The global mechanical drives market for mining industry to grow at a CAGR of 2.99% during the period 2017-2021.
Global Mechanical Drives Market for Mining Industry 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the demand for mechanical drive products from the mining industry.
One trend in the market is shifting of mining activities to emerging economies. The mining activities have now started to shift toward the emerging economies, the key reason being their higher economic growth and GDPs compared with the developed economies. Countries such as India, Brazil, South Africa, Indonesia, Mexico, and Kazakhstan have seen an increase in the mining activities.
According to the report, one driver in the market is global urbanization and industrialization. The global urbanization and industrialization are constantly on the rise with co-mediators having a demand for commodities such as iron in ferroalloy metals, bauxite in non-ferrous metals, gold and silver in precious metals, gypsum and talc in industrial minerals, and coal in energy or mineral fuels. These commodities are an essential part of many day-to-day household and construction industry requirements. Also, there are few other mineral types such as lithium that are slowly gaining pace.
Further, the report states that one challenge in the market is decline in mining-related investments. There is a huge decline in mining-related investments in the past few years. The countries wherein mining plays an important role in their GDPs have shown a decline in the local as well as foreign direct investments. There is a lack of demand for minerals and metals due to the limited growth in the manufacturing and construction industries. BRICS, which represents one-third of foreign direct investments in the mining sector, has shown a decline due to the weak economy.