USD 27 billion
Surface Mining Market Size, Share, Growth Analysis, By Type(Strip Mining, Terrace Mining, Open-Pit Mining, and Others), By Application(Coal Mining, Metal Mining, Mineral Mining, and Others), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15J2076 |
Region:
Global |
Published Date: April, 2024
Pages:
183
|Tables:
65
|Figures:
72
Surface Mining Market Insights
Surface Mining Market size was valued at USD 28.89 Billion in 2023 and is poised to grow from USD 30.94 Billion in 2024 to USD 53.16 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).
Surface mining refers to a process in which overlying soil and rock are removed to uncover minerals and metals. This type of mining includes strip mining and open-pit mining, which are largely used worldwide. Growing demand for minerals and metals from different industry verticals is projected to bolster the demand for surface mining across the forecast period and beyond. Adoption of surface mining can also be attributed to its low costs. Rapidly expanding semiconductor and consumer electronics industries are also boosting the demand for novel minerals and metals going forward. Growing availability of advanced mining equipment and machinery is also estimated to benefit market development over the coming years. However, environmental impact of mining and logistical challenges is estimated to slow down surface mining demand outlook in the future.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Open-Pit Mining
Fastest Growth
Strip Mining
Growth Rate
7.1% CAGR
Global Surface Mining Market ($ Bn)
Country Share for North America Region (%)
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Surface Mining Market Segmental Analysis
The global surface mining market is segmented based on type, application, and region. In terms of type, the market is bifurcated into strip mining, terrace mining, open-pit mining, and others. Based on application, the market is divided into coal mining, metal mining, mineral mining, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Open pit mining is projected to account for a dominant share of the global surface mining market. This type of mining leaves behind an open pit after mining valuable materials from the site. High efficiency and better safety as compared to deep mining types are factors that allow this segment to hold a high market share.
However, strip mining is projected to increase at a rapid CAGR across the forecast period. Strip mining refers to stripping off layers of soil to mine minerals and valuable materials near to the surface. However, the use of this type of mining is projected to be hampered by its environmental constraints as focus on sustainability increases.
Analysis by Application
Coal mining accounts for a dominant share of the global surface mining market and is slated to maintain a similar stance going forward. High use of coal in different applications such as energy generation, cement production, etc. Are key factors that are slated to bolster surface mining market growth via this segment going forward.
However, the demand for metal mining is slated to increase rapidly across the forecast period. Growing use of metals in different applications and rapidly expanding electronics sector are contributing to the rapid growth in demand for metal mining. Rapidly increasing production of steel is also estimated to boost market growth via this segment.
Global Surface Mining Market By Type
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Surface Mining Market Regional Insights
North America is estimated to hold a prominent chunk of the global surface mining demand outlook. A series of mining rushes coupled with increasing investments in the mining industry allows this region to dominate the global market. The United States is the leading country for mining operations in the world and this also helps North American region’s dominance. Increasing efforts of the United States to reduce reliance on imports from countries such as China has bolstered mining operations in the North American region, which is expected to favor surface mining market development in the long run.
Asia Pacific is slated to expand at the fastest CAGR in the global surface mining market over the coming years. Presence of key mines in countries such as China, India, Australia, and Indonesia for various metals and minerals is what allows this region to emerge as the fastest-expanding market in the world. Rapid industrialization and growing need for metals and minerals in different industry verticals is also pushing the demand for surface mining in this region.
Global Surface Mining Market By Region
- Largest
- Fastest
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Surface Mining Market Dynamics
Drivers
High Demand for Metals and Minerals
- Rapid industrialization and growing utilization of minerals and metals in different industrial applications has led to a robust increase in demand for metals and minerals. These elements are acquired through mining thereby promoting surface mining demand outlook.
Availability of Advanced Mining Equipment
- Technological advancements have led to the creation of novel mining equipment, and this availability of novel mining machinery is also projected to promote the demand for surface mining operations worldwide.
Restraints
Environmental Issues
- Mining operations have a negative impact on the environment as they damage ecosystems, dewater the land, cause soil erosion, etc. Growing awareness regarding these harmful effects is expected to slow down the surface mining market development going forward.
Logistical Challenges
- Mining sites are often located in remote and uninhabited areas, and this is why developing a logistics and supply chain for mining operations could be a challenge. These logistical challenges could slow down surface mining market growth potential in the future.
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Surface Mining Market Competitive Landscape
Surface mining companies should focus on reducing their environmental impact and opt for sustainable practices to keep their business relevant in the long run. Surface mining providers can also opt for automated and advanced mining practices to improve operational efficiency and maximize profitability. Mergers and collaborations are also slated to be popular strategies for market players around the world.
Top Player’s Company Profiles
- Freeport-McMoRan Inc.
- Barrick Gold Corporation
- Atlas Copco AB
- Anglo American plc
- Hitachi Construction Machinery Co. Ltd.
- Parenti Global Limited
- Komatsu Ltd.
- Macmohan
- Vale S.A.
- Sandvik AB
- Rio TTint
- LAXYO
- BHP Billiton
- American Mine Services
Recent Developments
- In December 2023, Epiroc, a leading name in the mining industry, announced the launch of new digital solutions specially designed for surface mining operations. These new solutions are slated to improve situational awareness for miners working in designated high-risk zones to improve safety.
- In March 2021, Macmohan Holdings, a renowned mining company based in Australia, commenced providing surface mining surfaces to a coal mine in Queensland, Australia. The mine is majorly owned by Anglo American.
Surface Mining Key Market Trends
- Integration of Automation: surface mining companies should focus on incorporating automation in their operations to improve their operational efficiency and boost profitability. Companies should partner with leading automation providers to develop and deploy specialized mining automation solutions.
Surface Mining Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high demand for metals and minerals across industry verticals is forecasted to bolster the surface mining market growth over the coming years. Environmental issues associated with mining are projected to slow down surface mining market development in the long run. North America is estimated to dominate the global surface mining market owing to rapidly increasing mining activity in countries such as the United States and Canada. Surface mining market players can maximize their business potential by integrating automated mining solutions and services in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27 billion |
| Market size value in 2031 | USD 49.64 billion |
| Growth Rate | 7.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Surface Mining Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Surface Mining Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Surface Mining Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surface Mining Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surface Mining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surface Mining Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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