Between 2013 and 2023, the UK mining and quarrying sector showed significant volatility. Starting at 51.06 Billion Pounds Sterling in 2013 and decreasing to 32.75 Billion Pounds Sterling by 2023, the sector experienced major fluctuations with significant drops in 2014, 2015, and 2016. Despite brief recoveries in 2017, 2018, and 2021, the overall trend pointed downward.
As of 2023, the sector stood at 32.75 Billion Pounds Sterling. The recent two-year variations showed a consistent decline; from 2022 to 2023, the year-on-year decrease was -1.82%, identical to the previous year. The 5-year CAGR from 2019 to 2023 was -0.83%, indicating an overall declining trend over the last half-decade.
Future forecasts from 2024 to 2028 suggest a continued gradual decline, with the sector expected to fall to 29.58 Billion Pounds Sterling by 2028. The forecasted 5-year CAGR is -1.61%, reflecting an anticipated contraction of approximately 7.8% over this period.
Future trends to watch for include:
- Potential changes in regulatory policies that might impact mining activities.
- Technological advancements aiming to improve efficiency and reduce costs.
- Global demand shifts for minerals and raw materials, particularly from emerging economies.
- Environmental concerns and sustainability initiatives that could redefine operational practices.
