Biomining Market (13.2 % CAGR): Global Size & Growth Analysis By Credence Research
The global Biomining market generated revenue of around USD 1,500 million in 2020 and anticipated to grow at a CAGR of over 13.2% during the forecast period from 2021 to 2027 to reach around USD 3,600 million in 2027.
By: Credence Research
Key Trends in Global Biomining Market
Increasing concern towards environmental pollution
Globe is witnessing towards increasing environmental pollution and with increasing concern towards the same is anticipated to drive the growth of Biomining market throughout the world. Biomining helps stabilize sulphate toxins which are released during mining process, causing no harm to the environment. Also, these toxins can cause health problems to miner, and adoption for biomining would help in reducing such problems.
Besides, reducing health problems and environmental pollution, biomining is a cost-effective technique as compared to smelting process. This is further expected to drive the demand in the market.
Impact of COVID 19 on Biomining Market
Certain actions taken by governments of many countries to control the spread of COVID 19, has slightly limited the growth of biomining market, in current scenario. Many mining centers are working with limited number of resources has reduced the overall production; thus, market is impacted. Further, it is observed that controlled movement of people, followed by disturbed import-export has also impacted the growth of this market. COVID 19 resulted into decline of 10% in total revenue generated by the global biomining market as compare to 2019.
To Understand How Covid-19 Impact Is Covered in This Report - https://www.credenceresearch.com/
Global Biomining Market by Type of Metal Extracted Insights
Copper, Iron, Gold, Zinc and Cobalt are some of the major types of metal extracted through biomining process. Copper segment accounted for the largest share in 2020 of the biomining market in 2020.