Exploring the Mining Market Size, Growth, Demand, and Trends (2024)

FAQs

What is the size of the mining market? ›

What is the size of mining market? The Global Mining Market is a behemoth, estimated to be worth USD 2,138.73 billion in 2023, and projected to reach USD 2,276.8 billion in 2024. This represents a remarkable 6.5% CAGR (Compound Annual Growth Rate), highlighting the industry's significant size and continued expansion.

Global demand for minerals continues to surge, driven by infrastructure development, technological advancements, and the growth of renewable energy industries. The Global Mining Market is projected to reach a valuation of USD 1.85 trillion by 2025, highlighting its pivotal role in the global economy.

The global mining equipment market was valued at USD 132.4 Billion in 2021.

Production in Mining & Quarrying market is projected to amount to 16,810.0bn kg in 2024.

Based on BLS data modeled by EIA, the U.S. mining industry is projected to grow over at least the next ten years.

All of these resources combined have led to the US mining industry being worth an estimated $82.3 billion in 2020.

More and more companies are understanding the added value that can be unlocked through Process Mining: Cost savings, improved process efficiency or automation projects are driving them. In terms of figures, 80% of companies are already motivated to integrate a Process Mining tool.

By creating high-paying jobs and providing the raw materials essential to every sector of our economy, minerals mining helps stimulate economic growth.

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.

Mining Equipment Market Size & Trends

The global mining equipment market size was estimated at USD 141.31 billion in 2023 and is expected to expand at a compounded annual growth rate (CAGR) of 5.2% from 2023 to 2030.

What is the biggest mining companies today? ›

Showing 10 out of 102 companies. BHP, Rio Tinto, Glencore Plc, Vale SA, and China Shenhua Energy Co Ltd are the top 5 mining companies in the world in 2022 by market cap (as of December 31, 2022).

BHP Group Limited

It is the world's largest mining company by market capitalization and one of the top producers of commodities such as iron ore, copper, and petroleum.

Future economic growth and prosperity requires robust supply of minerals and metals. Demand for commodities like copper, steel and aluminium has increased exponentially to sustain our growing need for essential materials and power.

The market size, measured by revenue, of the Mining industry was $831.3bn in 2023.

The value added by the United States mining industry (excluding oil and gas) amounted to 78.3 billion U.S. dollars in 2022, an increase from the previous year.

In 2022, the manufacturing sector comprised 10.3 percent of nonfarm business sector employment (13.2 million jobs) and 11 percent of U.S. Gross Domestic Product (GDP). The mining sector employed approximately 574,200 jobs, or 0.4 percent of all total nonfarm employees in 2022, and contributed 1.9 percent to GDP.

The global Metals and Minerals market size was valued at USD 13525.71 Million in 2022 and will reach USD 20160.59 Million in 2028, with a CAGR of 6.88% during 2022-2028.

Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. Over the past 20 years, annual trade in energy-related critical minerals has increased from US$ 53 billion to US$ 378 billion.