In recent years, the mineral mining industry is experiencing restraints in supply and resource, owing to extensive exploitation of mineral reserves, exhausted reservoirs, environmental restrictions, high maintenance cost, and inadequate fund allocations. These factors have led to sluggish demand for mining equipment in the recent past.
Latin America has become a prime destination for major mining equipment and tools manufactures. In the year 2013, it accounted for 8% of the global demand for mining equipment and contributed 15 % in terms of revenue to the global mining equipment market. As demand for mining equipment is in decline globally, manufacturers are making a beeline to tap into the ample opportunities available in the Latin America market.
The robust demand from the Latin American mining industry will offset the sluggish growth currently prevailing in the global market. The countries of Latin America are rich in copper, zinc, and silver; the region accounts for 45% of global copper volume and 21% of global zinc volume. Latin America’s contribution to the global silver volume is a staggering 50%. Owing to this, miners from the US, Canada, Australia, and China have a strong presence in Latin America. As a result of this, mining equipment manufacturers are focusing on consolidating their position in the region.
The introduction of next-generation techniques by manufacturers such as Autonomous Haulage System (AHS) has accelerated the growth of mining equipment market further in Latin America. These new mining techniques involve support programmes, rehabilitation, worker safety, and adaptation of green technology.
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Mining is a sector which is under constant scrutiny by environmentalists and NGOs due to factors such as illegal mining operations, labour exploitation and risk of environmental degradation. These factors can impede the growth of the Latin American mining equipment market during the forecast period. Nevertheless, mining market in Latin America is encouraged by government support and adequate economical funding, encouraging manufacturers to bolster their presence and operations in the region.
Market Segmentation on the Basis Countries:
- Chile: largest producer of copper in Latin America accounts for nearly 21% of global production
- Columbia: Along with large deposits of gold, silver and platinum, it tops coal production in Latin America
- Peru: In terms of technology, Peru has adopted latest mining system and equipment alongside Chile and expect to receive heavy foreign investments
- Brazil: Being the largest economy in Latin America, it has integrated methodology for sales and production of mining equipment
- Panama: to enhance its mining industry, it has launched a system of active stock operation known as Panama Stock Operation (PSO)
Market Segmentation on the Basis of Equipment:
- Surface mining equipment
- Mining drills and breakers
- Crushing and screening equipment
- Mineral processing equipment
- Underground mining equipment
Market Segmentation on the Application:
- Coal mining
- Metal ore mining
- Mineral mining
Major market participants
- Hitachi Construction Machinery
- Komatsu Limited-dominant in whole of Latin America
- Sandvik AB
- Breaker Technology
- Tecmap and Tiesa-Panama
- Astec Industries
- Bucyrus International
- Caterpillar Incorporated
- China Coal Energy Company Limited
The information presented in this article is based on a new report by Future Market Insights (FMI). A free sample of the report is available for download at http://www.futuremarketinsights.com/reports/sample/rep-la-68
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