The Mining industry includes the extraction of valuable raw materials and ore bodies. A mineral, with a few exceptions, is an inorganic substance occurring in nature that has a definite chemical composition and distinctive physical properties or molecular structure. An ore, on the other hand, is a natural aggregation of one or more minerals and ores occurring naturally, which can be solids (coal and ores), liquids (petroleum), or gases (natural gas). Extraction can be achieved by different methods such as underground or surface mining, well operation, seabed mining, etc. The goal is to cover items from more than 100 countries and regions in five markets, including coal, crude petroleum, metal ores, non-metallic ores, and natural gas.

Structure:

The market consists of five different markets:

The Coal market includes mining of coal, a combustible black or black-brown sedimentary rock used as fuel.
The Crude Petroleum includes extraction of crude petroleum, the raw material for petroleum production.
The Metal Ores market includes the mining of naturally occurring rocks that contain metals or metal compounds. Metals such as iron, chromium, cobalt, etc. are produced from these ores.
The Non-Metallic Ores market includes the mining of naturally occurring rocks that contain non-metallic minerals, e.g., asbestos, baryte, etc.
The Natural Gas market includes extraction of natural gas, a fossil energy source formed beneath the earth’s surface that is mostly methane.

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.

Mining of raw minerals
Mining of ores
Extraction of fossil fuels

Smelting and pressing of metals
Petroleum refining
Energy production from fossil fuels

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.

Numerous industries worldwide depend on the supply of mineral commodities from underground. The dependency of various high-tech-industries on rare earths is a recent issue – coal, on the other hand, is still one of the leading global energy resources. Consequently, the mining sector is pivotal to the world’s economy. The revenue of the top 40 global mining companies, which represent a vast majority of the whole industry amounted to a record 943 billion U.S. dollars in 2022. The net profit margin of the mining industry decreased from 25 percent in 2010 to 14 percent in 2022.