Mexico Mining Market Anticipated To Reach USD 2.30 Billion By 2030Posted by Neha Bora on February 27th, 2023 San Francisco, 27 Feb 2023: The Report Mexico Mining Market Size, Share & Trends Analysis Report By Sector (Precious Materials, Non-Ferrous, Non-Metallic), And Segment Forecasts, 2022 - 2030 The Mexico mining market is expected to reach USD 2.30 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 2.9% over the forecast period. The growth of the industry is attributed to increasing demand for precious metals, which account for the major share of the market. Moreover, the growing demand for metals such as copper, zinc, and lead that find various uses in electrical & electronic applications are further fueling the market growth. The mining sector is getting rapid exposure of technological advancements such as automation and digitization. These include the introduction of automated tunnel drilling and drilling systems, autonomous vehicles, drone, and intelligent sensors, which are designed to increase the efficiency and management of mining operations and reduce wastage. For instance, in July 2022, Fresnillo, one of the world’s largest silver producers, placed an order to Eprico for underground mining machines. The order consists of Boltec and Cabletec rock reinforcement rigs, Boomer face drilling rigs, Simba production drilling rigs, Minetruck haulers, and Scooptram loaders. Based on sector, the non-metallic minerals segment is anticipated to witness the fastest growth rate over the forecast period. The segment growth is attributed to widespread applications of products like kaolin, silica, and feldspar in various industries. Growing investments in the end-use industries of these products is propelling their demand and thus, mining. Metal prices in Mexico witnessed a sharp decline from January to April 2020 owing to a sudden drop in demand caused by the outbreak of COVID-19. However, post-April 2020, prices recovered sharply owing to the restart of manufacturing activities with social distancing norms in place. To remain competitive, mining companies are entering into long-term supply contracts with end users. Also, the companies use derivative contracts to protect them from market volatility. These fluctuations expose the companies to the risk of opportunity loss and mark-to-market fair value adjustments. These contracts could include forward sales, futures contracts, call options, and other derivative instruments. Access Research Report of Mexico Mining Market @ https://www.grandviewresearch.com/industry-analysis/mexico-mining-market-report Mexico Mining Market Report Highlights
List of Key Players of Mexico Mining Market
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