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The mineral processing equipment market size is estimated to increase by USD 7.20 billion and grow at a CAGR of 5.78% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for mineral processing equipment in the mining industry. This trend is fueled by the expansion of mining activities in various developing countries. Additionally, the rising demand for deep sea mining is presenting new opportunities for market growth. However, the market growth is tempered by the slow growth of the mining industry in developed countries, where stringent regulations and declining mineral reserves limit new investments. Key players in the market are focusing on innovation and technological advancements such as electric vehicle and greener technologies to improve efficiency and reduce costs. The market is expected to continue its growth trajectory, driven by these trends and the increasing demand for minerals in various end-use industries.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The mining segment will account for a major share of the market's growth during the forecast period.?Mining has long been an essential pillar of global, making a significant contribution. Mineral processing equipment is used to extract and recycle process water in metals, minerals, or mines. The production and growth of the mining industry is influenced by many different factors. The mining industry is growing globally at a slow pace due to growing environmental concerns, slow economic growth, and growing protectionism for natural resources.
The mining segment was valued at USD 11.79 billion in 2018 and continued to grow until 2022.? Mining activities for precious metals such as gold, silver, and platinum have raised over the years. Due to the rising number of construction projects around the world, the mining of minerals such as gypsum, mica, silica, sand, and stone has increased. In addition, government initiatives promote the development of the mining industry. Hence, such factors will drive the growth of the market during the forecast period.
Based on type, the market has been segmented into crushers, conveyors, feeders, drills and breakers, and others. The crushers?segment will account for the largest share of this segment.?Due to its crucial role in numerous applications such as mining, construction, and others, the crushers segment is dominating the market. The growing demand for base metals such as copper, iron, and aluminum has shown growth in crushing equipment. The mining industry is largely dependent on primary metals such as steel. The recovery in the construction industry will stabilize steel demand in the future. Hence, the growing demand for steel production is expected to drive the demand during the forecast period.
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APAC is estimated to contribute 38% to the growth during the forecast year. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The mineral processing equipment market encompasses modern machinery utilized in mining activities for the extraction and refining of valuable minerals from ore. Magnetic separation features, a key processing method, enable the separation of minerals based on their magnetic properties. Mining operations, ranging from large-scale to smaller ones, rely on processing machinery to enhance ore quality and increase production capacity. Precision pre-screening and screening equipment are essential for efficient ore processing and reducing environmental impacts. Mining activity's strategic financial planning and supportive policies drive the demand for specialized machinery. Hence, such factors are driving the market in APAC during the forecast period.
The Market encompasses the production of advanced equipment and machinery used in the processing methods of minerals during mining activities. The mining industry's extraction and refining processes involve various separation techniques such as crushing, screening, and ore value enhancement. Mineral processing equipment plays a crucial role in the production of steel and other metals like Iron ore, Lithium, and others. The market for mineral processing equipment is driven by the increasing demand for minerals and the need for efficient processing methods. Mining activity continues to be a significant contributor to the global economy, with safety standards and environmental concerns becoming increasingly important. Mineral processing equipment is designed to address these challenges, with analytical techniques such as implantable medical devices, Laser fluorescence scanning and Portable X-ray fluorescence used to ensure ore grades meet required specifications. Companies like Panasonic Holdings and others are at the forefront of developing innovative mineral processing equipment to meet the demands of the industry. The market for mineral processing machinery is expected to grow significantly in the coming years, driven by the increasing demand for minerals and the need for more efficient and sustainable processing methods. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The market is poised for significant growth, driven by the increasing adoption of electric vehicles worldwide. Cobalt, a vital component in electric vehicle batteries, serves as the primary raw material, driving demand for cobalt mining. Despite the initial cost hurdles, subsidies and incentives for electric vehicles are steering consumers away from traditional internal combustion engine vehicles towards electric alternatives.
