McKinsey reports strong finances but stalled productivity in the materials market

The metals and mining sector flatlined in 2025 after a post-pandemic rebound, the report says.

McKinsey and Co have released a financial report on the global materials market.

The metals and mining market reached a record US$3.7trln, approximately 230% higher than in 2015 – yet revenues grew by only around 1% in 2025.

Geopolitics is highlighted as a major factor, with governments extending efforts to secure material supply through strategic stockpiles, domestic investment and trade restrictions.

China remains central to global materials consumption, but its share of global metals consumption by revenue has declined from its 2020 peak, the report says, while India has become the second-largest regional market.

McKinsey estimates that in addition to existing supply, future demand from infrastructure, energy, AI and defence mean approximately USD$4.2trln in capital expenditure may be needed across mining and processing till 2035.

The McKinsey & Company’s Global Materials Perspective 2026 was released today.