Market Research Report
Global Green Mining Market - 2021-2028
|Global Green Mining Market - 2021-2028|
Published: July 14, 2021
Content info: 214 Pages
Delivery time: 1-2 business days
The "Global green mining market" is expected to grow at a high CAGR during the forecasting period (2021-2028).
Green mining refers to mining practices that aim to reduce global warming and pollution and make it imperative to use eco-friendly and sustainable solutions for extracting natural resources. Technologies such as Carbon Capture and Storage (CCS), deploying mine machinery that runs on clean fuels, can sharply reduce mining activities' ecological impact.
Green mining's key objective is to reduce the acid-related damage to the environment caused by mining activities. Some of the recent approaches used are zero-discharge processes that "re-mine" existing waste materials to recover valuable metals and minerals. Latest mining technologies and regulations have significantly improved mining reduced environmental impact in recent years. Moreover, the extraction methods have become much more environmentally sensitive. The current "green" mining techniques should focus on researching new environmentally friendly practices.
The global green mining market size was worth US$ XX billion in 2018 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2021-2028).
Source: DataM Intelligence Analysis (2019)
The global green mining market growth is driven by increasing demand for eco-friendly mining practices, and shutting illegal mines are among the key factors driving the market growth.
The demand for eco-friendly mining practices is expected to drive the forecast period's green mining market growth.
Mining activity causes acid mine drainage, increasing carbon footprints, air pollution, water pollution, soil contamination and various other environmental impacts, which have spiked green mining demand. Moreover, according to Massachusetts Institute of Technology reports, 2016, choosing environmentally friendly mining processes such as starting an in-situ leaching mine is projected to cost 25-35 million USD versus a typical open-pit mine, which costs about 500 million USD.
According to the Scroll.in report, 2021, in February, the public water supply schemes in East Jaintia Hills, Meghalaya's coal mining hub, were tested for acid content. The results stated that of the 37 schemes operating in the state's public health engineering department, 26 were found acidic for human consumption.
The closing of illegal mining is expected to drive market growth in the forecast period.
The increasing demand for the green mining market is due to shutting down illegal and unregulated mines, which causes severe damage to the environment and human health. Moreover, in 2020, the first mine cleanup project is commenced, and by 2030, all implemented methods continue to grow and develop. Illegal mining should be totally shut down, and statutory regulations will improve the environmental footprint from mining. Wastewater and atmospheric emissions will be minimized. Shut down mines will be reclaimed by the local community. For Instance, According to the Business World report,2020, Indonesia will no longer allow mining waste to be disposed of processing nickel used in electric vehicle (EV) batteries, and the Southeast Asian nation, which is the leading producers of nickel, is not issuing new permits and could delay planned projects. Hence, all these initiatives taken by companies will boost the green mining market.
The extra cost associated with green mining is likely to hinder the market growth.
On the contrary, green mining can result in extra costs, lack of information, no known alternative and process technology is likely to affect the market. For example, there are a lot of mines that had been operated using conventional mining techniques from the past; now, shifting to green mining practices would require an additional cost to the companies. Like Rio Tinto will be investing $1 billion investment at its Western Turner Syncline iron ore mine in Western Australia to reduce greenhouse gas emission from the site by 3.5%.
However, various organizations are ready to invest in the green mining market. According to the Economic Times, 2021, various companies plan for the plantation of 50 million trees on 20,000 hectares of land by 2030 as part of clean coal initiatives.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the green mining market have seen a notable impact, considering the slowdown in transportation and industrial activity as most of the minerals processing units have scaled-down production. As green mining is a developing field and it procures extra cost, it would be very difficult for the companies to resume the green mining practices same pace. On the other hand, pandemic have resulted in reducing pollution and shifting towards a more eco-friendly environment and this would encourage mining companies towards the green revolution. Also, the 16th Annual General Meeting (AGM) of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF), 2020, talked about the Race to Zero global campaign, which seeks to generate leadership and support from businesses, cities, regions, and investors to commit to achieving net-zero carbon emissions by 2050 and the mining industry to be part of the climate change solution, providing the assets needed to implement the technology which will allow the world to reduce dependence on fossil-based energy which will boost the green mining market in the forecast period.
By type of mining method, the green mining market is classified into surface mining, underground mining, marine mining and in-situ mining market.
The surface mining market segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Surface mining is one of the most commonly used methods as it involves higher productivity and less operational cost. This method also results in acid mine drainage, soil containments, and various pollution types; hence it is the most agile growing segment towards green mining. According to the Mining.com report, 2021, Skeena Resources is working to advance the Eskay Creek Mine project, which was previously operated as a diesel-operated underground mine powered project; the next phase is envisioned as an open-pit method that will be green energy operated by a hydroelectric power station less than 10 kilometers away.
The prime green mining success indicators in surface mining include implementing new technology, science and technology input to total investment, the number of accidents decreased, and the production increased.
The Europe region is the largest market for global green mining market
Europe is the leading largest market for green mining market globally and is forecasted to continue its lead in the market as the region has developed as the most significant consumer and promoter of green mining practices, owing to sustainable practices in countries such as Germany, Russia Poland, and Turkey. According to the Mining.com report, 2021, Vulcan Resources issued a pre-feasibility Zero-Carbon lithium project in Germany, reaching its lithium resources to be the largest in Europe. The company has discovered a lithium extraction technique using geothermal power to emit no carbon dioxide (CO2), matching the EU stringent climate agenda. The reason to protect the environment by using better technology is expected to drive green mining in this region.
Australia is also one of the fastest-growing sectors in green mining; there are numerous ongoing green mining projects. According to the Mining Technology report, 2020, on 1 May 2019, Rio Tinto declared that it would reduce the carbon footprint annually in its Kennecott, Utah copper mine by as much as 65% by shifting to renewable energy certificates and permanently shutting its coal power plant. In addition, South African mining company Gold Fields stated its plans to operate its Agnew gold mine in Australia using renewable energy. This shifting to renewable energy is in partnership with the global energy group and involves an AUD 112m ($77.59m) investment in an energy microgrid combining wind, solar, gas and battery storage.
In June 2018, Chilean company Antofagasta also signed a deal with Colbun to make the Zaldivar mine the first mine in the country to operate with 100% renewable energy.
The green mining market is consolidated and highly competitive with the presence of a few local players followed by the global companies who contribute to the market growth. In addition, some of the key players contributing to the growth of the market are Rio Tinto, Sany Group, BHP Billiton, Vale S.A, Tata Steel, Anglo American, Dundee Precious, Liebherr and Glen Core. The major players are adopting various new strategies to dominate the market, such as launching new technologies, acquisitions, and collaborations are some of the key factors which are responsible for the growth of the green mining market globally.
Overview: Rio Tinto is an Anglo-Australian and the world's second-largest metals company established in 1873 in Spain. The company is responsible for producing iron ore, copper, diamonds, gold and uranium.
Product Portfolio: Rio Tinto extracts extracting copper, bauxite, iron, gold, silver and other minerals in various countries. The company also has its applications in the refining, particularly of bauxite and iron ore.
Key Development: In 2020, Rio Tinto joined a World Bank initiative to help developing countries sustainably extract cobalt, lithium and other minerals, which are critical to the global electrification trend.
In 2021, The Company launched "START" the first sustainability project for aluminum using blockchain technology.
Visualize the segmentation of the green mining market segmentation by type of mining method, by technology and region, highlighting the key commercial assets and players.
Identify commercial opportunities in the green mining market by analyzing trends and co-development deals.
Excel data sheet with thousands of data points of green mining market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players.
The green mining market report would provide access to an approx: 63 market data table, 53 figures and 214 pages.
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