Commodity demand and advances in technology is expected to provide opportunities for the support activities for mining market growth
The global support activities for mining market size is projected to reach nearly USD 30,218.2 million by 2028. In addition, it is projected to gather a CAGR of above 4.2% over the forecast years 2021-2028. Mining support activities include delivering contract support services for mineral mining and quarrying. Mine drainage and pumping, as well as quarrying and contract mining, are examples of mining support activities. The mining support activities market is made up of companies (organizations, sole traders, and partnerships) that sell mining support services and related products on a contract or fee basis for coal, metal, and nonmetallic mineral (except fuels) mining. Mineral mining, excavation, mine draining, and other support activities are examples of support activities. Coal mining support activities, metal mining support activities, and nonmetallic minerals mining support activities make up the mining support activities industry. The increase is primarily due to businesses reorganizing their practices and recovering from the COVID-19 effect, which had previously reflected in stringent containment measures such as social distancing, remote working, and the suspension of commercial operations, all of which created operational challenges.
The future and existing support activities for mining market progress are outlined to know the market attractiveness. Key influencing factors focus on the support activities for mining of market opportunities over the forecast years. Factors such as rising expectations for improved environmental performance and social consciousness are driving the market growth. Also, rapid-growth economies act as a growth engine for the mining industry, which is boosting the global support activities for mining market growth. However, resource nationalism with lack of infrastructure is likely to hamper the market growth. Furthermore, commodity demand and advances in technology is anticipated to be an opportunity for the support activities for mining market.
Adroit Market Research report on the global support activities for mining market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities, and challenges. The market has been studied for historic years from 2018 to 2020, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at the global as well as country level. Also, the study assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global anti-slip s additives market have been studied in detail.
The support activities for mining market has solid competition amongst the already well-known and new market players. Also, the support activities for mining industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the type segment, the market is segmented into coal mining, metal mining, and non-metallic minerals. In the year 2020, the coal mining segment gathered the major share and it is likely to maintain its position during the forecast years. The market growth of this segment is primarily ascribed to the rise of coal as one of the leading sources of energy is pushing some of the major companies to look for prominent developments of reducing energy scarcity and achieving substantial growth in the support activities for mining market.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the Increasing end-market consumption trends, and rising competition in materials may boost the market growth in this region. In addition to this, the Asia-pacific region also holds the highest market share in 2020 and it is projected to remain dominant during the forecast years 2021-2028.
The major players of the global support activities for mining market are CIMIC, UNITED TRACTORS, Downer Group, Barmico (Perenti Global Limited), and Boart Longyear. The support activities for mining market comprises well established local as well as global players.
Key Segments of the Global Support Activities for Mining Market
Type Overview, 2018-2028 (USD Million)
- Coal Mining
- Metal Mining
- Non-Metallic Minerals
Application Overview, 2018-2028 (USD Million)
- Mining Companies
- Construction Companies
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa