Striking gold: Rising commodity prices and improving economic activity will likely support sector revenue growth
Mining in the US The Mining sector has performed poorly over the past five years. In the Mining sector, the Oil and Gas Extraction industry (IBISWorld Report 21111) and Oil and Gas Field Services industry (IBISWorld Report 21311) dominate sector revenue; therefore, trends in these two industries dominates overall Mining sector trends. Both world price of crude oil and natural gas have fallen drastically over the past five years. This had dragged demand, revenue and profitability for oil and gas producers as well as service providers. Furthermore, utilities, sector-relevant coal companies’ largest downstream market, have opted to use less-expensive natural gas as feedstock, exacerbating the decline in demand for coal. Metallic mining has also experienced a reduction in demand, price and production activity over the past five years. Over the next five years, the world prices of crude oil and natural gas are expected to rise. Furthermore, demand in nonmetallic mining is expected to continue increasing as well. This is expected to result in sector revenue rising over the five years to 2023.
Mining includes the extraction of minerals occurring naturally; solids, such as coal and ores; liquids, such as crude petroleum; and gases, such as natural gas. Mining also includes quarrying, well operations, milling (e.g., crushing, screening, washing, flotation) and other preparation generally undertaken at the mine site or as a part of mining activity. The exploration and development of mineral properties are also included.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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