The global mining industry experienced a 16% decline in patent filings in Q3 2024 compared with the previous quarter. The total number of grants dropped by 10%, resulting in overall patent publications decreasing by 16.2%, according to GlobalData’s Patent Analytics. GlobalData’s databook Mining: Patents Trends Q3 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of patent applications in the mining industry was 3,768 in Q3 2024, versus 4,494 in the prior quarter. Filings were down 11% year-on-year and decrease 16% quarter-on-quarter. This compares to an 11% year-on-year decrease in patent grants and 16% decline in quarter-on-quarter.
Most patenting activity has been in the Underground Equipment sector, where the number of patents filed Q2 2024 was 871, a drop of 9% versus the previous quarter. The second-largest patent count was in Excavation & Loading (178, down 8%) and then Drilling & Blasting in third (138, down 20%).
The top five companies accounted for 32% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by JFE with 460, followed by China Baowu Steel Group with 283 and Ansteel Group with 216.
Patenting activity was driven by China with a 39% share of total patent filings
The largest share of patent filings in the mining industry in Q3 2024 was in China with 39%, followed by the US (9%) and Japan (8%). The share represented by China was 8% lower than the 48% share it accounted for in Q2 2024.
For further understanding of GlobalData's Mining: Patents Trends Q3 2024, buy the databook here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
