In a world built, powered, and connected by the staggering 1.9 billion tonnes of steel, 4.1 billion tonnes of cement, and trillion-dollar markets that form our physical reality, the materials industry is the colossal and often unseen engine of modern civilization.
Key Takeaways
- Global crude steel production reached 1,888 million tonnes in 2023, marking a 0.9% increase from 2022.
- China produced 1,019 million tonnes of crude steel in 2023, accounting for 54% of global output.
- India's crude steel production grew by 13.5% to 140 million tonnes in 2023.
- The global materials sector market size was valued at $5.8 trillion in 2023.
- Steel industry revenue reached $1.2 trillion globally in 2023.
- Chemicals market generated $5.1 trillion in revenue worldwide in 2023.
- The materials sector employed 40 million people globally in 2023.
- Mining industry worldwide employment was 7 million in 2023.
- US steel industry employed 83,600 workers in 2023.
- Materials sector GHG emissions totaled 12 GtCO2e in 2022.
- Steel production accounts for 7-9% of global CO2 emissions annually.
- Cement industry emitted 2.3 GtCO2 in 2023, 8% of global total.
- BHP's EBITDA was $29.9 billion in FY2023.
- Rio Tinto net profit after tax reached $10.1 billion in 2023.
- Vale's EBITDA totaled $23.8 billion in 2023.
The global materials industry is massive, economically vital, and faces significant environmental pressures.
Employment and Workforce
- The materials sector employed 40 million people globally in 2023.
- Mining industry worldwide employment was 7 million in 2023.
- US steel industry employed 83,600 workers in 2023.
- Chemicals sector global workforce totaled 10.7 million in 2022.
- Cement industry employed 4.2 million people worldwide in 2023.
- Australian mining sector had 285,000 direct jobs in 2023.
- BHP Group employed 80,000 people across its operations in 2023.
- Rio Tinto workforce numbered 57,000 employees in 2023.
- Vale SA had 187,000 total employees including contractors in 2023.
- Glencore employed 135,000 people in 2023.
- ArcelorMittal's workforce was 125,416 in 2023.
- BASF SE employed 111,000 people globally in 2023.
- Dow Chemical had 36,200 employees in 2023.
- Heidelberg Materials employed 51,000 people in 2023.
- CRH plc workforce totaled 84,000 in 2023.
- Teck Resources employed 13,000 people in 2023.
- Anglo American had 120,000 employees in 2023.
- Sibanye Stillwater employed 43,000 people in 2023.
- Mosaic Company workforce was 6,400 in 2023.
- Nutrien Ltd. employed 25,000 people in 2023.
- CF Industries had 2,900 employees in 2023.
- US construction materials sector employed 1.2 million in 2023.
- Global steel industry average wage was $45,000 annually in 2023.
- Mining sector labor productivity grew 2.1% YoY in 2023.
- Chemicals industry female workforce participation was 28% in 2023.
Employment and Workforce Interpretation
While 40 million people globally are employed building the physical world, the true story is told in the details: a handful of corporate giants employ workforces larger than small cities, yet the entire U.S. steel industry fits into a single football stadium, highlighting an industry of immense scale and startling concentration.
Environmental and Sustainability
- Materials sector GHG emissions totaled 12 GtCO2e in 2022.
- Steel production accounts for 7-9% of global CO2 emissions annually.
- Cement industry emitted 2.3 GtCO2 in 2023, 8% of global total.
- Aluminum smelting responsible for 2.3% of global GHG emissions in 2023.
- Global mining water usage was 70 billion cubic meters in 2022.
- Chemicals sector recycled 15% of plastic waste globally in 2023.
- Iron ore mining deforestation impacted 1.2 million hectares in Brazil 2010-2023.
- Copper mining energy intensity averaged 25 GJ/tonne in 2023.
- Steel industry recycled 670 million tonnes of scrap in 2023.
- Cement kilns co-processed 1.1 billion tonnes of waste in 2022.
- Lithium extraction caused 15,000 liters water per kg in Chile's Atacama.
- BHP committed $6 billion to emissions reduction by 2030.
- Rio Tinto's Scope 1&2 emissions were 14.3 MtCO2e in 2023.
- BASF reduced GHG emissions by 23% per ton of sales since 1990 by 2023.
- Heidelberg Materials' carbon intensity fell to 0.49 tCO2e/t cementitious in 2023.
- CRH achieved 25% renewable energy in operations by 2023.
- Glencore's biodiversity net gain achieved on 85% of managed sites in 2023.
- ArcelorMittal's blast furnace carbon capture pilot captured 1 tCO2/hour.
- Dow's plastic circular economy investments totaled $1.5 billion by 2023.
- Vale rehabilitated 50,000 hectares of land post-mining by 2023.
- Anglo American's zero-harm water stewardship covered 100% sites in 2023.
- Mosaic reduced phosphorus runoff by 40% since 2015 by 2023.
- Nutrien's ammonia plants achieved 20% renewable hydrogen blend in 2023.
- Global materials R&D spending was $120 billion in 2023.
- Steel decarbonization tech investments hit $10 billion in 2023.
Environmental and Sustainability Interpretation
The materials industry is a titan of both staggering environmental impact and burgeoning innovation, where the sobering reality of billions of tonnes of emissions and billions of liters of water used is met with billions of dollars invested in recycling, carbon capture, and the hard, incremental work of getting better.
Financial and Investment
- BHP's EBITDA was $29.9 billion in FY2023.
- Rio Tinto net profit after tax reached $10.1 billion in 2023.
- Vale's EBITDA totaled $23.8 billion in 2023.
- Glencore adjusted EBITDA was $17.3 billion in 2023.
