Marine mining is a process by which valuable metals such as silver, gold, copper, cobalt, and zinc are extracted from the deep-sea bed. The extraction processes are carried out by using hydraulic pumps or bucket systems that bring the ore up to the surface for further purification process. The mining could be done within a country’s on economic zone or in international waters. In the latter case, a portion of the profit should be shared with developing nations, which has been mandated by the International Seabed Authority. As marine mining is a relatively new concept, the impacts of full-scale mining operations on the environment are not yet known. However, governments and other authorities have imposed stringent regulations to prevent any kind of hazards on the marine ecosystem.
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COVID-19 impact analysis
The outbreak of the COVID-19 pandemic across the globe has severe impacts on the global marine mining market.
- The pandemic has caused a severe economic slowdown across the globe that resulted in decrease in the disposable income among consumers. As a result, the demand for products such as electronics and automobiles has declined steeply. This has negatively impacted the growth of the global marine mining market, as metals are one of the primary raw materials in the aforementioned industries.
- Moreover, the economic slowdown reduced the demand for precious metals, including gold and platinum, thereby impacting the growth for the marine mining market to a notable extent.
Top impacting factors: market scenario analysis, trends , drivers, and impact analysis
Rapid urbanization and increase in disposable income of people have escalated the demand for various products in automobiles and electronics industries. With the depleting terrestrial deposits, manufacturers are facing a challenge to meet the market demands. This is where the rich oceanographic mineral reserves play a vital role. Copper is the basic element for producing wires, which is used in almost in most of industries, and in electronic products. With the rapid growth of the manufacturing and service industries across the globe, the demand for such metals is growing and is offering growth opportunities for the market expansion.
However, concerns about the hazardous impact of marine mining on the ecosystem have been reported. For instance, researchers have shown that there are chances of increasing toxicity on the water column and disturbance in the habitat of benthic organisms. This is the major disadvantage associate with marine mining, hampering the global market growth.
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Asia-Pacific is expected to be the largest regional market by the end of forecast period. This is attributed to the presence of large population base and rapid expansion of sectors such as automobile electronics and construction in emerging economies. Moreover, the growing automobile industry in the developed nations such as Germany and the U.S. significantly boosts the demand for metals. Thus, growing need for marine mining has been witnessed to meet the demands for metals in these regions.
Key benefits of the report
- This study presents the analytical depiction of the global marine mining industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global marine mining market share.
- The current market is quantitatively analyzed to highlight the global marine mining market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
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Marine Mining Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
Aspects & Details
By Ores
- Copper
- Zinc
- Cobalt
- Manganese
- Others
By Technology
- Remotely Operated Vehicles (ROVs)
- SONAR
- Marine Seismic Methods
By Region
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
Key Market Players
Diamond Fields Resources Inc., Soil Machine Dynamics Ltd, Nautilus Minerals Inc., Keppel Corporation Limited, Neptune Minerals, China Minmetals Corporation, Ocean Minerals, LLC, UK Seabed Resources, Royal IHC, DeepGreen Metals Inc.
Marawa Research and Exploration Limited, Tonga Offshore Mining Ltd., Nauru Ocean Resources, Inc., Others
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