In 2023, the global mining equipment market reached 118.3 billion USD.
During the forecast period, driven by the growth in resource demand in Europe and North America and the equipment renewal in the Middle East and Africa, it is expected to rise to 130.8 billion USD by 2025, with a broad market prospect. In addition, as the two largest downstream markets for mining equipment, the current copper and gold prices have risen above the previous cycle’s peak, and the high price operation is expected to catalyze the capital expenditure to continue to maintain a high level. The global capital expenditure on copper and gold will likely continue to grow in 2024, which will also put in motion the demand for mining equipment.
Currently, whether considering the market development status of China’s mining machinery industry or the global industrial operation trend, China’s mining machinery industry is situated within a historical window period.
After the last round of industrial metal demand downturn, the demand for the five major categories of mining machinery globally started a brief recovery in 2016 but was interrupted by public health events. With the energy transition of developed countries globally and the industrialization advancement of developing countries, the market demand has continued to warm up since 2021, the demand for the five major categories of mining machinery (small caliber) in 2022 and 2023 was 5,773 and 5,824 units, respectively, which is at a high level in the past decade.
In the short term, following three years of consistent growth, it has been maintained at a relatively high level.
In recent years, Chinese manufacturers have made continuous efforts in the field of mining machinery and have achieved remarkable results. In 2023, China’s mining equipment export volume reached 4.13 billion USD. Entering 2024, major companies continue to increase their investment in mining machinery products and market layout, and the export situation is excellent. “Going global” path of Chinese mining equipment companies is becoming clearer.
Looking at the development prospects, domestic mining machinery manufacturers still have great development potential in the overseas market. On one hand, with the advancement of the “Belt and Road” initiative, the infrastructure construction and resource development needs of countries along the route continue to grow, providing a broad market space for domestic mining machinery manufacturers; on the other hand, domestic mining machinery manufacturers have been continuously improving in technological innovation, product quality, and service levels, and gradually have the strength to compete with international brands.
Domestic mining machinery manufacturers must continue to strengthen technological innovation and product quality improvement, improve service levels, actively expand overseas markets, strengthen international cooperation, and enhance brand influence to achieve better development.
