In this article, we will look at the top 20 mineral importing countries in the world. If you want to skip our detailed analysis, head straight to the Top 5 Mineral Importing Countries in the World.
Minerals Market Outlook
Minerals are one of the most crucial elements produced by the planet Earth. Steel which is one of the most used products by humans is made out of minerals. According to the World Economic Forum, global steel production has tripled over the past 50 years. Silica which is one of the most common elements used in the tech industry for making semiconductors is also a mineral. In addition, two other major minerals which are being used to reduce global emissions include copper and lithium.
The International Mineralogical Association recognizes approximately 5,500 different kinds of minerals, as per The Paleontological Research Institution. The use of minerals at a massive scale across different industries goes hand in hand with economic prosperity. The minerals and mining market has proliferated in recent years and is one of the largest in the world when it comes to market value. According to the data from The Business Research Company, the global minerals market was worth around $1.02 trillion in 2023 and is estimated to grow to $1.08 trillion in 2024 at a compound annual growth rate of 6.1%. In 2028, the minerals market is expected to reach $1.33 trillion, growing at a compound annual growth rate of 5.4%. Whereas, the mining market is projected to grow to $2.27 trillion in 2024 from an estimated market value of $2.13 trillion in 2023. The mining market is forecasted to reach $2.82 trillion in 2028, growing at a compound annual growth rate of 5.5%.
Minerals trade represents approximately 18.1% of the total world trade, which includes mineral fuels, mineral oils, ores, distillation products, salt, lime, sulfur, stones, slag and ash, and plaster, among others. Mineral products rank 21st in the Product Complexity Index (PCI). In 2022, minerals were the second most traded product with a total trade value of $4.30 trillion, as per the OEC World. Mineral exports soared by 45.3% and amounted to $4.30 trillion in 2022, up from $2.96 trillion in 2021. The top mineral exporters in the world in 2022 were the US, Russia, Australia, Saudi Arabia, and Norway, with total mineral exports worth $427 billion, $319 billion, $295 billion, $290 billion, and $227 billion, respectively. The mineral products grew the fastest in the US, Norway, Saudi Arabia, the UAE, and Canada between 2021 and 2022. While, the countries with the largest trade value of mineral products in exports compared to imports in 2022 were Russia, Saudi Arabia, Australia, Norway, and the UAE. Similarly, the countries that had the largest trade value of mineral imports than exports included China, Japan, India, Germany, and South Korea.
Some of the Largest Mining Companies in the World
Albemarle Corporation (NYSE:ALB), Zijin Mining Group Company Limited (HKSE:2899), and Freeport-McMoRan Inc. (NYSE:FCX) are some of the leading minerals and mining companies in the world.
Albemarle Corporation (NYSE:ALB) is a leading specialty chemicals manufacturing company based in the US. Albemarle Corporation (NYSE:ALB) operates in a crucial segment of the minerals industry since it is one of the biggest suppliers of lithium in the world. Lithium is one of the crucial elements for the EV industry. As we mentioned in our article about the 12 best mineral stocks to buy now, Albemarle Corporation (NYSE:ALB) is known for its relationship with EV giants including Tesla, Inc. (NASDAQ:TSLA). On February 20, the company announced that it has signed an agreement with Bayerische Motoren Werke AG (ETR:BMW). Albemarle Corporation (NYSE:ALB) will deliver battery-grade lithium to help the BMW Group pursue high-performance, premium EVs. The agreement will take effect in 2025 and is one of Albemarle Corporation’s (NYSE:ALB) largest ever globally.
Zijin Mining Group Company Limited (HKSE:2899) is one of the top mining companies based out of China. On January 12, the company reported that it mined over 1.01 million tonnes of copper in 2023, making Zijin Mining Group Company Limited (HKSE:2899) the first Chinese company to surpass the 1-million-tonnes milestone. Zijin Mining Group Company Limited (HKSE:2899) also recorded a 20% rise in mined gold output at around 67 tonnes and a 3% increase in zinc and lead output reported at 467,000 tonnes in 2023. The company is accelerating to ramp up production capacity and expand its operations in the Kamoa Copper Mine, aiming to increase its annual production capacity to over 800,000 tonnes. In addition, the company is proceeding with its second and third phases at the Julong Copper Mine in Tibet, with an expected annual output of 600,000 tonnes.
