Asia Pacific Accounts For Almost 60% Of The Total Stone Mining And Quarrying Market As Per TBRC
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According to The Business Research Company’s research report on the stone mining and quarrying market, the global stone mining and quarrying market size is expected to recover from the COVID-19 crisis and grow at a compound annual growth rate of 10% from 2021 and reach $10.4 billion through 2023. Asia Pacific is the largest region in the global stone mining and quarrying market, accounting for 58.5% of the total in 2020. It is followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the stone mining and quarrying market will be Africa and North America, where growth will be at CAGRs of 14.5% and 8.2% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 7.5% and 7.3% respectively.
Asia-Pacific is the largest and most populated region. According to the IMF, Asia-Pacific’s total GDP was $31.0 trillion in 2020, accounting for 37.1% of the $83.7 trillion global GDP. China, India, Japan, Australia are the major countries in this region, which otherwise consists of a large number of small countries. Asia-Pacific accounts for around 55.5% of the global population.
The stone mining and quarrying market in Asia-Pacific is supported by the increasing demand for natural stones and growing construction activities in the region. The construction industry growth during 2019-2023 is predicted to be 6.6% per annum in Asia-Pacific.
National Mineral Development Corporation (NMDC), Vedanta, Hindustan Zinc, China Shenhua Energy Co., Ltd., China Coal Energy Co., Ltd., Zijin Mining Group Co., Ltd., China Northern Rare Earth Group High-Tech Co., Ltd., Rio Tinto, Fortescue Metals, Mitsubishi Corporation, and Sumitomo Metal Mining Co., Ltd. are some major companies in the stone mining and quarrying global market in Asia Pacific.
The Business Research Company ’s report titled Stone Mining And Quarrying Global Market Report 2020-30: COVID-19 Impact and Recovery covers major stone mining and quarrying companies, stone mining and quarrying market share by company, stone mining and quarrying manufacturers, stone mining and quarrying market size, and stone mining and quarrying market forecasts. The report also covers the global stone mining and quarrying market and its segments.
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Among stone mining industry trends, companies are using 3D mine visualizers to obtain a real-time digital model of a mine. A 3D mine visualizer generates a three-dimensional model of the mine layout and transfers it directly to the operator. With a web-based interface, information about the model is available with any connected device. It offers a full record and playback capabilities in 3D, allowing operators to review and analyze historical data to improve productivity and identify best practices. 3D mine visualizers significantly enhance the productivity of large mining environments. It is a valuable tool in operations planning, analyzing problematic areas, and tracking mine development over time. Companies such as Sandvik and Komatsu are offering 3D visualizer systems.
Another technological tool in the stone mining industry is the use of robots, which is improving the efficiency and productivity of stone mines and also reduces operational costs. Robotics is significantly increasing mining capabilities by rolling out autonomous trucks and drills, thus reducing the need for the human workforce. Robots are used in some critical mining activities such as drilling, blasting explosives in the mines, and guiding and driving off-highway haul trucks operating in mines. Companies such as Atlas, Rio Tinto, Sandvik, Komatsu, and Caterpillar are using robotic rock-drilling rigs for the autonomous operation of their mines.
Stone Mining And Quarrying Global Market Report 2020-30: COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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