USD 27 billion
Report ID:
SQMIG15J2076 |
Region:
Global |
Published Date: April, 2024
Pages:
183
|Tables:
65
|Figures:
72
Global Surface Mining Market size was valued at USD 27 billion in 2022 and is poised to grow from USD 28.89 billion in 2023 to USD 49.64 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).
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.
Global Market Size
USD 27 billion
Largest Segment
Open-Pit Mining
Fastest Growth
Strip Mining
Growth Rate
7.1% CAGR
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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.
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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.
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Drivers
High Demand for Metals and Minerals
Availability of Advanced Mining Equipment
Restraints
Environmental Issues
Logistical Challenges
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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
Recent Developments
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG15J2076