Mineral Market Report 2026

The mineral market size has grown steadily in recent years. It will grow from $1.03 trillion in 2025 to $1.07 trillion in 2026 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to growth in construction activities, increasing demand from cement and concrete products, expansion of glass and ceramic industries, adoption of traditional mineral processing methods, rising use of minerals in manufacturing applications.

The mineral market size is expected to see steady growth in the next few years. It will grow to $1.28 trillion in 2030 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for sustainable and eco-friendly minerals, growth in advanced mineral-based building materials, expansion of mineral applications in electronics and energy sectors, rising adoption of digital and automated mineral processing, growth in infrastructure and smart city projects. Major trends in the forecast period include rising demand for construction minerals, increasing use of minerals in glass and ceramics manufacturing, growth in non-metallic mineral applications for industrial processes, expansion of lime and gypsum products in infrastructure development, adoption of advanced mineral processing technologies.

Cost-effective, high-performance alternatives and the expansion of applications for advanced ceramics are expected to drive market growth in the future. Advanced ceramics are seen as superior options compared to metals, plastics, and glass due to their enhanced performance capabilities. They are characterized by high chemical purity and meticulous processing. These materials are utilized in various applications, including thermal barrier coatings in engine hot parts, ceramic composites, thermal protection systems, engine components, as well as sensors and antennas. For example, the United States Advanced Ceramics Association, a US-based organization representing advanced ceramic producers, highlights that advanced ceramics play a vital role in several sectors, including aerospace, defense, power generation, and industrial processing, significantly impacting the economy and environment. They improve the thermal, wear, and corrosion resistance of traditional ceramics by enhancing their toughness. Therefore, the cost-effective superior alternatives and increasing applications of advanced ceramics are likely to propel market growth in the future.

The mineral market is anticipated to witness growth driven by the increasing adoption of electric vehicles (EVs). Electric vehicles, powered by electricity stored in rechargeable batteries, predominantly use lithium-ion batteries, requiring significant amounts of minerals such as lithium, cobalt, and nickel. Lithium, a crucial component of cathodes in these batteries, is central to the electric vehicle industry. In the first quarter of 2023, over 2.3 million electric cars were sold, marking a 25% increase from the same period in 2022. The International Energy Agency (IEA) predicts 14 million EV sales by the end of 2023, reflecting a 35% year-on-year increase. The growth in EV production and sales is a key driver for the mineral market.

Key companies in the mineral market are concentrating on utilizing price assessments and market analysis to stay informed about current market conditions and developments. For example, in May 2024, Benchmark Mineral Intelligence, a UK-based research and consulting firm, launched its Rare Earths Price Assessment. This initiative represents a significant advancement in enhancing market transparency and supporting improved decision-making in the rare earth sector. As demand continues to grow in line with the global energy transition, this initiative will be crucial for both producers and consumers as they navigate an increasingly complex landscape.

Major companies operating in the mineral market report are LafargeHolcim Ltd., HeidelbergCement AG, Anhui Conch Cement Company Limited, China National Building Material Group Co. Ltd., Compagnie de Saint-Gobain S.A., CRH plc, Cemex S.A.B. de C.V., Taiheiyo Cement Corporation, UltraTech Cement Limited, Buzzi Unicem S.p.A., Votorantim Cimentos S.A., Siam Cement Group, James Hardie Industries plc, Knauf Gips KG, USG Corporation, Owens Corning, Guardian Industries, Nippon Sheet Glass Co., Ltd., AGC Inc., Etex Group, Wienerberger AG, Imerys S.A., Vulcan Materials Company, Martin Marietta Materials, Inc.

Asia-Pacific was the largest region in the mineral market in 2025. Western Europe was the second-largest region in the mineral market. The regions covered in the mineral market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mineral market are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The mineral market consists of sales of metallic minerals and non-metallic minerals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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