The new report by Expert Market Research titled, ‘Global Base Metal Mining Market Size Report and Forecast 2023-2028’, gives an in-depth analysis of the global base metal mining market, assessing the market based on its segments like products, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 338 Billion
• Forecast CAGR (2023-2028): 4%
Base metals have been integral in the development of modern infrastructure, from copper pipes, stainless steel, to batteries. Hence, the increase in the demand for base metals in the construction sector is invigorating the market growth. Over the forecast period, the growing expansion of industries, such as automotive, electrical, and electronics, is anticipated to propel the demand for base metals, thereby, bolstering the base metal mining industry.
In terms of region, the Asia Pacific region accounts for a significant share in the market owing to the increasing indigenous manufacturing of downstream products of base metals, especially in the emerging economies, such as India and China.
Industry Definition and Major Segments
Base metal refers to the type of metals which tarnish, oxidise, or corrode, when exposed to air or moisture, and are widely used in the commercial and industrial applications. The process of obtaining these base metals from earth is known as base metal mining. Typical base metals include aluminium, nickel, and steel, among others.
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On the basis of product, the market can be segmented into:
- Aluminium
- Copper
- Lead
- Nickel
- Zinc
- Others
The market has been segmented based on application into:
- Construction
- Automotive
- Electrical and Electronics
- Consumer Products
- Others
The regional markets for base metal mining include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The key trends in the base metal mining market include the increasing sales of consumer electronics, which is anticipated to catapult the demand for base metals. This can be attributed to the rising disposable income and rapid urbanisation. Meanwhile, the thriving e-commerce industry is likely to augment the sales of base metal components, such as batteries, cables, and wires, among others, which will provide further impetus to the market.
Moreover, the technological advancements in the automotive industry, coupled with the increasing sales of electric cars, are likely to accelerate the demand for base metals, thereby, propelling the base metal mining sector.
Key Market Players
The major players in the market are Freeport-McMoRan, Inc., Antofagasta plc, Zijin Mining Group Co., Ltd., Nornickel, and Glencore plc, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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