Global Green Mining Market - 2023-2030

Overview

Global Green Mining Market reached US$ 11.2 billion in 2022 and is expected to reach US$ 17.9 billion by 2030, growing with a CAGR of 9.6% during the forecast period 2023-2030.

Stringent environmental regulations and increased public awareness of environmental issues are pushing mining companies to adopt more sustainable practices. Green mining practices help companies comply with regulations and gain social acceptance. Green mining focuses on minimizing waste generation and improving waste management techniques.

Various stakeholders and local communities are increasingly adopting mining practices to protect the environment and ecosystems. Research and innovation in mining technologies drive the demand for the development of clear and efficient mining processes which leads to reduced pollution and improved resource utilizations.

North America is expected to hold around 1/4th of the global green mining market during the forecast period. North America Governments are investing in the Green rush, for instance on U.S. Department of Energy has allocated up to US$ 450 million to support clean energy demonstration projects on both current and former mining lands across the country. The initiatives aims to accelerate the development of renewable energy projects that encompasses biomass, solar and wind technologies.

Companies are collaborating for the development of green mining, for instance, on 18 April 2023, American Potash and LiK Resources have entered into an option agreement where LiK Resources has the opportunity to earn a 70% interest in the Green River Potash and Lithium Project in Utah, U.S. The companies will establish a joint venture for further project development. The Green River project is expected to host a substantial amount of sylvinite with high potassium grades.

Dynamics

Government Initiatives Boost the Market

Governments across the world are implementing stricter regulations and guidelines for mining operations to ensure environmental protection. The frameworks include laws related to air and water quality, waste management, land reclamation and biodiversity conservation. Government offers financial incentives such as tax breaks, grants and subsidies to mining companies that adopt green technologies.

For instance, on 30 August 2022, the Ministry of Coal in India set a target for coal companies to increase green cover by planting over 50 lakh saplings and bringing more than 2400 hectares of land in and around coalfields under plantation by the year 2022-23. The designated areas include reclaimed mined-out zones and areas outside the leasehold that are suitable for plantation and provided by state government agencies.

Governments support the development of certification and labelling programs that promote and recognize environmentally friendly mining processes. There are various collaborations between governments, mining companies and non-governmental organizations to address environmental challenges and promote sustainable mining practices.

Government-owned coal mining and refining company, Coal India Limited, announced its commitment to explore environmentally friendly "green mining" solutions for its operations. The company plans to investigate various technologies that can minimize land degradation and extract previously overlooked coal reserves.

Advancement in Technology

Collaborative efforts between mining companies, technology providers, research institutions and governments are driving the development and implementation of green mining solutions. Partnerships accelerate the adoption of innovative technologies. There are international agreements like the Paris Agreement and Sustainable Development Goals encourage countries and industries to address climate change and sustainability. The mining sector's adoption of green technologies contributes to achieving these global goals.

For instance, on 5 April 2023, Anglo-American entered into a memorandum of understanding with H2 Green Steel, a Swedish hydrogen and steel producer, to collaborate on the advancement of low-carbon steelmaking methods. The initiative aims for contributing more cleaner and sustainable way for producing steel, which plays a major role in the energy transition infrastructure and global socio-economic development.

The rising demand for minerals and metals used in renewable energy technologies, electric vehicles and other sustainable applications has highlighted the need for environmentally friendly mining practices. Green mining technologies can ensure a responsible supply chain for these resources. The advancements are expected to boost the growth of the global market.

For instance, on 3 January 2023, The Oxfordshire-based Company is now focused on driving progress and combating climate change through advanced engineering and technology services. The company aims to become a significant player in the green industrial transport equipment market, particularly zero-emissions mining trucks.

Implementing New Technologies is Complex Task

Developing and implementing new technologies can involve technical complexities and uncertainties. Mining operations are diverse and finding suitable green solutions that work effectively across various geological and operational conditions can be challenging and Also green solution is adapted with some specific operational requirements which is a very complex and tedious task.

The quality and availability of resources required for green technologies can vary across regions. Reliable access to resources like renewable energy sources or specialized equipment might not be feasible in certain locations. Operations are spread across different regions and each region had there unique geological characteristics.

High Cost Effective

Adopting and integrating green mining technologies often requires significant upfront investments in equipment, infrastructure and research. The initial costs can be a barrier for some mining companies, especially smaller industries with limited financial resources. If allocating a significant portion of funds to smaller industries it may divert their resources from other essential areas.

Securing financing or loans to cover the upfront costs of green mining technologies can be challenging, particularly if the vendors are cautious about investing in unfamiliar or relatively new technologies. It can limit smaller mining companies' ability to access external funding for their green initiatives.

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Segment Analysis

The global green mining market is segmented based on type, technology and region.

Implementing Green Mining Practices for Underground Mining

During the forecast period, underground mining is expected to hold a share of around 31.2% of the global market. Implementing green mining practices leads to minimizes the disturbance of ecosystems and landscapes, reducing the overall environmental footprint of underground mining operations. Underground mining results in poor air quality due to the release of dust and pollutants. The adoption of green mining practices such as using efficient ventilation system and dust suppression techniques boost the growth of the market.

