I would like to check with relevant literature and/or econometric works how the consumption of minerals has been estimated and whether the industry takes its decisions driven by them. Any suggestion will be highly welcomed.
Many studies show that metal consumption per capita is well predicted by GDP per capita because consumption has been shown to increase with increasing income, but levels off, or even declines with high income (Radetzki and Tilton 1990; Menzie et al. 2005; Singer and Menzie 2009, 2010; Jaunky 2012; Puchkov 2005). There is persuasive evidence that per capita consumption of minerals levels off with higher per capita income, which is significant if one attempts to predict future demand of minerals.
Thanks Donald and Kenneth, future demand of minerals seems to be a key issue. Higher incomes increase the consumption of technological goods made from minerals. They also demand further infrastructure and energy.