Mining is the process of extraction of valuable minerals from the earth crust. It is usually in the form of an ore or mineral deposit. Ores mainly consists of coal, metals, oil, gemstone, rock salt and potash. Major method of mining is surface mining. The major types of surface mining techniques are open-pit mining and strip mining. Latin America is anticipated to be one of the major regions for mining and extracts important minerals such as iron ore, copper and gold. The some of the other major minerals found in Latin America are silver, bauxite, tin, zinc, nickel and lead.
Market Size and Forecast
The Latin America mining market is anticipated to record a significant CAGR during 2018-2027. It is expected to attain substantial market size by 2027. The rising investment by the companies coupled with favorable government policies is anticipated to increase the market growth of the global Latin America mining market. The Latin America mining market can be segmented on the basis of mining methods, mining equipment, application and country. On the basis of mining methods it is sub-segmented into surface mining, underground mining and high wall mining. Surface mining sub-segment is anticipated to be the largest sub-segment on the account of its low cost in comparison to other methods. It is relatively safer mining method and provides better recovery and grade control. On the basis of mining equipment, it is sub-segmented into surface mining equipment, mineral processing equipment, crushing and screening equipment, underground mining equipment and mining drills and breakers. On the basis of application, it is sub-segmented into coal mining, metal ore mining and mineral mining. Metal ore mining sub-segment is anticipated to lead the application segment. Additionally, Brazil and Chile is anticipated to be one of the largest copper producing countries in the region.
By country, Latin America mining market is segmented into Brazil, Argentina, Peru, Chile, Mexico, and others. Brazil is anticipated to hold the largest market share of the Latin America mining market on the account of availability of enhanced technologies and large reserves for the various mineral resources such as coal, iron, zinc etc. Chile is anticipated to be the fastest growing countries on the account of surging demand for the various mining equipment in the region coupled with enhanced investment in the mining sector.
Our in-depth analysis segmented the Latin America mining market in the following segments:
By Mining Methods:
By Mining Equipment:
Latin America mining market is further classified on the basis of country as follows:
Global commercial aircraft wing market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The attractive mining opportunities for the key players on the account of the low mining taxes and low prices of the commodities is anticipated to be the primary growth driver for the Latin America mining market during the forecast period. The other growth drivers such as favorable government policies creating better mining environment is anticipated to fuel the Latin America mining market. For instance, in 2017 the Argentina government has implemented the policy ‘New Federal Mining Agreement´ which is anticipated to boost the mining market in country. The increasing coal mining in various countries of Latin America is anticipated to be the major growth driver for the Latin America mining market.
However, growing opposition by the local community regarding the mining activity in the region is anticipated to be a major restraint for the Latin America mining market during the forecast period. The illegal mining operation coupled with the economic crisis in the mining industry is anticipated to be major factor hindering the Latin America mining market.
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