Mining mill refers to the grinding equipment used for mineral processing, which can crush raw ore materials into finer particles to adapt to subsequent processing, smelting and other processes. Common mining mills include ball mills, autogenous mills and semi-autogenous mills.
Mining mill is widely used in ships, automobiles, 3C, construction, machinery, aerospace and other basic industrial fields, so the mining mill equipment industry is highly related to the national macroeconomic prosperity. If the future macroeconomic slowdown, or the country's macroeconomic policy or industrial policy to make major adjustments, will have an impact on the mining mill market demand. In recent years, with the continuous advancement of the national trend of localization of major technical equipment, the localization rate of mining mills is also gradually improving, and domestic enterprises led by Citic Heavy Industries and Northern Heavy Industries occupy a certain market share. With the transition of China's economy from high-speed growth to high-quality development and the increasing attention to environmental protection issues, the requirements for mining enterprises have also increased. In the future, mining mill enterprises need to strengthen scientific and technological innovation, improve the performance and quality of equipment, and achieve green environmental protection development. At the same time, metal mining enterprises also need to improve the overall competitiveness of the industry through in-depth cooperation, and achieve more stable and sustainable development in the domestic and international markets.
According to QYR's latest survey, the global mining mill market size reached $1.498 billion in 2022 and is expected to reach $2.063 billion in 2029, with a compound annual growth rate (CAGR) of 5.13%. In 2022, China's mining mill market sales revenue reached 215 million US dollars, and it is expected to reach 301 million US dollars in 2029, with a compound annual growth rate (CAGR) of 5.13% during 2023-2029.
From the perspective of manufacturers, the global core manufacturers include Metso, FLSmidth, Citic Heavy Industries, Northern Heavy Industries and Shandong Xinhai, etc. By 2022, the three major manufacturers occupy about 58.94% of the revenue market share. At the regional level of global consumption, North America has occupied the largest market share in the past few years, with a size of $368 million in 2022, accounting for about 24.58% of the global market, and is expected to reach $487 million in 2029, when the market share will reach 23.61%. At the same time, the China region will be worth $215 million in 2022, with a CAGR of about 5.73% during 2023-2029.
From the production side, Europe and China are two important production regions, accounting for 35.93% and 26.42% of the market share in 2022, respectively, and China is expected to maintain the fastest growth rate in the next few years, and is expected to reach 30.42% in 2029.
From the perspective of product type and technology, mining mills include autogenous mills, semi-autogenous mills, ball mills, high-pressure roller mills and vertical mixing mills, and ball mills occupy the largest market share in 2022, accounting for 62.54% of revenue, and the market size is expected to reach 1.222 billion US dollars in 2029. This is followed by semi-autogenous mills, which will reach a market size of $195 million in 2022, with a CAGR of approximately 6.91% during 2023-2029.
From the perspective of product market application, the downstream of mining mill is mainly used in ferrous metal ore and non-ferrous metal ore, and the black metal ore application is the most in 2022, its revenue reaches 848 million US dollars, the market share is about 56.60%, and the CAGR during 2023-2029 is about 4.98%. Its non-ferrous metal mining applications will reach a market size of $650 million in 2022, and its revenue is expected to reach $950 million by 2029, with a CAGR of approximately 5.31% in the next few years.
In recent years, with the intensification of industry competition, the major mining mill equipment enterprises have increased their research and development expenditures in large-scale, integrated, intelligent, environmental protection, etc., the overall level of industry products has increased year by year, and the technology replacement speed has also accelerated. If manufacturers cannot grasp the technical direction in the future, it will affect the overall market demand.
