Marine Mining Market

Global Marine Mining Market Forecast

• The Marine Mining Market is evolving at a staggering 31% CAGR to grow from US$ 3.9 Bn to US$ 25.8 Bn by the end of 2032.
• The growing demand for critical minerals, coupled with the vast untapped potential of seabed mineral reserves, is driving mining companies to expand their operations beyond terrestrial sources and explore deep-sea extraction opportunities.

Marine Mining Market Insights

1. The increasing use of ROVs is driven by their real-time control and high-precision capabilities, essential for deep-sea mineral extraction, where visual guidance and robotic manipulation ensure safer and more efficient mining of polymetallic nodules.
2. The use of hydraulic systems in marine mining is increasing due to their efficiency in extracting polymetallic sulphides from rugged seafloor terrains, where slurry pumping and precise cutting are vital.
3. Growing adoption of AUVs is fueled by their ability to operate without tethers, enabling cost-effective, large-scale mapping and surveying of hydrothermal vents and polymetallic sulphide fields at great depths.
4. With the growing need for cobalt in EVs and superalloys, the interest in mining cobalt-rich crusts from seamounts is escalating, despite the technical challenges associated with their hard and uneven surfaces.
5. The high concentration of valuable metals such as copper, gold, and zinc in polymetallic sulphides, often located near hydrothermal vents attracts mining firms seeking alternatives to declining land-based ore grades.
6. Europe's demand is driven by stringent sustainability goals and investments in research-backed, environmentally responsible marine mining, supported by academia-industry collaborations and early regulatory developments, particularly in countries such as Norway.
7. Asia Pacific marine market is led by economies such as Japan, China, and India, which rely heavily on minerals, are investing in multinational partnerships and technological innovation to secure long-term supplies of metals essential for electronics, renewable energy, and infrastructure.

A Look Back and a Look Forward- Comparative Analysis

From 2019 to 2024, the marine mining sector moved from a research-centric phase to early-stage operational testing and pilot projects. Over 22 seabed exploration licenses were granted by the International Seabed Authority, mainly within the Clarion-Clipperton Zone. Enhanced deployment of ROVs and AUVs enabled exploration at extreme depths, while regional players in Asia-Pacific captured a substantial share of global activities by 2023.

Looking ahead, the marine mining market is poised for significant growth, driven by the growing demand for critical minerals essential for electric vehicles and renewable energy technologies. By 2032, the market is projected to experience substantial expansion, with deep-sea mining accounting for a significant portion of activities. Technological innovations, including advanced ROVs and AUVs, will enhance operational efficiency and environmental monitoring. However, the industry must navigate environmental concerns and evolving regulatory frameworks to ensure sustainable development.

Key Growth Determinants

Surge in demand for critical minerals fuels growth in global marine mining market

The global marine mining market is gaining momentum as the demand for critical minerals surges, driven by the rapid expansion of clean energy technologies. The International Energy Agency predicts that mineral demand for electric vehicles (EVs) and battery storage will increase by at least 30 times by 2040. Polymetallic nodules found on the seafloor, rich in nickel, cobalt, and manganese, are key to meeting the growing needs of EV batteries and renewable energy systems, offering a viable solution as land-based reserves dwindle.

Lithium, nickel, cobalt, and manganese are all essential for battery production, and their demand is outpacing current supply. Lithium, for example, is expected to rise from 500 kilotonnes (kt) in 2021 to 3,200 kt by 2030. Nickel faces a 10% supply shortfall by the decade's end, while cobalt’s reliance on the Democratic Republic of Congo raises ethical concerns. Even manganese, crucial for battery stability, faces supply risks, especially from key producers like South Africa and Gabon, highlighting the need for deep-sea mining to bridge the gap.

Key Growth Barriers

Environmental challenges and marine life impact cordon on marine mining projects

Environmental concerns surrounding marine mining are significant, especially around hydrothermal vents where Seafloor Massive Sulfides deposits support unique marine life. Mining could create sediment plumes that release toxic substances, smothering ecosystems and causing long-term damage. These disturbances can affect distant marine habitats, challenging the development of sustainable mining practices and raising concerns for marine biodiversity.

Mining in the Clarion-Clipperton Zone (CCZ), rich in cobalt-rich crusts, also threatens marine life. Although abyssal plains are less populated, over 5,000 new species were discovered in the CCZ in 2023, emphasizing its ecological importance. Removing polymetallic nodules could disrupt fragile habitats and endangered species like corals and fish. This has led companies like Volvo and BMW to halt sourcing deep-sea minerals until environmental risks are better understood.

