Underground Mining Market - Global Industry Report, 2031

Posted by aartimule on November 22nd, 2021

Underground Mining Market: Introduction

Transparency Market Research delivers key insights on the global underground mining market. In terms of revenue, the global underground mining market is estimated to expand at a CAGR of 1.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global underground mining market.

The global underground mining market is broadly affected by several factors, including an increase in the demand for coal and other minerals from various end-use industries. Rapid industrialization and expansion of the coal industry have led to a significant rise in underground mining. Increase in global demand for power is expected to be a primary driver of the global underground mining market. The expansion of various end-use industries is also propelling the demand for underground mining across the globe.

Underground Mining Market: Dynamics

Underground mining is used to extract ore from below the surface of the earth. The entry from the surface to an underground mine may be through a horizontal or vertical tunnel, known as an adit, shaft, or decline. Underground mining involves the excavation of tunnels and rooms beneath the Earth\'s surface. Compared to surface mining, underground mining is expensive and dangerous. Therefore, it is employed primarily in situations where high-value ores such as gold are concentrated in narrow veins or other unusually rich deposits.

Underground mining is required to obtain those minerals that cannot be found on the surface of the Earth or grown artificially. Underground mines are excavated using various methods. Room-and-pillar mining is the excavation of large open rooms supported by pillars. Coal and rock salt (halite) are commonly mined using room-and-pillar methods. Longwall mining is a form of underground mining widely utilized in the coal industry.

Increase in the demand for various underground minerals such as coal, lignite, bauxite, chromite, copper ore & concentrates, iron ore, lead & zinc concentrates, manganese ore, silver, diamond, limestone, and phosphorite in various end-use industries is anticipated to drive the global underground mining market.

Underground Mining Market: Prominent Regions

Latin America held a major share of the global underground mining market. The market in the region is anticipated to expand at a CAGR of more than 1.8% during the forecast period. Increase in demand for underground mining for the application of coal mining and metal mining in Latin America is driving the underground mining market in the region. The region is estimated to maintain its dominant position in the global market during the forecast period.

Asia Pacific held a significant share of the global underground mining market. China is a key country of the underground mining market in Asia Pacific. It held a significant share of the underground mining market in Asia Pacific in 2020. The expansion of the coal mining in Asia Pacific is driving the underground mining market in the region.

Underground Mining Market: Major Players

The global underground mining market is consolidated with the presence of key players. Prominent players operating in the global underground mining market include BHP, Anglo American Plc, Rio Tinto, Vale, Implats Platinum Limited, Norilsk Nickel, Amur Minerals Corporation, Alcoa Corporation, The Redpath Group, GBF Underground Mining Company, OZ Minerals, Thyssen Mining, Barminco, and Glencore.