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New Report Estimates Global Surface Mining Market to Reach USD 32.92 Billion by 2026

May 29 2019

The global Surface Mining Market is estimated to reach USD 32.92 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the consumption of metals and minerals across the globe in several end-user industries such as electronic and electrical, and machinery industries.

Also, increasing demand for electricity is expected to drive the growth of the market positively. According to the World Bank, global metal consumption observed a positive growth of about 1.80% in 2016. Additionally, the increasing use of metals across the globe is promoting the expansion of global market. Apart from this, an abundance of mineral and metal ores in the world is expected to impact the growth of the market positively. Growing consumption of electricity has raised the demand for coals in the world. This factor is expected to augment the growth of the global surface mining market. Further, improvement in surface mining technologies is also responsible for the growth of the market. Also, the market is observing the launch of new and innovative surface mining solutions, which further enhances operational efficiency. This factor is expected to initiate current and future market growth prospects.

Surface mining is a kind of mining in which mineral deposits are collected by removing overlying rock and soil. The initial type of surface mining methods includes open-pit mining, strip mining, and mountaintop removal. Surface mining offers several advantages over underground mining, such as less complexity and low operational cost.

North America accounts for the largest market share of 32.3% in 2018. Presence of a large number of metallic, coal, and non-metallic resources in the region is forecasted to spur the growth of the market in this region. The abundance of non-metallic mineral ores in Canada is believed to stimulate the growth of the market in North America. U.S. and Canada are considered to be a significant contributor to the growth of the market in the North America region.

Further key findings from the report suggest

Non-metallic ore accounts for a market share of 30.6% in 2018.
The rise in demand can be due to the growing use of lime, salts, and phosphate.
Metallic ore is valued at USD 12.87 Billion by 2026 and is estimated to reach USD 16.39 Billion by 2026 at a CAGR of 3.0% during the forecast period.
Strip mining method accounts for the largest share of 36.8% of the market in 2018.
Strip mining is implemented when the mineral deposits and the surface of the ground are adjacent to each other. It is likely due to increasing demand for metals such as zinc, gold, silver, and copper.
Among the End users, the metal segment accounts for the largest share of 39.3% in 2018.
Electric power industry end user is estimated to reach USD 7.41 Billion by 2016 at the highest CAGR of 3.2% during the forecast period.
With the growing industrialization and urbanization across the globe, the demand for power generation has also increased.
The rising need has led to an enhanced demand for coal, which plays an essential role in energy production.
Coal is widely used for electricity generation purpose, and is anticipated to promote the surface mining industry growth during the forecast period.
Coal mining is likely to develop as a high growing activity, and it involves the use of devices such as road headers, scraper conveyors, and coal winning machines.
Furthermore, the growing population, along with expanded economic activity, has boosted the market for coal significantly, for electricity production and heating purposes.
Key participants include Rio Tinto, BHP Billiton, Barrick Gold Corporation, Glencor, China Shenhua Energy, Coal India Limited, Vale S.A., Freeport-McMoran, Goldcorp Inc., Anglo America