5 Mar
2024
Highlights:
Mining is one of the oldest occupations pursued by human beings. Around 10,000 years ago, the discovery of copper expanded the scope of this occupation. With time, as metals like iron, aluminum, lead, gold, silver, etc., were unearthed, this occupation turned into a full-fledged industry. Today, the mining metals industry is an indispensable part of the global economy and have played a pivotal role in ushering in all three Industrial Revolutions. Now, as the world stands on the cusp of Industrial Revolution 4.0, this sector has once again risen to the occasion and is helping in a smooth transition to modernity.
How is the mining metal industry transforming the transportation sector?
The growing focus on environmental sustainability and the need to curb carbon emissions have led to an increasing emphasis on electric mobility. In the past few years, electric mobility has become one of the few major trends that are expected to shape the future of humankind. Mining minerals and rare earth metals are expected to play a much larger role if this shift to electric mobility is to become successful. The International Energy Agency recently released a study that showed that the use of minerals and rare metals in an average electric vehicle is much larger than in the case of a conventional car. While a conventional car makes use of copper and manganese, along with iron, steel, and aluminum, an electric car uses metals such as copper, lithium, nickel, manganese, iron, aluminum, and cobalt.
Out of these metals, lithium, cobalt, and nickel are used for manufacturing battery systems that power these electric vehicles. A study on electric mobility done by a reputed institute has shown that the battery demand for electric mobility is anticipated to rise to 735 GWh by 2025 and to 1890 GWh by 2030. Naturally, metals like lithium, cobalt, and nickel are predicted to become extremely valuable in the coming period owing to the increased adoption of electric cars.
Growing importance of mining metals in the construction sector
After witnessing a slump during the pandemic period, the global construction sector is back on track and is witnessing huge growth across the globe. This is because of the rapid pace of urbanization and industrialization in developing countries. Many governments across the globe are actively investing in and commissioning massive infrastructure projects in their countries. All these factors have increased the demand for certain metals and their alloys owing to their resilient and cost-effective nature.
For instance, alloys like steel have become the backbone of the global construction sector. It is nearly impossible to think of constructing a building without steel beams and rods. Steel beams offer versatility and flexibility while designing a building. In the past few years, there has been a growing trend of using metals as roofing material owing to their durable and energy-efficient nature. Furthermore, the construction sector lately has been castigated for its highly polluting nature and many countries have enacted laws that seek to reduce the polluting waste caused by construction activities. Owing to this, the use of metals has surged in the construction sector due to their recyclable nature. As a result of these trends, the construction segment of the mining metals sector is expected to grow at a CAGR of 5.4% in the 2023-2032 period.
How are rare earth metals revolutionizing the electronics sector?
An important component of Industry 4.0, the electronics sector has undergone evolution like no other domain. With each passing year, consumer electronics devices have become smaller and more sophisticated. Furthermore, the rise of smart electronics that make use of advanced technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), have increased the demand for a special set of metals known as rare earth metals.
Certain elements on the periodic table are known as rare earth metals as they are extremely scarce and found deep inside the earth’s interior in minuscule amounts. Rare earth metals like neodymium are widely used in smartphone manufacturing and automotive applications like power steering, electric windows, power seats, etc. Moreover, rare earth metals like europium, yttrium, terbium, etc., have luminescent properties which is why they are used in manufacturing fluorescent lamps, LEDs, and similar electronic devices. Lanthanum, another rare earth metal, is an extremely important raw material required for the manufacturing of camera lenses, be it smartphone cameras or digital cameras.
To sum it up, metals and minerals have become so vital to industries that it is hard to sustain economies without their regular supply. Industrial Revolution 4.0, which depends on smart technologies, advanced analytics, and automation, cannot go ahead without the efficient working of the mining metals industry. These metals have played a transformative role in the past and are expected to continue doing so by contributing to electric mobility, modern construction, and smart electronics.
For tips and suggestions on how your business can capitalize on the opportunities offered by the sector, talk to our experts today!
Koyel Ghosh
Authors Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing in miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest in creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last five years.
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