Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Surface Mining Market By Method, By Mineral, By End-Use,, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global surface mining market was valued at USD 39.67 billion in 2021 and is projected to experience a revenue CAGR of 3.3% over the forecast period.
The market growth is primarily driven by the increasing demand for minerals and metals across various industries, rising mining activities for the extraction of these resources, and rapid urbanization. Surface mining is a widely recognized and efficient method for extracting underground fossil fuels, metals, and minerals such as gold, lead, silver, iron, diamonds, coal, salt, stones, and oil sands. One of the major advantages of surface mining is that it does not require tunnels or shafts, making it easy to set up.
Another driving factor for market growth is the rising demand for precision surface mining. This technique eliminates the need for primary crushing and explosives, enabling the production of a homogeneous material with a narrow particle size dispersion. Top-down cutting allows for flexible product size while producing fewer particles than drilling. Precision surface mining extends a mine's usable life and leads to better mineral recovery due to the more uniform and consistent particle sizes.
Moreover, the demand for strip mining is also a key factor driving the market's revenue growth. Strip mining involves stripping away the ground from the mineral or metal being mined and removing a thin layer of material to access buried minerals. It is more practical and faster to remove the overburden to access minerals when they are found near the surface. Coal and tar sands are usually mined through strip mining, which has an average recovery rate of 80% to 90%, compared to 50% for tunnel mining. Strip mining is also more cost-effective than other methods, making it a popular choice in the industry.
The increasing demand for dredging, which serves a variety of purposes such as maintaining water channels, clearing debris from water, and creating new landforms, is a key driver of market revenue growth. Dredging is a fast and effective way to remove sediment, and can be performed using different types of dredges. It is essential for underwater excavation, particularly in the construction of waterway structures like docks, piers, and bridges. The removal of mud and silt from bodies of water using dredges is also driving market revenue growth.
Another driver of market revenue growth is the rising demand for highwall mining, which offers several benefits such as flexibility, mobility, and the ability to extract smaller blocks of coal. Highwall mining is particularly useful in extracting minerals that would otherwise be too costly to remove. It is also utilized in contour strip mines to extract more ore from mineral seams above the terrace. Highwall miner systems feature advanced detection technologies that allow for more precise cutting operations, which is also driving revenue growth of the surface mining market.
The negative impact of surface mining on the environment and human health is a significant restraint on market revenue growth. Surface mining causes numerous environmental problems, including destruction of wildlife habitats, erosion of soil, water supply contamination, and damage to land features such as buildings, roads, and landscapes. It also causes air pollution through dust and particles generated from mining roads, stockpiles, and fields. Furthermore, miners are at risk of developing pneumoconiosis, a lung disease caused by exposure to airborne respirable dust, which is another factor hindering revenue growth in the surface mining market.
Method Outlook
The surface mining market has been divided into different segments based on method, mineral, end-use, and region. The open pit mining segment, which involves extracting material from the surface of the ground, has accounted for a significant revenue share in 2021. The advantages of open-pit mining, such as its efficiency and safety, make it more economical and suitable for the extraction of uranium, silver, gold, coal, and construction stone.
Mountaintop removal mining involves blowing off the entire top of a mountain to create an opening, making it possible to extract coal from areas that would be inaccessible with underground mining methods. This method is expected to register moderate revenue growth over the forecast period.
Mineral Outlook
The coal mining segment is expected to register significant revenue growth in the surface mining market, as coal is used for industrial and heating activities and as a fuel source for power plants. Surface coal mining involves functions such as clearing the area of trees and vegetation, removing and storing topsoil, drilling hard strata over the coal seam, fragmenting and blasting hard strata with explosives, and exposing the coal seam.
End-Use Outlook
Based on end-use, the metal segment is expected to register significant revenue growth as mined resources are needed for basic infrastructure, electricity generation, green technologies, and supply of components for electricity, communication, transport, and other services.
Regional Outlook
The North America market accounted for the largest revenue share in 2021 due to rising demand for surface mining in developed countries such as the U.S. and Canada, where coal is produced from strip mines. The Asia Pacific market is expected to register significant revenue growth over the forecast period, with rising demand for metals and minerals in countries such as India and China. The Europe market is expected to register moderate revenue growth, driven by the presence of metallic, coal, and non-metallic resources in countries such as Germany and the UK, as well as growth in construction projects in the region.
Competitive Landscape
The global surface mining market is dominated by a small number of key players, who operate at both global and regional levels. These players are actively engaging in strategic partnerships to expand their portfolios and strengthen their position in the global market. The major companies in this market include BHP, Rio Tinto, Glencore, CHINA SHENHU, Vale, Freeport-McMoRan, Barrick Gold Corporation, Newmont Corporation, Anglo American, and Macmahon.
On March 2, 2022, Vermeer and EcoGraf announced a collaboration to evaluate surface mining technology at Tanzania's Epanko graphite project. This technology allows for the exploration of low-emission mining techniques. EcoGraf has developed a diverse battery anode material business that produces high-purity graphite materials for the lithium-ion battery and advanced manufacturing markets.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Surface Mining Market Segmentation & Impact Analysis
Chapter 5. Surface Mining Market by Method Insights & Trends
Chapter 6. Surface Mining Market by Mineral Insights & Trends
Chapter 7. Surface Mining Market by End-Use Insights & Trends
Chapter 8. Surface Mining Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- BHP
- Rio Tinto
- Glencore
- CHINA SHENHU
- Vale
- Freeport-McMoRan
- Barrick Gold Corporation
- Newmont Corporation
- Anglo American
- Macmahon
For more information about this report visit https://www.researchandmarkets.com/r/jid0y5
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