United States Missing in the IMD List of Competitive Economies for 2024
China Emerges as a Leading Nation in the Mining Sector
By Shubhendra Anand , 21 September, 2024
The extraction of materials from mining is essential to continue with different metals, non-metals, crude oils, and the like. Countries around the world significantly indulge in the mining process. This is due to the extraction of crucial materials that can be used to produce other by-products. Asian countries will emerge as the leading nations in mining domestic materials extraction in 2024.
As per the survey of UNEP (United Nations Environment Programme) 2024, China is the biggest miner of domestic materials in 2023. China’s biomass extraction, metal ores, fossil fuels, and others together hold 34.2 billion tonnes of materials in 2023. This is due to the growing need for raw materials in the energy market to meet the market demands. The changing dynamics of the energy market give rise to biomass extraction. However, fossil fuels cover a share in the extraction of materials in China. Even if energy transition drives biomass extraction, fossil fuel demand remains higher to maintain conventional methodologies. According to the survey, China will be the leading nation in the mining sector for 2024.
Moreover, China has increased its mining infrastructure and operations to support green energy transformation. India, the second leading nation in the mining sector, follows China. Experts claim that India will overcome the United States for the first time as an extractor of domestic materials in 2023. Other countries like Australia and Indonesia are on the list of the world's biggest miners.
There is a strong demand for mining due to the increasing need for copper, lithium, and other earth materials for the clean energy transition in 2024. China dominates the mining sector, but the United States and European nations are reducing their dependency on Chinese products. These Chinese products include electric vehicles and other metals as well. However, globally, China has a good grasp of the mining and energy sector. This is because China's products are available at reasonable and cheap prices. Therefore, China emerged as an important energy and mining hub in 2024.
World’s Active Mining Projects of 2024 are in China
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Shubhendra Anand
Head Research