Marine Mining Market Trends and Opportunities

Opportunity in deep-sea mining to access untapped mineral reserves

Deep-sea mining presents a promising opportunity to meet the surging demand for critical minerals essential for green technologies. The ocean floor holds vast reserves of cobalt, nickel, lithium, and other minerals crucial for electric vehicles, wind turbines, and battery storage. These resources are increasingly sought after as land-based supplies dwindle. With advancements in mining technology, tapping into the deep ocean could unlock these abundant mineral sources, positioning the industry as a key player in the transition to a low-carbon future.

As demand for these materials continues to rise, deep-sea mining provides an opportunity to diversify the supply chain, particularly for nations reliant on imports of raw materials. International exploration permits are being sought, especially in mineral-rich regions like the Clarion-Clipperton Zone in the Pacific. The extraction of polymetallic nodules offers a pathway to secure supply for high-tech industries, promising both economic and environmental benefits when carefully managed and regulated, which could drive substantial market growth.

Evolving regulatory frameworks for responsible marine mining

The global marine mining market is seeing increased attention on regulatory frameworks and governance, with the International Seabed Authority (ISA) playing a pivotal role. Established under the United Nations Convention on the Law of the Sea, the ISA ensures that mining operations in international waters adhere to sustainable practices. This includes mandates for environmental impact assessments (EIAs) and baseline studies, fostering a balance between resource extraction and ecosystem preservation, and ensuring that mining companies operate responsibly.

As the regulatory framework continues to evolve, the ISA works toward establishing comprehensive guidelines that promote environmental stewardship. Companies are required to contribute to marine scientific research and capacity-building initiatives, helping ensure that resource extraction supports both sustainability and scientific advancement. While the ISA finalizes a detailed regulatory framework by 2025, early movers like TMC are already beginning operations with close monitoring to ensure alignment with environmental goals. This evolving regulatory landscape plays a crucial role in ensuring the responsible growth of marine mining.

Leading Segment Overview

ROVs contribute to the success of marine mining projects by enabling real-time operations

Remotely Operated Vehicles (ROVs) are crucial in the marine mining market due to their ability to perform precise underwater tasks. Tethered to a surface vessel, they are controlled in real time, enabling them to carry out essential functions such as inspections, maintenance, and repairs. The continuous power from the tether allows extended operations, which is essential in deep-sea mining applications like SMS deposit extraction.

Despite their importance, ROVs come with challenges, such as restricted mobility due to the tether and the need for a support vessel and crew, which increases operational costs. However, companies like Nautilus Minerals utilize ROVs to mine at depths of around 1,600 meters, equipped with high-precision drills and imaging systems to minimize environmental disruption while efficiently mapping and extracting valuable minerals.

Regional Analysis

• New policies favor marine mining in North America

In the early 2025, the U.S. administration considered an executive order to enable the stockpiling of critical minerals such as cobalt and lithium from the Pacific Ocean floor. This initiative aims to reduce reliance on foreign mineral sources essential for technologies such as clean energy. The plan may bypass international oversight from the ISA, which governs mining in international waters under the U.N. Convention on the Law of the Sea -a treaty the U.S. has not ratified.

The Metals Company, a Canada-based company, is reportedly working with the administration to obtain U.S. authorization for international seabed mining. While deep-sea mining promises access to vital materials, it raises significant environmental concerns, including the destruction of fragile ecosystems and an insufficient understanding of long-term effects. Over 30 governments have suggested reconsidering the plan due to these uncertainties.

This policy shift indicates a growing openness in North America toward marine mining as a strategic resource initiative. However, it also underscores the need for a balanced approach that considers both economic benefits and environmental responsibilities.

• Industry-Academia Partnerships Drive Marine Element Extraction in Europe

In Europe, industry-academia partnerships are playing a crucial role in developing marine mining technologies. Norway has set the stage for seabed mining by approving exploration and exploitation on its continental shelf, aiming to meet the increasing demand for critical minerals. These collaborations focus on creating advanced technologies, such as autonomous underwater vehicles (AUVs), to enhance deep-sea mining capabilities.

The Norwegian University of Science and Technology (NTNU) has been instrumental in developing AUVs for marine exploration. Their partnerships with various organizations aim to create efficient and sustainable methods for locating and extracting minerals from the seafloor. By leveraging academic research and industry experience, these collaborations are poised to drive advancements in the marine mining sector, balancing resource extraction with environmental stewardship.