Companies are collaborating for the adoption of green mining for instance, on 22 March 2023, Volvo Trucks and mining company Boliden are collaborating to introduce electric truck transport in underground environments. Boliden, a Swedish mining group, is set to become one of the first in the world to utilize battery-electric trucks for heavy underground transport starting in 2023.

Electric trucks in mining can offer benefits such as zero exhaust emissions, enhanced workplace safety and quieter working conditions. Boliden aims to reduce its CO2 emissions by 40% by 2030 and electrification of transport is a crucial strategy in achieving this goal.

Geographical Penetration

The Rising Demand for Resource and Minerals in Asia-Pacific

In 2022, Asia-Pacific is expected to hold the dominant position in the global material handling market with around 1/3rd share of the market. Asia-Pacific has significant demand for resources and minerals due to rapid industrialization and urbanization. As less number of consumer adopts traditional resources there is a growing emphasis on sustainable mining practices. The region is investing in research and development of innovative technologies that enhance efficiency and leads to reduce waste.

Hindustan Zinc, a Vedanta Group company and India's largest integrated producer of Zinc, Lead and Silver, has achieved the GreenCo Silver rating from the Confederation of Indian Industry (CII) for its sustainable mining operations. For instance, on 16 March 2023, the company's Rampura Agucha Mine and Zawar Group of Mines have been awarded the Silver Rating for their outstanding performance in various sustainability aspects, including waste and material management, green infrastructure and renewable energy initiatives.

Competitive Landscape

The major global players include: Rio Tinto, Sany Group, BHP Billiton, Vale S.A, Tata Steel, Anglo American, Dundee Precious, Liebherr, Glen Core and Jiangxi Copper Corporation.

COVID-19 Impact Analysis

The key players in the market faced disruptions in production due to lockdowns, restrictions and supply chain interruptions during the pandemic. Factories are closed, shortage of labor and logistical challenges hampered the production and delivery of mining equipment. Due to these, factors there is a downfall in the market.

Industries implemented strict health and safety measures to protect workers from COVID-19, these measures, include social distancing, reduced workforce capacity and increased sanitation protocols, which impacted productivity and efficiency in green mining operations. Some industries had to close their warehouses because of less production of products.

Remote work arrangements and reduced on-site personnel have impacted the capacity to implement and monitor green technologies effectively. Physical presence might be necessary for installations, maintenance and data collection related to green initiatives. Due to these factors, there is a downfall in the growth of the green mining market.

The pandemic limited opportunities for community engagement and stakeholder consultations, which are crucial for the acceptance and implementation of green mining projects. Movement restrictions made it challenging for experts, consultants and technology providers to travel to mining sites for assessments, audits and technology deployment.

Russia- Ukraine War Impact

Rising conflict leads to disruptions in transportation routes or export restrictions, which could affect the supply of raw materials, components and finished products needed for manufacturing green mining and this could result in delays in production and potential shortages. Conflict leads to the closure of borders and checkpoints that make challenging situations for the movement of raw materials.

The conflict between Russia and Ukraine has resulted in a rise in environmental costs that are expected to stay long after the conflicts end. Ukraine has already claimed compensation of over US$ 50 billion for the environmental damage caused by the war. The war already affects the environment which ranges from high fuel consumption to lower fuel consumption.

Trade restrictions and geopolitical instability between countries involved in the conflict could lead to trade restrictions, tariffs or sanctions and this can increase the cost of importing or exporting Green Mining and related components, affecting pricing and availability. The region also faces an economic downturn that impacts the business investors in investing in new equipment.

The war between Russia and Ukraine has triggered a reevaluation of global energy geopolitics particularly in the context of environmental considerations and green policies. The war has not only highlighted the traditional power struggles and resource dependencies but also brought the urgent need to address climate change and transition to more sustainable energy systems.

By Type

• Underground Mining
• Surface Mining
• In-situ Mining
• Marine Mining

By Technology

• Air Pollution Reduction
• Water Pollution Reduction
• Soil Contamination
• Power Reduction
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• On 18 May 2021, Elite Mining Inc. (EMI), a green immersion mining company, launched its Series A offering of Class B common stock. The offering allows investors to purchase Class B common stock through a SAFE agreement. They plan to represent the shares of Class B common stock using blockchain-based digital tokens, which could potentially be traded on a secondary market in the future.
• On 14 October 2022, Scania and Rio Tinto have formed a collaboration to develop more agile autonomous haul trucks for mining operations in Western Australia's Pilbara region. The partnership involves the use of Scania's autonomous mining technology at Rio Tinto's Channar mine and aims to explore potential environmental and productivity benefits.
• On 3 May 2023, BHP and Rio Tinto, global mining giants, are seeking innovative solutions to enhance tailings dewatering and management performance. They are inviting expressions of interest from technology providers, startups, research groups and other relevant parties worldwide. The collaboration aims to identify partners who can contribute to developing technologies that improve water recovery, reduce safety risks and minimize environmental impacts related to tailings storage facilities.

Why Purchase the Report?

• To visualize the global green mining market segmentation based on type, technology and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of green mining market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global green mining market report would provide approximately 53 tables, 50 figures and 202 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies