The mining industry is expected to witness growth with a single digit CAGR over the next six years on account of the further expanding demand for metal and mineral commodities. Latin America accounted for about 8% of the global mining equipment demand in 2013 and its contribution towards global mining equipment sales was registered at 15% for the same year. The region serves as the prime destination for mining exploration and investment at a global level.
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Market segmentation of Latin American mining equipment can be done on the basis of equipment, application and countries. On the basis of equipment, the Latin American mining equipment market includes mineral processing equipment, surface mining equipment, underground mining equipment, mining drills and breakers, crushing and screening equipment, etc. On the basis of applications, the Latin American mining equipment market segmentation includes metal ore mining, coal mining and mineral mining. Chile, being the largest producer of copper, serves as a lucrative market for copper-based mining equipment. Colombia is an active exporter,and is the first Latin American coal-producing country alongwith the production of metals such as gold, silver and platinum and hence is the opportunistic market for the associated mining equipment market. On the basis of countries, the Latin American mining equipment market includes Argentina, Brazil, Mexico, Chile, Panama, Peru, Ecuador, Colombia, Paraguay, Uruguay, Bolivia and Venezuela. Chile is known for the adoption and introduction of advanced technologies such as autonomous haulage system. Peru is the reserve of key minerals and has been witnessing a surging demand for copper and hence the expansion of the associated mining equipment market. Brazil has an integrated approach for the production and sale of mining equipment. Panama has an active stock operation (PSO) for the support of the mining industry. In line with the positive future of the Latin American mining equipment industry, Peru and Chile are expected to receive double digit foreign investment in $ Bn in the next six years.
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Some of the prominent players of the global mining equipment market include Sandvik AB, Hitachi Construction Machinery, Komatsu Limited, Atlas Copco Ab Joy Global Inc. Breaker Technology, Astec Industries, Bucyrus International, Caterpillar Incorporated, China Coal Energy Company Limited, Tecpalsa, Tecmap, Tiesa and Igaretta. Among these, Komatsu Limited in the whole of Latin America, Tecpalsa in Colombia, Tecmap and Tiesa in Panama and Igaretta in Argentina are active players in the Latin American mining equipment market.
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