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The mining supplies market could reach US$95.1 bn by 2022, even though the industry has slowed down in the last two years due to reduced investments and weak demand from major countries.
The forecast, the main conclusion of a study by Grand View Research, implies a sustained average growth rate of 4.0% from 2015 to 2022. These are some of the takeaways:
-The surface mining supplies business contributed to over 30% of the overall market revenue in 2014 and is expected to continue dominating the market.
-On the other hand, the metal mining supplies market is expected to remain dominant until 2022 "on account of increased demand for precious metals including platinum, gold, and silver".
-China is anticipated to dominate the mining supplies market throughout the forecast period "on account of high demand from coal and metal industries".
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