Cleveland OH, March 28, 2023 – The war in Ukraine and the related economic sanctions have had a disruptive effect on Russian mining sector (e.g., reduced foreign participation, supply chain disruptions) during much of 2022, and additional measures were adopted late in the year. For example, the UK government published amending regulations for the sanctions it has imposed on Russia over the war in Ukraine on December 15th, 2022.
Mining machinery is among the newly targeted products. The next day, the EU expanded its restrictions on investment in new Russian mining and quarrying projects as well as participation in the mining and quarrying sector as part of its ninth sanctions package. For more information on the impact of the war in Ukraine on the Russian mining equipment market, see Freedonia’s
Global Mining Equipment study.
Global demand for mining equipment is forecast to rise 5.5% per year to $174 billion in 2027. While this represents a slight deceleration from the prior period – due primarily to a moderation in price growth following significant increases in 2022 – demand in deflated terms will accelerate due to:
• advances in metals, minerals, and coal mining activity
• the opening of new mines around the world
• higher commodity prices, leading to greater profitability for mining operations
• the immense replacement needs of major mature and developing markets
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