That line of thinking only goes so far, industry also allows one to simply buy resources from foreign locations without the bother of conquest and administration. It’s really a combination of many factors including Europe’s relatively high population that made it both viable and desirable.
And tbh the European demographics expansion between 1500-1800, before industrialization properly spread out from Britain [0], was the Columbian Exchange.
Potatoes unlocked lots of land in the northern part. And the other unsung botany, too.
And the ability to send surplus men (and women) to an empty (because of disease) continent instead of having them warring against each other like pre-Columbian Europe and East Asia (looking at Sengoku) is also decisive...
[0] Remember one reason why Britain was able to fight Napoleon even when the entire continent was conquered was because of industries.
And control of the global trade networks. The same reason why the seemingly insignificant Netherlands (population and area wise) were able to maintain its position as a global superpower throughout most of the 17th century before being replaced by Britain. Of course it's a bit baffling that that happened after England and Holland ceased being rivals because a Dutch army invaded Britain, overthrew it's government and put their Stadholder on the English Throne..
Britain was mostly able to fight because the French fleet was sunk which shielded them from a massive invasion and Russia weakened France. By themselves they wouldn’t have done much.
And, well, most of the Coalitions were almost exclusively funded by generous British subsidies. To Austria, Prussia, Sweden, Russia, and a couple dozen of minor powers. Industry made Britain able to afford that.
"In terms of soldiers the French numerical advantage was offset by British subsidies that paid for a large proportion of the Austrian and Russian soldiers, peaking at about 450,000 in 1813."
