1. Caterpillar Private Limited
2. Doosan Infracore
4. J C Bamford Excavators Ltd
The global mining industry is on the cusp of a turnaround, with the Asia-Pacific region leading the way in terms of the number of projects and capital expenditure value for the next few years. According to GlobalData, there are currently 483 projects in the construction and mining sectors. The Asia-Pacific region is expected to account for the largest (38%) of the total project count, the region leads the global mining equipment market. The region is estimated to acquire almost a quarter of the market share in terms of investment value. The Asia-Pacific commodities with the most significant spending planned or in progress are coal, gold, copper, and iron ore, which collectively have 240 projects. In addition, Asia-Pacific is the largest coal mining market, with more than 75% production. China, Australia, and India are global coal production leaders. Hence, this requires high regional mining activities with efficient mining equipment. With increased investments by the governments in metal expeditions, developing countries across the region are expected to be the hub for many rare minerals. Australia is expected to be a leader in global mining innovation as 60% of the mining software is being produced.
According to the research report, "Asia-Pacific Mining Equipment Market Outlook, 2027," published by Actual Market Research, the mining equipment market is projected to grow at a CAGR of 4.97% from 2022–2027. The major drivers for the demand for mining equipment are the higher concentration of surface mineral reserves and the higher demand for these minerals worldwide. In addition, deep mining activities are also gaining momentum in the Asia-Pacific region. The market size in the region is attributed to the massive presence of metal, mineral, and coal mines, rising government initiatives and policies towards the exploration of new mines, and modernization of existing mines. The Asia-pacific mining equipment market is segmented into five prominent countries: China, Japan, India, Australia, and South Korea. Among these countries, China has been leading the Asia-Pacific market throughout the entire time period. China is the leading producer of coal, steel, aluminum, rare earth metals, lead, zinc, tin, magnesium, tungsten, and other metallic minerals. Mining output in China was calculated to increase by 2.42% on average from 2013 to 2022, reaching an all-time high of 17.50% in January 2021. Also, until the end of 2019, a total of 173 types of minerals, including 13 (energy materials), 59 (metals), 95 (non-metallic minerals) and six types of water and gases, have been discovered in China. In addition to that, the Mineral Resource Law is the national law governing the prospection and extraction of valuable components from mines in China.
In the Asia-Pacific region, government initiatives greatly help in the development of the mining equipment market. For instance, in 2020, the Indian government proposed structural reforms in the mining sector, including legal regulations. These changes aim to increase the participation of the private sector in mineral exploration, the removal of captive and non-captive mines, and the development of a national mineral index. On the other hand, the Australian government invested over USD 4 million in eight projects related to mining equipment and the service sector in 2019. Based on the mining categories, the Asia-Pacific mining equipment market is segmented into four types: crushing, pulverizing, and screening equipment; mineral processing equipment; surface mining equipment; and underground mining equipment. Among these categories, surface mining and underground mining equipment are anticipated to acquire more than 60% of the market share during the forecast period.
According to the report, the Asia-Pacific market is segmented into three major applications, including mineral mining equipment, metal mining equipment, and coal mining equipment. The metal mining equipment market is projected to lead Asia-Pacific by holding the highest market share by 2027. More than 40% of the market share is expected to be occupied by the metal mining equipment market. Developing countries across the region have the most significant products in this segment, which is expected to propel market growth. Based on power output, the less than 500 HP and 500–2000 HP segments are leading the market in 2021. However, the 500–2000 HP output segment is projected to rise at a higher growth rate than other segments.
Impact of Covid-19 on Asia-Pacific Mining Equipment Market:
The COVID-19 pandemic has severely affected various businesses and the mining equipment market across the Asia-Pacific region. The mining equipment market also experienced a negative impact owing to the cancellation and halt of mining projects. Supply chain disruptions caused by the unavailability of raw materials due to a lack of transportation resulted in lower market growth during the outbreak. However, various government and company initiatives to protect employment and secure their health have helped the industry back on track. For instance, BHP (an Australian mining company) has introduced a USD 50 million fund to support local and regional health workers and other services.
Major Companies present in the market:
Sandvik AB, Caterpillar Inc., Komastu Limited, Volvo Group, Liebherr Group, Hitachi Construction Machinery Co., Limited, EpirocAb, Sany Heavy Equipment International Holdings Company Limited, Doosan Infracore Co. Limited, Guangxi Liugong Machinery Co., Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries, Xuzhou Construction Machinery Group (XCMG), Bharat Earth Movers Limited, J C Bamford Excavators Limited, Wirtgen Group, Mine Master Ltd, FIORI GROUP S.p.A., JSC, WackerNeuson Group, Equipment North Inc., RTM Equipment, Astec Industries, Inc., BELL Equipment, AARD Mining Equipment
Considered in this report
• Geography: Asia-Pacific
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Asia-Pacific Mining Equipment market with its value and forecast along with its segments
• Country wise market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Countries covered in the report
• South Korea
By Category of Mining Equipment in the report:
• Crushing, pulverizing, screening machinery
• Mineral processing machinery
• Surface mining machinery
• Underground mining machinery
By Application in the report:
• Mineral Mining
• Metal Mining
• Coal Mining
By Propulsion in the report:
By Power Output in the report:
• Below 500 HP
• 500 to 2,000 HP
• Above 2,000 HP
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry manufactures, consultants, Key vendors related to mining equipment industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.