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The Global Mining Market Is Boosted To Grow To $2 Trillion By The Ongoing Russia-Ukraine War

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News provided by

The Business Research Company

21 Apr, 2022, 15:40 GMT

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The Business Research Company's mining market outlook covers current events and their impact on the industry, regional analysis, competitive landscape, mining market trends, drivers, and more.

LONDON, April 21, 2022 /PRNewswire/ -- The rapid change in commodity prices due to the ongoing war between Russia and Ukraine is expected to positively impact the mining market during the forecast period. Russia and Ukraine are global producers of metals such as nickel, copper and iron, and they are also involved in other essential raw materials such as neon, palladium and platinum. The sanctions from countries across the globe on the Russian invasion, have contributed to the surge in prices of these metals. For instance, the trading price of palladium was recorded at $2,700 on February 25th 2022, which was 80% higher than the price in December 2021. Therefore, rapid growth in commodity prices due to the Russia-Ukraine war is expected to boost the mining market during the forecast period.

The global mining market size is expected to grow from $1.84 trillion in 2021 to $2.06 trillion in 2022 at a compound annual growth rate (CAGR) of 12.0%. Mining market growth is expected to continue at a CAGR of 12.9%, reaching $3.36 trillion by 2026.

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Mining Market Segments

The mining market is segmented by type into mining support activities, general minerals, stones, copper, nickel, lead, and zinc, metal ore, and coal, lignite, and anthracite. The coal, lignite, and anthracite market is the largest segment of the mining market by type, accounting for 62.4% of the total market in 2021. The general minerals market is expected to be the fastest-growing, segmented by type, going forward at a CAGR of 20.7% during the 2021-2026 period.

Drones in Mining

Drone technology has the potential to be most disruptive in the mining market. The drone technology is used for mining applications such as surveying, mapping, preserving safety, stockpile evaluation, inventory management, hot spot identification, and inspection. Drones or unmanned aerial systems (UAS) can access hard-to-reach areas and serve with insights for planning mine. They have shown tremendous growth in mining by allowing much greater data collection and intensifying productivity.

Regional Analysis

Asia Pacific has the largest mining market share, accounting for 70.5% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the mining market will be South America and the Middle East, where growth will be at CAGRs of 23.7% and 22.4% respectively from 2021-2026.

See more on the Mining Market Report

Check out similar market reports:

Mining Machinery And Equipment Global Market Report 2022 – By Product Type (Underground Mining Machinery, Surface Mining Machinery, Drills and Breakers, Crushing, Pulverizing, and Screening Equipment, Mineral Processing Machinery, Other Product Types), By Function Type (Transportation, Processing, Excavation), By Application (Coal, Mineral, Metal) – Market Size, Trends, And Global Forecast 2022-2026

Agriculture, Construction, And Mining Machinery Global Market Report 2022 – By Type (Construction Machinery, Agricultural Implement, Mining And Oil And Gas Field Machinery), By Operation (Autonomous, Semi-Autonomous, Manual), By Capacity (Small, Medium, Large) – Market Size, Trends, And Global Forecast 2022-2026

Autonomous Mining Equipment Global Market Report 2022 – By Type (Autonomous Hauling/Mining Trucks, Autonomous Drilling Rigs, Underground LHD Loaders, Tunneling Equipment), By Mine: Surface Mines, Underground Mines), By Application (Metal, Coal) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

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