Freeport-McMoRan Inc. (NYSE:FCX) is one of the top producers of molybdenum, which is used in lubricants, pigments, flame retardants, smoke suppressants, and corrosion inhibitors of organic polymers, among its many uses. On January 24, Freeport-McMoRan Inc. (NYSE:FCX) announced its earnings for the fourth quarter of 2023. The company posted earnings per share of $0.27, beating consensus estimates by $0.04. Freeport-McMoRan Inc. (NYSE:FCX) reported a revenue of $5.91 billion, surpassing estimates by $41.80 million. Here are some of the comments from the Q4 2023 earnings call:
“Our first quarter was really a sound quarter and outstanding in several respects in terms of our operations. It was really led by PT-FI during the whole year of 2023. We began our ramp up in 2019 of the underground and now we are fully operationally, and the team has been setting records consistently out there and have just outperformed for the full year and faced some really challenges, which is just part of that business. But I’m very proud of our PT-FI team at job site in Jakarta. We are making great progress and fulfilling our 2018 commitment to the government to invest in downstreaming and the copper concentrate business. In December, I was there for the inauguration of the expansion of the older smelter, PT Smelting with President Joko Widodo and that was a good event.
And then with our new smelter at Manyar in Eastern Java, we reached an important 90% milestone at the end of the year and we’re progressing for physical completion of the smelter and ramping it up on schedule in 2024. A couple of words about the markets. It continues to be the micro versus macro story. Notably, in 2023, the macro factors strengthened notably. 2023 had long been forecasted to be a year of surplus because of new mines coming on stream, but it ended up being a small deficit. And at the same time, there was stronger than expected demand for copper in the United States and in China despite all the issues with China’s property business other sectors created a notable growth for copper in China.”
With this context, let’s take a look at the top 20 mineral importing countries in the world.
Top 20 Mineral Importing Countries in the World
Our Methodology
To compile the list of the top 20 mineral importing countries in the world, we gathered data from OEC World. We have listed the top 20 mineral importing countries in ascending order of their mineral imports in 2022.
Top 20 Mineral Importing Countries in the World
20. Australia
Total Mineral Imports (2022): $47.4 Billion
Australia is one of the top mineral importing countries in the world with total mineral imports of $47.4 billion in 2022. Australia’s mineral imports make up 1.10% of the total global mineral trade.
19. Brazil
Total Mineral Imports (2022): $48.4 Billion
Brazil had total mineral imports of $48.4 billion in 2022, accounting for 1.13% of the total global mineral trade. Brazil ranks 19th among the top mineral importing countries in the world.
18. Canada
Total Mineral Imports (2022): $50.8 Billion
Canada imported minerals worth $50.8 billion in 2022. With the country’s mineral imports making up 1.18% of the total global mineral trade, Canada is one of the top mineral trading countries in the world.
17. Malaysia
Total Mineral Imports (2022): $54.8 Billion
In 2022, Malaysia had total mineral imports worth $54.8 billion. Malaysia’s mineral imports made up 1.27% of the total global mineral trade in 2022.
16. Thailand
Total Mineral Imports (2022): $55.4 Billion
Thailand had total mineral imports of $55.4 billion in 2022 and it made up 1.29% of the total global mineral trade.
15. Mexico
Total Mineral Imports (2022): $64 Billion
Mexico ranks 15th among the top mineral importing countries in the world. Mexico imported minerals worth $64 billion in 2022.
14. Taiwan
Total Mineral Imports (2022): $87.6 Billion
Taiwan had total mineral imports of $87.6 billion in 2022, accounting for 2.04% of the total global mineral trade.
13. Spain
Total Mineral Imports (2022): $90.6 Billion
Spain imported minerals worth $90.6 billion in 2022. With the country’s mineral imports making up 2.11% of the total global mineral trade, Canada is one of the top mineral trading countries in the world.
12. Singapore
Total Mineral Imports (2022): $104 Billion
Singapore is one of the top mineral trading countries in the world. In 2022, Singapore had total mineral imports of around $104 billion, making up 2.41% of the total global mineral trade.
11. Belgium
Total Mineral Imports (2022): $107 Billion
Belgium had total mineral imports worth $107 billion in 2022. Belgium’s mineral imports accounted for 2.49% of the total global mineral trade.
10. United Kingdom
Total Mineral Imports (2022): $133 Billion
The United Kingdom is one of the largest mineral importers in the world. The United Kingdom imported minerals worth $133 billion in 2022.
9. Italy
Total Mineral Imports (2022): $151 Billion
Italy ranks ninth among the top mineral importing countries in the world. Italy had total mineral imports of around $151 billion in 2022.
8. France
Total Mineral Imports (2022): $152 Billion
In 2022, France imported minerals worth $152 billion accounting for 3.54% of the total global mineral trade. France ranks among the top mineral importing countries in the world.
7. Netherlands
Total Mineral Imports (2022): $185 Billion
The Netherlands had mineral imports of $185 billion in 2022. The Netherlands’ mineral imports made up 4.30% of the total global mineral trade in 2022.
6. Germany
Total Mineral Imports (2022): $208 Billion
Germany imported minerals worth $208 billion in 2022. Germany ranks sixth among the top mineral importing countries in the world.
Click here to see Top 5 Mineral Importing Countries in the World.
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Disclosure: None. Top 20 Mineral Importing Countries in the World is originally published on Insider Monkey.