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Marine mining is a process by which valuable metals such as silver, gold, copper, cobalt, and zinc are extracted from the deep-sea bed. The extraction processes are carried out by using hydraulic pumps or bucket systems that bring the ore up to the surface for further purification process. The mining could be done within a country’s on economic zone or in international waters. In the latter case, a portion of the profit should be shared with developing nations, which has been mandated by the International Seabed Authority. As marine mining is a relatively new concept, the impacts of full-scale mining operations on the environment are not yet known. However, governments and other authorities have imposed stringent regulations to prevent any kind of hazards on the marine ecosystem.
COVID-19 impact analysis
The outbreak of the COVID-19 pandemic across the globe has severe impacts on the global marine mining market.
Rapid urbanization and increase in disposable income of people have escalated the demand for various products in automobiles and electronics industries. With the depleting terrestrial deposits, manufacturers are facing a challenge to meet the market demands. This is where the rich oceanographic mineral reserves play a vital role. Copper is the basic element for producing wires, which is used in almost in most of industries, and in electronic products. With the rapid growth of the manufacturing and service industries across the globe, the demand for such metals is growing and is offering growth opportunities for the market expansion.
However, concerns about the hazardous impact of marine mining on the ecosystem have been reported. For instance, researchers have shown that there are chances of increasing toxicity on the water column and disturbance in the habitat of benthic organisms. This is the major disadvantage associate with marine mining, hampering the global market growth.
Asia-Pacific is expected to be the largest regional market by the end of forecast period. This is attributed to the presence of large population base and rapid expansion of sectors such as automobile electronics and construction in emerging economies. Moreover, the growing automobile industry in the developed nations such as Germany and the U.S. significantly boosts the demand for metals. Thus, growing need for marine mining has been witnessed to meet the demands for metals in these regions.
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Key Market Segments
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