Gold Mining Market size was over USD 218.6 billion in 2024 and is estimated to reach USD 338 billion by the end of 2037, expanding at a CAGR of 3.7% during the forecast timeline, i.e., 2025-2037. In 2025, the industry size of the gold mining is evaluated at USD 226.6 billion.
The rise in gold prices is one of the major drivers for growing interest in mining and related technologies. The height in pricing during economic uncertainty or inflation makes exploration and extraction more viable and profitable. This attracts mining companies to invest in this sector. According to a report published by the World Bank, in May 2024, geopolitical tensions and uncertainty fueled the price rate of gold by 9% during the first quarter of the same year.
Recent advancements in technologies for mining, processing, and cost management have propelled production, increasing product availability in the gold mining market. Innovative solutions driven by automation, robotics, and improved techniques are allowing miners to access deeper and more complex deposits. Such increment in extraction efficiency is inspiring more mining companies to participate in this field. For instance, in August 2024, RG Gold collaborated with Narxoz University to automate the financial processes in production. This digitalization aims to work as a tool for better assessment while optimizing available sources and various developments of the company. Such strategic partnerships are further creating scope for more R&D investments.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
3.7% |
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Base Year Market Size (2024) |
USD 218.6 billion |
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Forecast Year Market Size (2037) |
USD 338 billion |
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Regional Scope |
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Mining Method (Placer Mining, Hardrock (Lode) Mining)
The placer mining segment is expected to capture gold mining market share of around 56.7% by the end of 2037. The growth in this segment is impelled due to its effectiveness in gold extraction from alluvial deposits with natural concentration. Being a major part of gold production in small-scale and artisanal mining, this method is continuing to be widely used. In efforts to make such mining hassle-free, traders are introducing advanced technologies. For instance, in June 2024, Society Artisanal partnered with Minespider to track conflict-free, artisanal gold from the Democratic Republic of Congo. The company aims to utilize its blockchain-based traceability platform and Digital Product Passports to attain sustainable production of gold. This subsequently propelled the usage of the placer method.
End use (Investment, Jewelry, Others)
Based on end use, the jewelry segment is predicted to garner great business opportunities for the gold mining market during the forecast period. The increasing demand for gold jewelry in emerging geographical landscapes such as India and China is inflating the demand for mining. According to the report published by the World Gold Council, in January 2024, the global gold jewelry demand secured a marginal gain from 2,089t to 2,093t in the same year. In many countries, gold is considered a valuable asset, showcasing their socio-economic standards. In addition, this metal is highly preferred for crafting jewelry due to its beauty, rarity, and malleability, inflating the need for gold supply. This is further fostering a steady distribution channel for global miners.
Our in-depth analysis of the global market includes the following segments:
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Mining Method |
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End use |
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North America Market Analysis
By 2037, North America gold mining market is anticipated to hold more than 46.1% share. The growth in this region is driven by the presence of major gold producers and miners. Countries such as Canada and the U.S. hold large mines, creating business opportunities for leaders including Barrick, Newmont, Kinross, and Teck Resources. This further inspires international companies to contribute to the expansion of this industry in this region. For instance, in November 2024, Orla Mining acquired Musselwhite Gold Mine from Newmont Corporation. The acquisition aims to double the company’s gold production to 500 oz, making it a North America-focused Multi-Asset, Low Cost, Producing Gold Company.
The U.S. is one of the major frontiers in the regional gold mining market due to heavy investments and proactive participation from domestic leaders. The mining companies are paving the way for new trading lines in this country to consolidate their position. For instance, in October 2024, Newmount partnered with MKS PAMP to offer consumers a traceable gold bar. By launching PAMP 1oz Lady of Liberty gold bar at the largest U.S. wholesaler, the partnership aims to avail access to high-quality refined gold for wealth building.
Being home to some of the largest mining projects in the world, Canada is estimated to create great scope for investment in the gold mining market. Many global leaders are now capturing the country’s reservoirs to consolidate their supply chain across the world. For instance, in October 2024, Gold Field acquired Osisko Mining in a transaction of USD 1.3 billion. The acquisition is aimed at making the company the sole owner of the Windfall project and other exploration districts in Canada.
APAC Market Statistics
Asia Pacific is projected to present remarkable growth in the gold mining market by the end of 2037 due to the massive production of gold in this region. With major producers such as China, Australia, India, and Indonesia, the region is marking its potential to generate profitable revenues. The large manufacturing facilities and supply chains of these businesses are growing the need for discovering domestic deposits to cope with the demand. For instance, in December 2024, Kula Gold launched a new reconnaissance drilling campaign at its Mustang gold project near Donnybrook in Weste Australia. The project aims to intensify the company’s dual exploration strategy at high-priority gold anomalies uncovered by ultra-fine soil sampling and rock chip samples.
India is becoming one of the major consumers of the gold mining market due to its limited domestic gold production. In addition, the shortage of limited resources is pushing the country to invest in foreign mining projects to secure a good supply of gold. For instance, in November 2023, NMDC expanded its mineral mining portfolio by inaugurating its first gold mine at Mount Celia Gold Operation in Western Australia. The project aims to signify the remarkable accomplishment of the organization in diversifying its mineral assets.
China is leading the regional gold consumption due to its enlarging electronics and jewelry industry, contributing to magnifying the surge in the gold mining market. The country is also expanding its domestic gold production to ensure sufficient supply for the growing demand. Mining leaders such as Shandong, Henan, and Jiangxi are securing the country’s leadership in the competitive landscape. In addition, technological advancements and large manufacturing facilities are contributing to its growth.
Integrating technology in the gold mining market is propelling production, creating a lucrative opportunity for the sector to develop further. The new extraction and management methods are mitigating the issues related to the expensive operations. Many global leaders are now partnering with other competitors to adopt their innovative and eco-friendly solutions. For instance, in July 2024, Dignity Gold signed a strategic partnership with GS Mining Holdings to promote sustainable practices in mining. The collaborative program aims to boost GS Mining’s operational efficiency and growth in this sector by ensuring robust governance and ethical practices. Such key players include:
Author Credits: Rajrani Baghel
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