The Mineral Processing Equipment Market size is estimated at USD 23.37 billion in 2024, and is expected to reach USD 28.79 billion by 2029, growing at a CAGR of 5.35% during the forecast period (2024-2029).
Over the medium term, globally, advancements in mining machinery and equipment have increased the production of minerals such as iron, copper, and other ores. This growth has seen large-scale expansions and projects. With the increase in infrastructure and manufacturing sectors, the demand for mining equipment has increased, resulting in an augmented level of mining activity in various regions.
Rising demand for metals such as steel, iron, and aluminum across infrastructure sectors is likely to increase the demand for mineral processing equipment during the forecast period. Moreover, stringent safety regulations in mining sectors have spurred the innovation of autonomous mining machinery. Furthermore, the imperative to mitigate emissions in enclosed mines, where ventilation is limited and poses respiratory risks to miners, has propelled the advancement of electric and hybrid mineral equipment.
Prioritizing user experience, manufacturers of mineral processing machinery are dedicated to crafting intuitive and user-friendly interfaces that optimize convenience and satisfaction for remotely overseeing and controlling large-scale mining equipment. These combined factors ensure that mineral machinery aligns with evolving operational requirements while placing the utmost emphasis on safety and user satisfaction. However, challenges like the difficulty involved in developing and expanding mining activity, strict government regulations such as environmental concerns, an increase in the cost of mining, and safety standards can restrain the market's growth.
Iron is critically essential for the construction and other manufacturing industries. In the construction industry, 90% of all refined metal is accounted for by steel. However, falling ore grades and high production costs are hindering production in some parts of the world.
Iron production in Brazil and Australia witnessed a massive increase, with companies investing in new mines to replace older ones. For instance, BHP approved USD 4 billion for iron ore-related projects in Western Australia, indicating growth for iron ore processing equipment.
Owing to the growing demand for iron ore across the world, several mineral processing equipment companies are securing various iron processing equipment projects to remain at the forefront of the competitive race. For instance,
The increasing demand for these metals will lead to rising mining activity, which may help drive the demand for new mineral processing equipment over the forecast period.
Asia-Pacific stands as the primary market for mineral processing equipment, led by countries such as China, Australia, India, and Japan, with China alone accounting for over 50% of the market demand in 2023. This dominance is attributed to the region's abundance of active mines and the growing trend of repurposing unused mine sites for exportation. In addition, the region is experiencing heightened demand for metals and minerals driven by industrial and infrastructure development initiatives. For instance,
The rise in production of minerls across the region is likely to increase the demand for mineral processing equipment during the forecast period.
The mineral processing equipment market comprises global players such as FLSmidth & Co. A/S, Komatsu Ltd, Metso Oyj, FEECO International, Inc., and Multotec Pty Ltd. Several equipment manufacturers are making joint ventures and partnerships and launching new products with advanced technology to have an edge over their competitors. For instance,
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