- ArcelorMittal EBITDA reached $9.3 billion in 2023.
- BASF Group's EBIT before special items was €2.4 billion in 2023.
- Dow net income was $2.7 billion in 2023.
- Linde operating profit hit $7.4 billion in 2023.
- Air Products adjusted EBITDA was $3.9 billion in FY2023.
- Vulcan Materials net earnings were $1.1 billion in 2023.
- Martin Marietta net earnings reached $1.6 billion in 2023.
- Heidelberg Materials EBITDA was €4.6 billion in 2023.
- CRH EBITDA totaled $5.3 billion in 2023.
- Teck Resources EBITDA was $3.8 billion in 2023.
- Anglo American underlying EBITDA was $13 billion in 2023.
- Sibanye Stillwater EBITDA hit $3.7 billion in 2023.
- Mosaic EBITDA was $3.9 billion in 2023.
- Nutrien adjusted EBITDA reached $7.5 billion in 2023.
- CF Industries EBITDA totaled $3.2 billion in 2023.
- Materials sector capex globally was $450 billion in 2023.
- BHP dividend payout was $7.4 billion in FY2023.
- Rio Tinto share buyback program authorized $3 billion in 2023.
Financial and Investment Interpretation
While the titans of the industry enjoy their staggering, billion-dollar slumbers, their collective $450 billion capex alarm clock proves they're at least serious about waking up to future demands.
Market Size and Revenue
- The global materials sector market size was valued at $5.8 trillion in 2023.
- Steel industry revenue reached $1.2 trillion globally in 2023.
- Chemicals market generated $5.1 trillion in revenue worldwide in 2023.
- Cement market size hit $407 billion in 2023.
- Mining industry global revenue was $2.3 trillion in 2023.
- Aluminum market revenue totaled $190 billion in 2023.
- Copper market size was $145 billion in 2023.
- Plastics market revenue reached $580 billion globally in 2023.
- Iron ore market value was $290 billion in 2023.
- Construction aggregates market size stood at $450 billion in 2023.
- Lithium market revenue hit $8.5 billion in 2023.
- Gold mining market revenue was $250 billion in 2023.
- Fertilizers market size reached $220 billion in 2023.
- Paper and pulp market revenue totaled $210 billion in 2023.
- Rare earth elements market value was $7 billion in 2023.
- Titanium market size hit $25 billion in 2023.
- Nickel market revenue was $45 billion in 2023.
- BHP Group's total revenue was $53.8 billion in FY2023.
- Rio Tinto's revenue reached $54 billion in 2023.
- ArcelorMittal revenue totaled $68.3 billion in 2023.
- Linde plc's revenue was $32.9 billion in 2023.
- Air Products revenue hit $12.1 billion in FY2023.
- Vulcan Materials revenue was $7.8 billion in 2023.
- Martin Marietta revenue reached $6.78 billion in 2023.
Market Size and Revenue Interpretation
While the numbers confirm we've built civilization out of an awful lot of rock, goop, and shiny bits, they hide the real story of how we'll now have to cleverly un-build and rebuild it all to survive.
Production and Output
- Global crude steel production reached 1,888 million tonnes in 2023, marking a 0.9% increase from 2022.
- China produced 1,019 million tonnes of crude steel in 2023, accounting for 54% of global output.
- India's crude steel production grew by 13.5% to 140 million tonnes in 2023.
- US primary aluminum production was 893,000 metric tons in 2023.
- Global copper mine production hit 22 million tonnes in 2023.
- BHP Group's iron ore production from Western Australia was 288 million tonnes in FY2023.
- Vale SA's iron ore production reached 320 million metric tons in 2023.
- Global cement production was 4.1 billion tonnes in 2022.
- US cement production totaled 89 million metric tons in 2023.
- BASF SE's ethylene production capacity stood at 2.3 million tonnes per year in 2023.
- Dow Chemical's polyethylene production reached 8 million tons annually across global sites in 2023.
- Global lithium carbonate production was 240,000 metric tons LCE in 2023.
- Rio Tinto's bauxite production was 54.5 million tonnes in 2023.
- Glencore's copper production totaled 1.05 million tonnes in 2023.
- ArcelorMittal's crude steel production was 68.9 million tonnes in 2023.
- POSCO Holdings produced 38.5 million tons of crude steel in 2023.
- Nippon Steel's crude steel output was 44.5 million tonnes in FY2023.
- Global nickel mine production reached 3.3 million tonnes in 2023.
- Teck Resources' copper production was 442,000 tonnes in 2023.
- Heidelberg Materials produced 122 million tonnes of cementitious materials in 2023.
- CRH plc's aggregates production volume was 285 million tonnes in 2023.
- LyondellBasell’s propylene oxide production capacity is 1.35 million tonnes per year globally.
- Global rare earth oxide production was 350,000 metric tons in 2023, led by China at 70%.
- Fortescue Metals Group's iron ore shipments reached 192 million tonnes in FY2023.
- Anglo American's platinum production was 3.8 million ounces in 2023.
- Sibanye Stillwater's gold production totaled 952,000 ounces in 2023.
- Mosaic Company's phosphate rock production was 9.7 million tonnes in 2023.
- Nutrien Ltd.'s potash production reached 12.5 million tonnes in 2023.
- CF Industries' ammonia production capacity is 10.4 million tons per year.
- Global titanium sponge production was 248,000 metric tons in 2023.
Production and Output Interpretation
The world's industrial engine is still predominantly forged in Chinese steel, but India is stoking its furnace with impressive gusto, while the rest of the global supply chain hustles to feed everything from concrete cities to electric dreams.
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