Mining Remanufacturing Components Market was valued at US$ 4,204.56 Million in 2022 and is expected to reach to US$ 5,940.00 Million by 2030; it is estimated to record a CAGR of 4.40% from 2022 to 2030

Growth in Mining Industry in Developed Nations Is Driving the Mining Remanufacturing Components Market

The mining industry in the US consists of the exploration, extraction, beneficiation, and processing of naturally existing solid minerals from the earth. Coal, metals (such as iron and copper), and industrial minerals are examples of mined minerals. The US is a major producer and user of minerals and metals worldwide. Mined materials are crucial to consumer and industrial technology and define the general industrial expansion of the US. Metal mine production in the US reached US$ 27.7 billion in 2020, up 3% from 2019. Gold (38%), copper (27%), and iron ore (15%) were the major contributors to the total value of metal mining output in 2020. Per the annual coal data released in October 2023, year on year, coal production in the US climbed 2.9% and reached 594.2 million short ton (MMst). Further, agreements and collaborations between mining companies and the government have driven the US mining industry’s growth. In August 2023, Lynas secured a contract for a heavy rare earth facility. Lynas USA, a subsidiary of Lynas Rare Earths, received a follow-on contract from the US Department of Defense (DoD) to construct a heavy rare earths facility in Texas. The US DoD has increased its commitment to US$ 258 million under the contract to build the heavy rare earth component of Lynas’ rare earth processing facility, up from the previously disclosed US$ 120 million contribution. Such government initiatives have driven the mining remanufacturing components market growth.

Apart from the US, China is another country where the mining industry has grown multifold in the past few years. As per the data published by the National Bureau of Statistics (NBS), the mining sector accounted for US$ 144.84 billion in revenue generation in the first seven months of 2022, an increase of 1.05 times from 2021. China is the world’s greatest producer and user of coal, but its record output is noteworthy. According to figures published by China’s National Bureau of Statistics in January 2022, coal output reached a record 4.07 billion metric ton last year, up 4.7% from 2020. In 2022, China accounts for 63% of global rare earth mining, 85% of global rare earth processing, and 92% of global rare earth magnet production. This growth in mining has directly affected the demand for equipment in the industry, such as wheel loaders and wheel dozers, ultimately driving the mining remanufacturing components market share in developed nations.

Mining Remanufacturing Components Market Analysis: Equipment Overview

On the basis of equipment, the global mining remanufacturing components market size is segmented into wheel loaders, wheel dozers, crawler dozers, haul trucks, excavators, and others. During the forecast period, the excavators segment is anticipated to hold the largest market share due to their wide usage in mining operations such as exploration, discovery, development, production, and reclamation. Increased demand for minerals and metals in developing nations has increased exploration activities, leading to higher adoption of mining equipment. Further, governments of developing nations focus on increasing and expanding their mining activities. As per the data published by the Government of India in March 2023, the government has set an objective of boosting the mining sector’s contribution to GDP to 2.5% by 2026–2027. It intends to introduce investor- and industry-friendly standards for the sector. Such initiatives to expand the mining sector will increase the requirement for mining equipment in the coming years, ultimately driving the mining remanufacturing components market growth.

Mining Remanufacturing Components Market: Competitive Landscape and Key Developments

AB Volvo, Atlas Copco, Caterpiller Inc., Epiroc AB, Hitachi Construction Machinery Co. Ltd., J C Komatsu Ltd., Liebherr Group, Bamford Excavators Ltd., SRC Holding Corporation, and Swanson Industries are among the key mining remanufacturing components market players profiled during this study. In addition, several other important mining remanufacturing components market players have been studied and analyzed during the study to get a holistic view of the mining remanufacturing components market and its ecosystem.