TL/DR –
The North America minerals market was valued at USD 342.25 billion in 2024 and is estimated to reach USD 451.66 billion by 2033. The rapid expansion of clean energy infrastructure, alongside the growth of the defense and aerospace sectors, are major driving factors for this growth. However, the market faces challenges such as lengthy permitting and regulatory delays, geospatial and geological data gaps, water scarcity in key mining regions, and a shortage of skilled labor in remote mining operations.
The North America Minerals Market: Insights and Projections
According to recent market analysis, the North America minerals market size is projected to increase significantly over the next decade. The market was valued at USD 342.25 billion in 2024 and is expected to surge to USD 451.66 billion by 2033, with a compound annual growth rate (CAGR) of 3.13% from 2025 to 2033.
Factors Driving Market Growth
Increasing Demand from Clean Energy Infrastructure
There is growing demand for minerals in the clean energy sector, as increasing electrification of transportation and renewable power generation necessitates minerals such as lithium, graphite, cobalt and nickel. The U.S. Department of Energy estimates that domestic demand for lithium will rise by nearly 4,000% by 2040 due to federal mandates for achieving a 50% electric vehicle (EV) sales target by 2030. Furthermore, the Inflation Reduction Act has spurred demand by providing tax incentives for EVs that use domestically sourced or allied-nation minerals. This has led to automakers such as Ford and GM to secure long-term supply agreements with Nevada-based lithium producers and Quebec-based nickel refiners.
Growth of Defense and Aerospace Industries
The North American minerals market is also benefiting from the sustained development of the defense and aerospace industries. Advanced military platforms, satellite systems and next-generation aircraft require specialized materials such as beryllium, tantalum, and rare earth elements. For example, the U.S. Defense Production Act Council identified 14 vital mineral commodities for national security in 2023, with rare earths and beryllium imports accounting for a significant proportion of these minerals. Furthermore, the Pentagon’s 2024 budget includes a $1.6 billion allocation specifically for securing mineral supply chains.
Market Challenges
Environmental Permitting and Regulatory Delays
The North America minerals market growth is affected by the lengthy timelines required for environmental permitting and regulatory approval processes. In the United States, taking a new mine into production can take over ten years due to overlapping federal, state, and tribal jurisdictional reviews. Similar challenges exist in Canada, where an average permitting duration is around seven years.
Data Gaps
The market is also hampered by the lack of high-resolution geospatial and subsurface geological data. In the U.S., only 37% of the landmass has been mapped at a scale sufficient for modern mineral exploration. The lack of reliable geological data increases exploration risk and can deter investment in mining operations.
Market Opportunities
Onshore Mineral Processing and Refining Capacity Expansion
The development of domestic mineral processing and refining infrastructure presents new growth opportunities. Currently, the region extracts a significant amount of raw materials but relies on offshore facilities for value-added transformation. Incentives provided by the Inflation Reduction Act have catalyzed investments in onshoring stages of the supply chain, with companies likeioneer and Lithium Americas advancing integrated lithium carbonate plants in Nevada.
Indigenous-Led Mineral Development Partnerships
Further growth is expected as Indigenous-led mineral development initiatives are on the rise. Indigenous communities are increasingly asserting ownership over mineral projects on ancestral lands, which fosters equitable economic participation. Indigenous-led assessments often streamline consultation processes, enhancing social license and expediting project approvals.
Market Segmentation
The market is segmented by type, application, end-user and country. In 2024, the cement and concrete products segment held 38.2% of the North America minerals market share due to the fundamental role of concrete in infrastructure, residential, and commercial construction. The Lime and Gypsum Products segment is expected to grow with a CAGR of 6.8% during the forecast period.
Country-Level Analysis
The United States accounted for 68.3% of the market share in 2024, thanks to vast geological diversity, a mature mining sector, and robust downstream industrial demand. Meanwhile, Canada held 16.4% of the market share, recognized globally for its sustainable extraction and mineral development practices.
Key Market Players
Major players in the North America minerals market include Glencore plc, Jiangxi Copper Company Limited, BHP Billiton Limited, China National Building Material Group Co. Ltd., Compagnie de Saint-Gobain S.A., Rio Tinto Group, Vale S.A., Nutrien Ltd., Anglo American plc, LafargeHolcim Ltd., Freeport-McMo
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