Market Research Report
South America Mining Equipment Market Outlook, 2027
|South America Mining Equipment Market Outlook, 2027|
Published: May 4, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 81 Pages
Delivery time: 1-2 business days
Since the earlier time period, South America has seen significant activity in the mining sector. Over the decades, the South American mining industry has continued to develop. According to the World Mining Data 2019, 6.6% of total global mining production originated from South America in that year. During the period 2000-2017, the production increased by 24.3% in the South American market. Furthermore, South America continues to be an important jurisdiction for mining investments. Despite the downturn and difficulties faced by individual countries as well as the whole region, South America remains attractive for investors. In South America, developing countries such as Chile, Peru, Brazil, and Argentina account for 85% of mineral and metal exports. Various elements such as beryllium, niobium, tantalum, thorium, lithium, mica, and other rare earth metals are majorly extracted in South America. Copper, iron ore, gold, and silver are likely to account for the majority of extracted metals. Among various developing countries, Chile is the world's leading exporter of copper, followed by Peru. Brazil accounts for the third position as the global producer of iron ore. In addition to that, the South American region is responsible for more than half of the global silver production. South America has more than 13200 mines that are identified and in operation. Increasing demand for these minerals and metals boosts the need for efficient machinery and equipment in the South American region. During 2013, South America produced nearly 8% of the global demand for mining machinery, and this penetration is expected to increase in the next few years.
According to the research report, "South America Mining Equipment Market Outlook, 2027," published by Bonafide Research, the mining equipment market is anticipated to grow at a CAGR of 4.55% for 2022-2027. Economic and political variations across the region have played an essential role in the amount and speed of investment that the region has received, particularly in mining machinery. The mining industry in South America is projected to grow in the next six years as the demand and consumption of mined minerals and natural resources are rising. This market is poised to be a hot spot for mining exploration across the globe. The South America region currently produces 45% of copper, 21% of zinc, 50% of silver and 26% of molybdenum. In addition to that, the introduction of autonomous haulage systems across the region drives the market growth. Hitachi Construction Machinery is conducting development and tests for next-generation (unmanned and autonomous) mining equipment. The concentrated aim of this system is to achieve a higher level of safety and productivity by improving efficiency and management of the mining operations.
According to the report, the South American market is segmented into three major countries, including Brazil, Argentina, and Columbia. Among these countries, Brazil is considered the industry giant of South America. Brazil has an integrated approach for the production and sale of mining equipment across the region. Brazil is one of the five largest mineral producers in the world, having more than 3000 mines spread across the territory. In addition to that, Brazil contains extremely rich mineral resources, including iron ore, tin, copper, pyrochlore, and bauxite. Further, based on the equipment categories, the market is segmented into four types: crushing, pulverizing, and screening equipment; mineral processing equipment; surface mining equipment; and underground mining equipment. The underground mining equipment market is projected to lead the South American market with more than 35% market share by 2027. As of today, South America is considered the leading region in the global market for coal mining, oil refineries, and underground mining. Further, the South American mining equipment market is segmented into three application types, including mineral mining equipment, metal mining equipment, and coal mining equipment. Among these applications, the metal mining segment is projected to lead the market with more than 45% of the market share during the forecast period. In 2020, Brazil was the largest iron ore producer in the region, with an output of more than 250 million metric tons of metal content.
Impact of Covid-19 on South America Mining Equipment Market:
The year 2020 has been marked by the COVID-19 outbreak. Despite the fact that vaccination has begun in several South American countries (except Chile), the effects of the specific pandemic have been extended until 2021. The situations in each country have proven to be very dynamic and require constant monitoring as different measures are adapted depending on the spread of the pandemic. Supply chain disruptions and temporary halts in production have impacted the overall market growth by a heavy measure. However, by the end of 2020, many manufacturers in the region will have initiated their development at a higher pace. These investments are expected to boost the demand for mining equipment in South America.
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
Aspects covered in this report
Countries covered in the report
By Category of Mining Equipment in the report:
By Application in the report:
By Propulsion in the report:
By Power Output in the report:
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.