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Valley Cottage, NY -- (SBWIRE) -- 02/25/2019 -- The mining industry is expected to witness growth with a single digit CAGR over the next six years on account of the further expanding demand for metal and mineral commodities. Latin America accounted for about 8% of the global mining equipment demand in 2013 and its contribution towards global mining equipment sales was registered at 15% for the same year. The region serves as the prime destination for mining exploration and investment at a global level.
The key reason which has accelerated the growth of the Latin American mining equipment market is the enhanced demand for the consumption of natural resources. Presently, the region produces about 45% of the global copper, 21% of the global zinc, 50% of the global silver and 26% of the global molybdenumproduction. In addition, foreign investment, especially from China, US, Canada and Australia, plays a significant role in the growth of the Latin American mining equipment market.
Further, other operations such as the Panama Stock Operation (PSO), CSR activities, and introduction of next generation mining equipment such as Autonomous Haulage System (AHS) also serve as driving factors for the growth of the mining equipment market in Latin America. Among these, CSR activities primarily focus on rehabilitation and support programmes, promotion of healthy lifestyle and awareness programmes for the adoption of green technology. However, in the past few years, the mining industry and hence the mining equipment industry has been facing an economic crisis on account of the requirement for budget allocation in the maintenance of the mining industry and equipment, etc. Illegal mining operations at some locations and the risk associated with the mining industry serve as further constraints for the Latin American mining equipment industry.Surging demand and abundant availability of natural resources(including the world's top three metal and mineral reserves of copper, zinc and silver rapid technological advancement, modernization of mining plants, stable legislations with a motivating legal environment, and the efficient budget allocation with aftermarket revenue generation will serve as opportunities for the development of the Latin America mining equipment market.
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Market segmentation of Latin American mining equipment can be done on the basis of equipment, application and countries. On the basis of equipment, the Latin American mining equipment market includes mineral processing equipment, surface mining equipment, underground mining equipment, mining drills and breakers, crushing and screening equipment, etc. On the basis of applications, the Latin American mining equipment market segmentation includes metal ore mining, coal mining and mineral mining. Chile, being the largest producer of copper, serves as a lucrative market for copper-based mining equipment. Colombia is an active exporter,and is the first Latin American coal-producing country alongwith the production of metals such as gold, silver and platinum and hence is the opportunistic market for the associated mining equipment market. On the basis of countries, the Latin American mining equipment market includes Argentina, Brazil, Mexico, Chile, Panama, Peru, Ecuador, Colombia, Paraguay, Uruguay, Bolivia and Venezuela.
Chile is known for the adoption and introduction of advanced technologies such as autonomous haulage system. Peru is the reserve of key minerals and has been witnessing a surging demand for copper and hence the expansion of the associated mining equipment market. Brazil has an integrated approach for the production and sale of mining equipment. Panama has an active stock operation (PSO) for the support of the mining industry. In line with the positive future of the Latin American mining equipment industry, Peru and Chile are expected to receive double digit foreign investment in $ Bn in the next six years.
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Some of the prominent players of the global mining equipment market include Sandvik AB, Hitachi Construction Machinery, Komatsu Limited, Atlas Copco Ab Joy Global Inc. Breaker Technology, Astec Industries, Bucyrus International, Caterpillar Incorporated, China Coal Energy Company Limited, Tecpalsa, Tecmap, Tiesa and Igaretta. Among these, Komatsu Limited in the whole of Latin America, Tecpalsa in Colombia, Tecmap and Tiesa in Panama and Igaretta in Argentina are active players in the Latin American mining equipment market.