Mineral Processing Market Size, Share, Growth, And Industry Analysis by Type (Crushing, Screening, Grinding, and Classification) by Application (Metal Ore mining and Non-Metallic Ore Mining) Regional Forecast To 2031
Published On:Jan, 2024 Base Year:2023 Historical Data:2019-2022 Updated On: 01 April 2024 Source：Business research insights
MINERAL PROCESSING MARKET REPORT OVERVIEW
The global mineral processing market size was USD 79632.8 million in 2021. As per our research, the market is expected to reach USD 387,179.52 million in 2031, exhibiting a CAGR of 14.73% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with mineral processing experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
To treat ores and mineral products and extract the minerals from rock and gangue, mineral processing equipment is employed. These tools are utilized in a procedure where ores are processed to produce a more concentrated substance. The output of minerals including iron, copper, and other ores has expanded significantly during the medium term due to improvements in mining technology and equipment. Large-scale projects and expansions have been a part of this growth. Mining activity has expanded in numerous places as a result of the expansion of the infrastructure and manufacturing sectors and the demand for mining equipment.
COVID-19 IMPACT: CLOSURE MANUFACTURING UNITS HAMPERED MARKET GROWTH
Global political, economic, financial, and social systems were upended by the COVID-19 pandemic outbreak. The pandemic reduced demand for equipment across a wide range of industries, including mining. A significant supply chain breakdown had a negative impact on the market. The market for mineral processing equipment, however, is anticipated to experience significant growth over the course of the projection period as the economy begins to bounce back from the losses.
LATEST TRENDS
"Growing Urbanization to Increase Market Growth"
A significant factor propelling the global market for mineral processing is the rapid industrialization and urbanization. Population has increased significantly during the past ten years, which has increased mineral consumption. The demand for minerals has also increased as a result of rising household incomes. Therefore, a key factor driving the global mineral processing market growth for mineral processing is the rising industrial and urbanization of the world.
MINERAL PROCESSING MARKET SEGMENTATION
By Type Analysis
According to type, the market can be segmented into Crushing, Screening, Grinding, and Classification.
By Application Analysis
Based on application, the market can be divided into Metal Ore mining and Non-Metallic Ore Mining.
DRIVING FACTORS
"Government Spending to Drive Market Expansion"
Another factor propelling the global market for mineral processing is the increase in infrastructure and mining investments. Government spending on infrastructure construction has dramatically increased during the past few years. These have increased mineral consumption all across the world. Therefore, it is anticipated that increasing infrastructure and mining investments will propel the global market for mineral processing during the forecast period.
"Various Processes to Enhance Market Development"
Due to the rise in demand for fixed and wheeled product lines, producers of crushing, screening, and mineral processing equipment anticipate stronger sales. To address the rising demand for fixed and wheeled units, the producers are developing a variety of marketing methods, followed by product offerings. Another factor anticipated to fuel the expansion of the global market is the rise in demand for and uptake of mobile crusher, screening, and mineral processing equipment. Cost-effective material transportation is another goal of mobile equipment.
RESTRAINING FACTORS
"Strict Government Regulations to Impede Market Growth"
Presently, investors also buy and retain assets in minerals. Most of the public can invest in minerals through mutual funds and shares. The market growth, however, may be constrained by issues like the difficulty of developing and expanding mining activity, strict government regulations due to environmental concerns, rising mining costs, and safety standards.
MINERAL PROCESSING MARKET REGIONAL INSIGHTS
Production Activities to Foster Growth in Asia Pacific
Asia Pacific is expected to have the largest mineral processing market share. This high percentage is a result of expanding mineral processing operations in nations like China, India, and others, which are expected to boost the use of the product in the region throughout the course of the projection year. In addition, China holds the greatest market share in the Asia Pacific region due to its dominance in the production of gold, coal, and other earth minerals.
North America is anticipated to have a sizable market share. A growth in mining and mineral processing activities in nations like Brazil, Colombia, Argentina, and Chile is a major factor driving the need for mining chemicals throughout Central and South America. Copper, gold, and iron ore are the main products of the area. The substantial foreign investments made by private enterprises for exploration activities throughout the region are responsible for the expanding mining industry.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Mineral Processing Market Report Coverage
Post time: Apr-17-2024