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The mineral processing equipment market size is estimated to increase by USD 6.7 billion and grow at a CAGR of 5.67% between 2022 and 2027. The growth of the market depends on several factors such as increasing demand in the mining industry, increasing demand for good ore grades, and government regulations driving market growth. With a heightened focus on greener technologies, the market anticipates robust growth in tandem with the expanding electric vehicle industry, driving the mineral processing equipment market forward. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
Market Forecast 2023-2027
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This report extensively covers market segmentation by application (mining, construction, and others), type (crushers, conveyors, feeders, drills and breakers, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
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.
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The mining segment was valued at USD 11.27 billion in 2017 and continued to grow until 2021.? 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 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The resurgence of mining operations in countries such as the US and Canada is driving the growth of the market in North America. Also, the growth in non-ferrous metal mining is driving the regional market. For example, the US government invested USD 16 million to build a significant mineral production facility in April 2023.
Additionally, the countries in the region are witnessing a growth in mineral exports. For instance, In 2021, according to the Mining Association of Canada, Canada's minerals and metals segment raised their exports by 23% year-over-year (YoY), reaching USD 126.6 billion and accounting for 22% of the total of all Canadian merchandise exports. Hence, such developments are expected to increase the demand, which will thereby propel the growth of the regional market during the forecast period.
The market is propelled by escalating mineral production and the demand for efficient processing methods. Advanced equipment and machinery play a vital role in mining activities, facilitating extraction, refining, and separation processes to maximize ore value. Amidst growing mining activity, environmental concerns and safety standards are paramount, driving investments in modern processing machinery. The construction and steel industries heavily rely on ore grades and efficient processing techniques. Analytical techniques like laser fluorescence scanning and portable X-ray fluorescence enhance ore assessment accuracy. Notable players such as Panasonic Holdings are investing in mineral processing equipment, particularly for electric vehicle battery manufacturing facilities. As the transportation and conveyance industry expands, the market anticipates steady growth supported by technological advancements and strategic partnerships. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The market is poised for significant growth, propelled 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. Government initiatives aimed at fostering sustainability further bolster this trend, amplifying the demand for electric vehicles and consequently, cobalt. This surge in demand is spurring cobalt mining activities globally, thereby fueling the need for mineral processing equipment.
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. For example, in June 2021, the Indian government authorized a deep sea mining exploration mission to extract multi-needle nodules at a depth of 6,000 meters in the Indian Ocean.
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 market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing significant growth fueled by advancements in technology and the demand for efficiency and sustainability. With a focus on eco-friendly technologies and reduced environmental impacts, the industry is witnessing the integration of advanced automation and control systems, leading to enhanced operational processes and reliability. Companies are investing in innovative equipment and analytical techniques, including laser fluorescence scanning and portable X-ray fluorescence, to improve ore quality assessment and extraction efforts. Moreover, the sector is attracting investments from existing players and potential entrants, supported by strategic financial planning and incentives. As infrastructure projects and urban development drive the demand for valuable minerals, the market is poised for further expansion and modernization.
Moreover, the market is witnessing a surge in demand fueled by advancements in technology and the need for high-quality processing machinery. With the rise of emerging economies and industrial expansion, there's a growing focus on enhancing energy efficiency and employing innovative financing models to support infrastructure development. Companies are investing in advanced equipment and processing technologies to improve functionality and precision in ore refining processes. From crushers with innovative designs to machinery featuring magnetic separation capabilities, the market offers solutions catering to diverse processing methods and requirements. With expansion plans and increased production capacity, players like Panasonic Holdings are contributing to the sector's growth, ensuring compliance with safety standards while delivering economic value in mineral extraction and processing.
The active implantable medical devices market continues to witness significant growth, particularly in addressing cardiovascular disorders through innovative solutions such as cardiovascular implantable medical devices. To sustain this momentum, firms are employing customer base expansion tactics, focusing on developed countries where demand is robust. Implants with varied diameters cater to diverse patient needs, enhancing efficacy and comfort. However, challenges such as electrical shorts necessitate robust safety measures, exemplified by Endurity's advancements in implantable technologies.
Early diagnosis facilitated by implanted sensors is revolutionizing management strategies for conditions like epilepsy and knee pain. Additionally, interventions such as ENT procedures benefit from implantable hearing devices, enhancing patient outcomes. Implantable cardiac pacemakers and heart monitors play a pivotal role in managing cardiac health, while shock absorbers address cardiovascular risks. Despite incidences of knee rupture, interventional surgeries offer viable solutions, supported by external power supply integration. As the industry evolves, continued innovation and strategic management will ensure the effective utilization of active implantable medical devices, ushering in a new era of healthcare excellence.
Mineral Processing Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.67% |
Market growth 2023-2027 |
USD 6.7 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.26 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Australia, India, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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, 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. |
Market dynamics |
Parent market analysis, Market forecasting, 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. |
Customization purview |
If our 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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