According to our latest market study on " Mining Remanufacturing Components Market Forecast to 2030 -Global Analysis - by Component, Equipment, and Industry" the market is expected to grow from US$ 4,204.56 million in 2022 to US$ 5,940.00 million by 2030; it is anticipated to grow at a CAGR of 4.40% from 2022 to 2030.
The global mining remanufacturing components market size is segmented on the basis of components, equipment, industry, and geography. By components, the market is categorized into engines, axles, transmissions, hydraulic cylinders, and others. Based on equipment, the global mining remanufacturing components market is segmented into wheel loaders, wheel dozers, crawler dozers, haul trucks, excavators, and others. Based on industry, the mining remanufacturing components market size is classified into coal, metals, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
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 the key market players profiled during the market study. In addition to these players, several other important companies were studied and analyzed during this market research study to get a holistic overview of the global mining remanufacturing components market.
Key Findings of Market Study:
On the basis of industry, the global mining remanufacturing components market size is segmented into coal, metals, and others. Technological advancements and energy demand have increased the consumption of metals and coals, which led to increased mining activities. The sales and use of electric vehicles are growing globally, ultimately increasing the demand for lithium. Governments and mining companies across the globe are heavily investing in lithium mining. In January 2023, General Motors and Lithium Americas Corp. announced a collaborative investment in developing the Thacker Pass mine in Nevada, the largest known deposit of lithium in the US and the third largest in the world. In August 2023, Stellantis made a US$100 million investment in Controlled Thermal Resources Holdings, a lithium mining company, to help fund the world's largest geothermal lithium mining project in California. Such investments in metal mining activities are projected to increase the growth of mining remanufacturing components market share in the coming years.
Rapid industrialization in emerging countries in Asia Pacific is accompanied by high growth in industrial output in construction and mining sectors and increased investments in energy and transport infrastructure. These countries rely on imports to acquire high-tech and productive machine tools. Cheap labor costs, easy availability, and wide scope for development within the mining industry aid in this region's mining remanufacturing components market growth.
Emerging countries in Asia Pacific are investing heavily in various activities such as coal, cement, mining, minerals processing, and solid waste handling, which require mining remanufacturing components. China is the world's largest manufacturer in terms of metal production, and it has become the manufacturing hub of the world. As per the World Steel Association AISBL, China was the largest steel producer in the world in 2021, with 1,032.8 million tonnes. The country has the presence of several key market players in metal production industries, such as China Baowu Group, ShaGang Group, Jianglong Group, and Shougang Group, which are supporting the growth of the metal mining industry. Market players aim to reduce transportation costs and ease import procedures by expanding their metal processing facilities near one of the largest metal manufacturing markets of the globe. The growing metal manufacturing in the country is bolstering the mining remanufacturing components market growth.
According to the International Energy Agency, Asia Pacific is expected to invest ~US$ 80 billion (40% of the global share) by 2030 in mining critical minerals such as coal, lithium, nickel, copper, and cobalt. Further, the International Energy Agency predicts that coal consumption in Asia will increase over the next decade to meet the energy needs of countries such as China, India, and South Korea. These mining projects would require heavy mining equipment, as well as various mining remanufacturing components. This is anticipated to boost the Asia Pacific mining remanufacturing components market share.
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