The aggregate industry has been on some kind of run of late.
I’m not just talking about 2024, either.
When you stop to think about it, aggregate producers have largely made gains in their businesses for the better part of 15 years.
While the Great Recession set the industry back tremendously, producers made the slow climb out of those doldrums over the course of more than a decade to achieve all-time production and sales highs. Many have even grown accustomed to setting an assortment of business records each year.
Of course, this year’s crushed stone, sand and gravel production totals may be somewhat down when the figures are ultimately added up. Few producers, however, are complaining about a lack of activity in the market. If anything, they seem to be encouraged by the prospects for 2025 and beyond.
What manufacturers are saying
Like producers, equipment manufacturers are optimistic about what next year may bring.
Many shared their optimism at this fall’s MINExpo, which was, in and of itself, a positive reflection of all things mining. Attendance this year doubled the total from MINExpo 2021, which attracted 21,000 “registrants” compared to a reported 45,000 “attendees” in 2024.
One sentiment manufacturers shared at MINExpo about producer capital expenditures is that some are expressing hesitancy because of the November elections.
Producers always seem to hit “pause” every four years as a presidential election approaches. Still, a difference this time around is that manufacturers believe regular capex activity will resume following the election, regardless of the outcome.
A similar hesitancy was seen in 2020 when Joe Biden and Donald Trump vied for the presidency. The industry by and large did not get the outcome it sought four years ago. It did, however, exhibit resiliency in the years that followed, giving manufacturers confidence that producers will perform admirably no matter who occupies the White House come January.
MINExpo takeaways
While MINExpo was an opportunity to assess the mood of manufacturers and producers, it was, first and foremost, the place to see where the industry is headed with equipment and technology.
Those who attended MINExpo had three halls worth of equipment and technology to explore. Themes like digitalization, electrification and sustainability were rampant, with exhibiting companies such as Caterpillar, Komatsu and Sandvik among those to bring concepts to life with real-world solutions.
P&Q’s editors traversed the three-day show to capture the latest industry news and developments. Check out our findings at our dedicated MINExpo webpage.
Related: MINExpo 2024 attendance more than doubles last rendition
