Global demand for mining equipment to reach $92 billion in 2015
Cleveland, OH - The world market for mining equipment is projected to climb 8.5% annually through 2015 to US$92 billion. Demand will be stimulated by a pick-up in mining output growth as global manufacturing activity and construction...
Cleveland, OH – The world market for mining equipment is projected to climb 8.5% annually through 2015 to US$92 billion. Demand will be stimulated by a pick-up in mining output growth as global manufacturing activity and construction expenditures accelerate in a generally favourable economic climate.
Commodity prices are also expected to remain high by historical standards, contributing to a rise in resource exploration and development activity, and associated mining machinery sales.
These and other trends are presented in World Mining Machinery, a new study from The Freedonia Group Inc., a Cleveland-based industry market research firm.
In a continuation of recent trends, the Asia/Pacific region is forecast to register the strongest market advances through 2015, fuelled by robust increases in mine production and related machinery sales in China, India and Indonesia. China alone will account for 57% of all new mining equipment demand between 2010 and 2015, even though growth is expected to slow significantly.
Central and South America will post the second fastest gains, supported by a pick-up in manufacturing and construction activity, leading to higher demand for mined materials. The Africa/Mideast region will record the next strongest market advances, followed by North America, Eastern Europe and Western Europe.
Mining output and associated machinery sales in all of these regions will be spurred by high commodity prices and generally healthy economic growth. In addition, equipment suppliers will benefit from the implementation of Tier 4 emissions standards in the US and Canada and the adoption of Stage IIIB and Stage IV emissions standards in the European Union, raising average product prices and contributing to overall dollar demand.
The market for mining machinery used in metals mining operations, which account for the largest share of world sales, is projected to expand at the strongest pace through 2015, spurred by price-driven increases in resource exploration and mine development activity.
Coal-mining equipment demand is expected to climb nearly as fast, stimulated by an acceleration in primary metals manufacturing growth, bolstering industrial furnace and oven coal use.
The world market for non-metallic minerals mining machinery will rise at a somewhat slower rate, stimulated by increases in construction expenditures and ongoing population growth, boosting farming activity and consumption of fertilizer minerals like phosphate rock and potash.
World Mining Equipment (published 01/2012, 513 pages) is available for US$6,200 from The Freedonia Group . For further details, visit www.freedoniagroup.com.