Sandvik aims to elevate itself to the top shelf of the global mining equipment business with annual sales above US$10 billion by 2030. Company leaders said this week market adoption of new generation machines and digital and automation technology were keys to its rise.
Add the mining and minerals component of Sandvik’s Rock Processing arm – with a projected $1.14 billion of sales in 2030 – and the Swedish group’s total sector exposure could expand to circa-$11.5 billion, in today’s dollars, which is not far off the current mining-related sales of industry gorillas, Komatsu and Caterpillar.
Of course, these two majors aren’t standing still and just as Sandvik aims to make deeper inroads into the surface drilling market, Komatsu and Caterpillar will want a bigger share of the underground hard-rock business currently dominated by Sandvik and Swedish peer, Epiroc.
Competition, including from China and the industry’s incumbent behemoths, is one headwind Sandvik is going to face as it looks to surpass its impressive mining growth rate of the past five years without transformative platform acquisitions of that period.
