The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global mineral market has experienced significant growth, expanding from $968.07 billion in 2022 to $1044.55 billion in 2023, showcasing a robust compound annual growth rate (CAGR) of 7.9%. Looking ahead, the market is poised for continued expansion, with an anticipated size of $1378.46 billion in 2027, at a CAGR of 7.2%. However, the journey of the mineral market has not been without hurdles.

Taxation Challenges Stifling Growth

The mineral products market, encompassing vital components like cement and concrete products, faced limitations in its growth trajectory due to the imposition of high taxes. Products derived from minerals, especially cement, often sold in high volumes at relatively lower prices, bear the brunt of heavy taxes. In July 2021, the introduction of a 28% Goods and Services Tax (GST) on cement in India increased costs for the infrastructure sector, hindering growth. Additionally, limestone, a key component in cement production, was subjected to a 5% tax. India’s cement industry, the second-largest globally, felt the impact of these high taxes, negatively influencing the mineral products market.

• Taxation Impact in India (July 2021):
  • GST on Cement: 28%
  • Tax on Limestone: 5%

High taxes on cement and its raw materials restricted the growth of the mineral products market.

Key Players in the Mineral Market

Major companies contribute significantly to the mineral market’s landscape, playing pivotal roles in its development. Key players include China National Building Material Group Co. Ltd., Compagnie de Saint-Gobain S.A., LafargeHolcim Ltd., HeidelbergCement AG, Anhui Conch Cement Company Limited, CRH plc, Votorantim S.A, Cemex SAB de CV, Guardian Industries LLC, and Asahi Glass Co. Ltd. These entities operate in diverse segments within the mineral market, contributing to its multifaceted nature.

• Major Market Players:
  • China National Building Material Group Co. Ltd.
  • Compagnie de Saint-Gobain S.A.
  • LafargeHolcim Ltd.
  • HeidelbergCement AG
  • Anhui Conch Cement Company Limited
  • CRH plc
  • Votorantim S.A
  • Cemex SAB de CV
  • Guardian Industries LLC
  • Asahi Glass Co. Ltd.

The Rise of Advanced Ceramics

Within the mineral market, advanced ceramics have emerged as cost-effective and superior alternatives to metals, plastics, and glass. Renowned for their high chemical purity and meticulous processing, advanced ceramics find applications in various industries. Notably, the advanced ceramics market reached $10.41 billion in 2021, growing at a compound annual growth rate of 6.5%. These ceramics are employed in thermal barrier coatings, ceramic composites, thermal protection systems, engine components, sensors, and antennas. Noteworthy investments, such as GE Aviation’s $4.3 billion five-year initiative, highlight the growing utilization of advanced ceramics in cutting-edge technologies for jet engines, aircraft systems, and engine components.

• Advanced Ceramics Market (2021):
  • Market Size: $10.41 billion
  • CAGR: 6.5%

The surge in the advanced ceramics market signifies a shift towards superior materials in various industries.

Market Segmentation

Understanding the diverse segments within the mineral market is crucial for comprehending its intricate dynamics.

1. By Type:
   • Cement and Concrete Products
   • Glass and Glass Products
   • Other Non-Metallic Mineral Products
   • Clay Products and Refractories
   • Lime and Gypsum Products
2. By Application:
   • Chemicals Manufacturing
   • Metallurgy
   • Electrical Grid Infrastructure
   • Electronics
   • Glass Products
   • Vehicles
   • Other Applications
3. By End User:
   • Construction
   • Manufacturing
   • Other End Users

Regional Dominance in Asia-Pacific

In 2022, Asia-Pacific emerged as the largest region in the mineral market, underscoring its dominance and strategic importance in the global mineral landscape. The region’s contribution to the market share further solidifies its role in shaping the trajectory of the mineral industry.

View More On The Mineral Market Report 2023 – https://www.thebusinessresearchcompany.com/report/mineral-global-market-report

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The Mineral Global Market Report 2023  provides comprehensive insights on the mineral market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the mineral market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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