• Multinational partnerships fuels growth in the Asia-Pacific marine mining market

In Asia Pacific, multinational collaborations are driving the expansion of the marine mining sector. The Japan Oil, Gas and Metals National Corporation (JOGMEC) is leading exploration efforts in the Okinawa Trough, a hydrothermally active back-arc basin. In partnership with Indonesia, the Philippines, and other Southeast Asian nations, JOGMEC is assessing seafloor hydrothermal deposits rich in copper, zinc, lead, gold, and silver. These joint ventures involve profit-sharing agreements, investments in sustainable development projects, and commitments to environmental monitoring, aiming to balance economic gains with environmental protection.

In the Pacific, the Cook Islands have signed a five-year agreement with China to explore and research seabed minerals. This partnership aims to tap into the region's rich deposits, with estimates indicating 6.7 billion tons of polymetallic nodules containing essential metals like cobalt, copper, and nickel.

Similarly, the Solwara 1 project in Papua New Guinea exemplifies successful multinational cooperation. Deep Sea Mining Finance Ltd (DSMF) has partnered with the Papua New Guinea government to extract seafloor massive sulfide deposits containing copper, gold, zinc, and silver from the Bismarck Sea. The government holds a 30% stake in the project and receives royalties based on the value of the extracted minerals. Additionally, DSMF has committed to investing in education and training to build local capacity and develop infrastructure, fostering sustainable development in the region.

Competitive Landscape

The global marine mining market is witnessing intensified competition as companies and nations vie for access to the ocean's mineral wealth. In recent months, several companies have emerged as key competitors in the marine mining space. For example, DeepGreen Metals (now rebranded as The Metals Company) is expanding its presence in the Pacific Ocean and focusing on sustainable resource extraction methods.

Meanwhile, UK-based Ocean Infinity is collaborating with other players in the deep-sea mining space, offering advanced technologies for environmental monitoring. Companies like these are under increasing pressure to balance their economic interests with environmental responsibility, ensuring that deep-sea mining practices adhere to international regulations and environmental standards.

In another development, India is seeking licenses to explore deep-sea minerals in the Pacific Ocean, focusing on the Clarion-Clipperton Zone, known for its rich deposits of polymetallic nodules essential for electric vehicles and solar panels. This initiative aims to secure critical supplies for energy transition technologies, although experts caution that India may take several years to develop the necessary expertise for seabed mining operations. ​

• February 2022: Ocean Infinity, a leader in marine robotics, is expanding its fleet with six new 85-meter robotic vessels designed for remote operation and eventually powered by green ammonia. The company also acquired Geowynd, a marine geotechnics firm, to enhance its offshore capabilities.
• March 2023: Norwegian company Loke Marine Minerals has acquired UK Seabed Resources from Lockheed Martin, gaining full ownership of two mineral licenses in the Clarion-Clipperton Zone (CCZ) and a 19.9% stake in Ocean Mineral Singapore. This acquisition positions Loke as one of the largest license holders in the CCZ, with plans to commence extraction by 2030.

Key Market Companies

• Nautilus Minerals Inc.
• Loke Marine Minerals
• Keppel Ltd.
• Soil Machine Dynamics Ltd.
• Royal IHC
• Ocean Minerals LLC
• China Minmetals Corporation
• The Metals Company
• De Beers Group
• Deep Ocean Engineering
• DEME Group
• RJE International Inc.
• Odyssey Marine Exploration
• Acteon Group
• Debmarine Namibia
• Teledyne Marine Technologies Incorporated.

An Expert’s Eye

• The surge in demand for battery metals such as cobalt, nickel, and rare earth elements driven by the clean energy transition and electric vehicle adoption is accelerating interest in seabed mining as a viable source of untapped mineral reserves.
• The uncertain and evolving regulatory framework, especially the delayed finalization of seabed mining rules by the International Seabed Authority (ISA), is both a challenge and an opportunity. Companies that align early with future guidelines may secure a competitive advantage.
• Innovations such as autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), and advanced sonar mapping are reducing operational risks and improving the feasibility of deep-sea mineral extraction, encouraging more commercial investments.
• Growing scrutiny from environmental groups and increasing pressure on companies to meet sustainability goals are influencing corporate strategies. Investors are demanding evidence of low-impact technologies and transparent ecological monitoring frameworks before greenlighting seabed mining ventures.

Global Marine Mining Market is Segmented as -

By Technology

• Remotely Operated Vehicles (ROVs)
• Autonomous Underwater Vehicles (AUVs)
• Subsea Mining Vehicles (SMVs) 

By Extraction Method

• Mechanical collection
• Hydraulic systems 

By Element

• Polymetallic Nodules
• Polymetallic Sulphides
• Cobalt-rich ferromanganese crusts
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa