The global mining industry experienced a 12% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants dropped by 4%, resulting in overall patent publications decreasing by 12.6%, according to GlobalData’s Patent Analytics. GlobalData’s databook Mining: Patents Trends Q1 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 3,565 in Q1 2024, versus 4,079 in the prior quarter. Filings were down 5% year-on-year and increase 12% quarter-on-quarter. This compares to a 5% year-on-year increase in patent grants and 12% decline in quarter-on-quarter.
Most patenting activity has been in the Underground Equipment sector, where the number of patents filed Q4 2023 was 844, a rise of 2% versus the previous quarter. The second-largest patent count was in Excavation & Loading (183, down 2%) and then Drilling & Blasting in third (140, up 8%).
The top five companies accounted for 36% 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 427 and Kobe Steel with 138.
Patenting activity was driven by China with a 50% share of total patent filings
The largest share of patent filings in the mining industry in Q1 2024 was in China with 50%, followed by Japan (9%) and the US (6%). The share represented by China was 0.91% higher than the 49% share it accounted for in Q4 2023.
For further understanding of GlobalData's Mining: Patents Trends Q1 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.
