Mining in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: September 2024
NAICS 21Revenue
$758.8bn
Past 5-Year Growth
Profit
$XXX.Xbn
Employees
555k
Businesses
93,090
Wages
$XX.Xbn
Mining in the US industry analysis
Oil and gas activities generate an overwhelming share of sector revenue and tend to dictate the performance of the entire sector. In recent years, domestic producers have begun adopting hydraulic fracturing and directional drilling techniques, which has enabled the US to become a world-class energy producer. Energy exports have also significantly boosted miners’ performance. Even so, the pandemic hindered the sector drastically in 2020 as lockdowns cut down the need for oil, gas and other commodities. As the economy recovered, prices surged, bolstering sector-wide revenue and profitability. Even so, as supply chains stabilized and the commodity prices normalized, revenue slowly contracted toward the end of the period. Overall, sector-wide revenue has lagged at a CAGR of 0.8% through 2024, reaching $758.8 billion, including an 8.7% dip in 2024 alone.
Trends and Insights
- Supply chain disruptions were a catalyst for a spike in commodity prices after the pandemic. As these issues slowly waned, so did growth for miners as prices began to regress, causing slight dips toward the end of the period.
- Because natural gas is available and affordable, US coal consumption has dropped, prompting miners to seek international markets. Export-friendly regulations have supported this shift, keeping coal miners afloat.
- Miners must be located near natural resources. Nearly half of miners are in the Southwest, which holds significant oil and natural gas reserves and is a strategic hub for the sector.
- Miners compete mainly on price. The quality and purity of products also significantly affect competition. The top companies usually have the best access to rich deposits and reserves, making it harder for smaller entrants to compete.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 0.8 % over the past five years, to reach an estimated $758.8bn in 2024.
Trends and Insights
International trade becomes a reliable revenue stream
- The widespread adoption of more productive oil and gas field extraction techniques has allowed US production to far exceed domestic consumption. Beginning in 2015, oil and gas producers could only sell to foreign countries following the repeal of the Energy Policy and Conservation Act.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Prices come back down to earth
- As global supply chains stabilize and production resumes, oil and gas prices are set to dip. The expansion in renewable energy adoption will moderate prices as consumers and businesses pursue alternatives to fossil fuels. Even so, high volatility will persist because of the unpredictable nature of geopolitical events, weather patterns and future economic developments.
Biggest companies in the Mining in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Exxon Mobil Corporation | 120,288.2 | 17,218.6 | 14.3 | |
Bp Plc | 49,479.5 | 8,332.0 | 16.8 | |
Conocophillips Co | 43,860.6 | 11,453.3 | 26.1 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Oil and gas extraction, Oil and gas field services and Coal mining. Oil and gas extraction is the largest segment of the Mining in the US.
Trends and Insights
Oil and gas extractors enjoyed price-based gains
- This segment drills to extract oil and gas. This segment has been highly susceptible to disruptions in global energy markets and shifts in general macroeconomic conditions. The pandemic led to considerable price volatility as prices plummeted in 2020 amid travel restrictions and lower industrial activity. As the economy reopened, prices surged and the need for travel resumed.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- There are no industries to display.
International industries
- Coal Mining in New Zealand
- Hard Coal Mining in the UK
Table of Contents
About this industry
Industry definition
Mining includes the extraction of minerals occurring naturally; solids, including coal and ores; liquids, like crude petroleum; and gases, like natural gas. It also includes quarrying, well operations, milling (e.g., crushing, screening, washing, flotation) and other preparations undertaken at the mine site or as a part of mining activity. The exploration and development of mineral properties are also included.
What's included in this industry?
Oil and gas extractionCoal miningMetal ore miningNonmetallic ore mining or quarryingSupport services for miningCompanies
Exxon Mobil CorporationBp PlcConocophillips CoPurchase this report to view all 6 major companies in this industry.
Related Terms
COKEMETALLURGICAL COALTHERMAL COALETHANOLORGANIZATION OF PETROLEUM EXPORTING COUNTRIESAGGREGATECRUSHED STONEIndustry Code
NAICS 21 - Mining in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Supply chain disruptions were a catalyst for a spike in commodity prices after the pandemic. As these issues slowly waned, so did growth for miners as prices began to regress...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Because natural gas is available and affordable, US coal consumption has dropped, prompting miners to seek international markets. Export-friendly regulations have supported t...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Miners must be located near natural resources. Nearly half of miners are in the Southwest, which holds significant oil and natural gas reserves and is a strategic hub for the...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Miners compete mainly on price. The quality and purity of products also significantly affect competition. The top companies usually have the best access to rich deposits and ...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The largest companies in the sector focus on oil and gas since it generates the largest portion of revenue. Even so, it’s difficult for these companies to control more than a...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Exxon Mobil Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Bp Plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Conocophillips Co's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 3 additional companies
Detailed analysis
- Description and key data for Exxon Mobil Corporation, and factors influencing its performance in the industry
- Description and key data for Bp Plc, and factors influencing its performance in the industry
- Description and key data for Conocophillips Co, and factors influencing its performance in the industry
- Description, key data and performance trends for 3 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Recent legislature has supported the sector during turbulent times. The newly passed infrastructure bill will ensure a steady need for stone, sand and gravel as contractors r...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Swelling metal prices and interest rates hit purchase costs hard. This caused companies to spend more on new machinery and upgrades to existing infrastructure.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Mining in the US industry in United States in 2024?
The market size of the Mining in the US industry in United States is $758.8bn in 2024.
How many businesses are there in the Mining in the US industry in 2024?
There are 93,090 businesses in the Mining in the US industry in United States, which has declined at a CAGR of 0.0 % between 2019 and 2024.
Has the Mining in the US industry in United States grown or declined over the past 5 years?
The market size of the Mining in the US industry in United States has been declining at a CAGR of 0.8 % between 2019 and 2024.
What is the forecast growth of the Mining in the US industry in United States over the next 5 years?
Over the next five years, the Mining in the US industry in United States is expected to decline.
What are the biggest companies in the Mining in the US market in United States?
The biggest companies operating in the Mining market in United States are Exxon Mobil Corporation, Bp Plc and Conocophillips Co
What does the Mining in the US in United States include?
Oil and gas extraction and Coal mining are part of the Mining in the US industry.
Which companies have the highest market share in the Mining in the US in United States?
The company holding the most market share in United States is Exxon Mobil Corporation.
How competitive is the Mining in the US industry in United States?
The level of competition is high and steady in the Mining in the US industry in United States.