Moreover, government initiatives aimed at fostering sustainability further bolster this trend, amplifying the demand for electric vehicles and consequently, cobalt. This increase in demand is spurring cobalt mining activities globally, thereby fueling the need for mineral processing equipment. Hence, such factors are driving the market during the forecast period.
The reduction of mineral-rich deposits on land has increased the consideration of the ocean as the next important step to mineral extraction. Oil and natural gas have been extracted for many years, and now the future holds a part of mineral mining.
In addition, for deep sea mining, robots are used to mine minerals. The cutting robots have large and powerful cutting drums. Mining robots are equipped with mineral processing equipment. The increasing adoption of marine robots for mining is expected to increase the demand from the marine mining industry which in turn is expected to drive the market growth during the forecast period.
The high cost is one of the main factors hindering their widespread adoption in various industries. Mineral processing is a relatively expensive process, thus requiring high government funding to determine its effectiveness in the recycling industry. Manufacturers focus on reducing processing costs to provide cost-effective products.
However, the continued increase in the cost of raw materials, processing, logistics, and transportation leads to an increase in the cost of these types of equipment. Hence, the high cost may hinder its adoption in developing economies, which in turn will negatively impact the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Astec Industries Inc.: The company offers mineral processing equipment such as Mobile Rock Breakers, Apron Feeders, Hydraulic Breakers, Mobile Scalers, and Rock Breaker Systems.
We also have detailed analyses of the market's competitive landscape and offer information on 20 market companies, including:
Caterpillar Inc., CITIC Ltd., Eagle Crusher Co. Inc., Epiroc AB, FEECO International Inc., FLSmidth and Co. AS, General Kinematics Corp., Kemper Equipment, L and H Industrial Inc., McLanahan Corp., Metso Outotec Corp., Multotec Pty Ltd., Prater Industries Inc., Rubble Master HMH GmbH, Sandvik AB, Terex Corp., WIRTGEN INTERNATIONAL GmbH, Wm. W. Meyer and Sons Inc., and Komatsu Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The mining sector is experiencing significant transformation with the introduction of autonomous mining machinery and smart solutions. Innovations in mining machinery and specialized machinery are enhancing operational processes such as comminution, sizing, concentration, and dewatering. Electric equipment and hybrid equipment are at the forefront of emissions mitigation, contributing to improved energy efficiency and reduced environmental impacts. Eco-friendly practices and sustainable equipment are becoming essential in addressing the sector's environmental impacts.
Moreover, user experience and safety regulations are also evolving, with supportive policies ensuring compliance with health and safety standards. The focus on operational flexibility and mechanization rates is driving investments in mining sector investments and industrialization. Mining applications include fertilizers, metals and minerals, and industrial minerals like bauxite. As iron processing equipment and separation processes advance, supply chain disruptions are mitigated, enhancing the overall mineral production index. Renewable energy integration and durable goods are supporting industrial minerals and coal production, while mining sector investments continue to push the boundaries of technology and innovation. In the manufacturing sectors, processing ores efficiently is crucial. Gangue minerals are separated using advanced separators during unit operations to ensure high-quality extraction. The mine to process approach enhances overall efficiency, streamlining the transition from raw ores to refined products and improving productivity in mineral processing.
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Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.78% |
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Market growth 2024-2028 |
USD 7.2 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.41 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 38% |
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Key countries |
US, China, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Astec Industries Inc., Caterpillar Inc., CITIC Ltd., Eagle Crusher Co. Inc., Epiroc AB, FEECO International Inc., FLSmidth and Co. AS, General Kinematics Corp., Kemper Equipment, Komatsu Ltd., L and H Industrial Inc., McLanahan Corp., Metso Outotec Corp., Multotec Pty Ltd., Prater Industries Inc., Rubble Master HMH GmbH, Sandvik AB, Terex Corp., WIRTGEN INTERNATIONAL GmbH, and Wm. W. Meyer and Sons Inc. |
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Market dynamics |
Parent market analysis, market research and growth , market forecast , market growth analysis , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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