Base Metals Mining Market Size Worth USD 459.35 Billion by 2030 at 5.80% CAGR – Report by Market Research Future (MRFR)
Base Metals Mining Market Insights and Industry Analysis by Metals Type (Copper, Zinc, Nickel, Aluminum), Application (Construction, Electrical & Electronics, Automotive, Medical, Consumer Goods, Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
/EIN News/ -- New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Base Metals Mining Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Base Metals Mining Market Information by Application, Region, and Metals Type - Forecast till 2030”, the market is estimated to grow at a 5.80% CAGR to reach USD 459.35 Billion by 2030.
Market Scope
Certain basic metals are highly in demand across several industry sectors. Base metals are nickel, copper, and zinc. They are known to be cheap in comparison with other precious metals. The mining of these base metals is growing across various regions across the globe. Steel is the one having higher industrial usage. The production of Steel equipment such as pipes, shearing, plates, wire, rods, and bars are from base metals mining. The penetration of these base materials is across various industry sectors. The products are utilized across the energy, construction, and manufacturing sectors.
The global base metal mining market has demonstrated massive development in the last few years. The primary aspect supporting the development of the market is the cost-effectiveness of these metals, given their abundant availability.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 459.35 Billion |
| CAGR | 5.80% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Region, and Metals Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The demand in the construction industry is a crucial driver of the market. |
| The building and construction industry is witnessing growth increased urbanisation and infrastructure development. |
Competitive Analysis
The catalog for the leading participants across the global market for base metals mining includes companies such as:
- CODELCO (Chile)
- Vedanta Resources Plc (India)
- United States Steel Corporation (US)
- Antofagasta PLC (UK)
- BHP Billiton Limited (Australia)
- Rio Tinto (UK)
- Alcoa Corporation (US)
- Glencore (Switzerland)
- First Quantum Minerals Ltd (Canada)
- Norilsk Nickel (Russia)
- Vale S.A (Brazil)
- Anglo American Plc (UK)
- Freeport-McMoRan (US)
- Southern Copper Corporation (US)
- Among others.
Market USP Covered
Market Drivers
The global base metal mining market has demonstrated massive development in the last few years. The primary aspect supporting the development of the market is the cost-effectiveness of these metals, given their abundant availability. Furthermore, metals are known to have a range of application areas in the construction sector. Thus, the rapidly growing construction sector across the globe is also likely to boost the market's performance. Moreover, the factors such as the fast-growing demand for these base metals, increase in the number of construction activities, infrastructure development, and increased urbanization are also projected to catalyze the market's growth over the coming years. In addition, the automotive sector's expansion is anticipated to impact the market's development over the assessment era positively. Governments worldwide are taking initiatives to boost production and mining, which is also anticipated to boost market performance.
Market Restraints
On the other hand, the difficulties in the mining process are anticipated to restrict the market's growth. Along with that, the mortality rates in the base metals are also likely to impact the market's development negatively.
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COVID-19 Impact
The global health hazard in the form of COVID-19 has had a huge impact on the majority of the industry areas. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the base metals mining market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Segment Analysis
Among all the products, the nickel segment is anticipated to secure the top position across the global base metal mining market over the assessment era. The element has massive usage in the manufacturing of stainless steel. The kinds of stainless steel, such as martensitic, austenitic, and ferritic, need nickel to be added in several proportions during production. The primary aspect causing an upsurge in the segment is the expansion of the automotive industry. On the other hand, the zinc segment is predicted to showcase the maximum growth rate over the coming years.
Among all the end-use sectors, the construction segment is anticipated to secure the top spot across the global base metal mining market over the assessment era. The main aspect causing an upsurge in the segment's growth is the emergence of green buildings. On the other hand, the automotive segment is predicted to showcase the maximum growth rate over the coming years.
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Regional Analysis
The MRFR analysis reports imply that the Asia-Pacific region is anticipated to hold the leading spot across the global market for base metals mining over the coming years. The growing industrialization activities are considered to be the main reason causing an upsurge in the regional market's performance. Furthermore, the demand in the automotive market is also likely to catalyze the regional market's growth over the coming years.
The North American regional base metals mining market is anticipated to exhibit considerable development over the coming years. the growing investments in cars and automobiles are considered the primary aspect causing an upsurge in the regional market's performance.
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