There are a wide range of sectors in the mining and mineral industry, such as manufacturing, construction, energy, and technology, that shake and sustain global activities. However, the mining industry will cost about $1.9 trillion by 2023 to support construction, manufacturing, energy generation, and technology. We expect the mining industry to grow at a compound annual growth rate (CAGR) of 4.2 percent from 2024 to 2030. Countries like North America, Asia-Pacific, and Africa can boost global mineral production.
As observed, the world mining and mineral industry maintained a positive momentum and growth trends. The market's growth stems from the increasing demand for metals, energy sources, and building materials. Metals like iron ore, copper, and gold contributed significantly to the market's $1.9 trillion valuation in 2023. With the ongoing increase in population, worldwide urbanization, and the use of renewable energy, there has been an increase in the demand for resources that contain such minerals as lithium, cobalt, and rare earth elements.
There are a wide range of sectors in the mining and mineral industry, such as manufacturing, construction, energy, and technology, that shake and sustain global activities. However, the mining industry will cost about $1.9 trillion by 2023 to support construction, manufacturing, energy generation, and technology. We expect the mining industry to grow at a compound annual growth rate (CAGR) of 4.2 percent from 2024 to 2030. Countries like North America, Asia-Pacific, and Africa can boost global mineral production.
As observed, the world mining and mineral industry maintained a positive momentum and growth trends. The market's growth stems from the increasing demand for metals, energy sources, and building materials. Metals like iron ore, copper, and gold contributed significantly to the market's $1.9 trillion valuation in 2023. With the ongoing increase in population, worldwide urbanization, and the use of renewable energy, there has been an increase in the demand for resources that contain such minerals as lithium, cobalt, and rare earth elements.
The mining and minerals industry refers to the mining, mining processing, and marketing operations of mineral resources. The mineral resources that can be explored and utilized include minerals that cannot be called metals, for example, gold, silver, copper, and coal; metallic minerals, for example, gold, silver, and copper; and energy minerals, for example, coal and uranium. Mineral exploration has two distinct phases, comprising prospecting and measurement of mineral resources (upstream) and mining, refining/extracting, and processing minerals (downstream).
1. Metallic minerals: iron, aluminum, lead, copper, zinc.
2. Non-metallic minerals: structural clay products, limestone, cement, and aggregates.
3. Energy minerals: Hard rock, open-cut coal, and uranium mining.
4. Ornamental minerals: Stones like rubies and emeralds, diamonds, alexandrites, and amethysts.
5. Strategic minerals: Strategic reserves, lithium, cobalt, rare earths, and others.
1. Going Green: Mining corporations are making use of renewable energy, through which they are minimizing carbon emissions.
2. Innovation Age: The use of the Internet of Things (IoT), huge amounts of data monitoring, and artificial intelligence (AI) are increasing productivity in mining operations.
3. Economy of Recycling: As a way to minimize the effects of mining, recycling as well as reusing the minerals is on the rise.
4. Developing territories: Africa and a little bit of Latin America are also now turning out to be a good place for mineral discovery.
5. Availability of Minerals: The global demand for these minerals has led to increased prospecting activities of minerals like nickel and zinc, as well as the rare earths as critical minerals.
Rise in Need for Lithium and Cobalt: The demand for batteries and systems for storing energy from renewable sources has increased the need for cobalt, lithium, and other lithium-related technologies.
Mechanization of Mining Processes: Smart tools in mining operations, such as AI, robotics, and others, help reduce the mining operations cost and improve safety.
Environmental Patriotism: In the field of mining in Africa, environmental concerns are taken into consideration to demystify what goes on underground in most of the countries.
Strategic resources in international trade: And since rare earth minerals are limited in nature, they have also acquired obvious importance in global trade and politics.
Based on the types of minerals: metallic, non-metallic, energy, and precious minerals.
On the basis of use: building, manufacturing, energy, technology, and jewelry.
Geographically: North America, Europe, Asia-Pacific, Latin America, the Middle East, & Africa.
Based on the method of mining: surface mining, underground mining, and placer mining.
BHP Billiton: This mineral resource giant occupies a leadership position in the market across various minerals.
Rio Tinto PLC: The company is very famous due to its activities in the aluminum, copper, and iron ores.
VALE: The company’s strongest product is its iron ore and nickel.
Glencore SA: It is very active in coal and copper operations, zinc, and lead production.
Anglo American PLC: Emphasis is on the diamond, platinum, and basic metals divisions.