Base Metals Mining Market, Growth Size, Competitive Landscape,...

Base Metals Mining Market, Growth Size, Competitive Landscape, Revenue Analysis & Forecast

Posted 2023-05-11 10:49:45

Market Overview

Base Metals Mining Market is projected to be worth USD 459.35billion by 2030, registering a CAGR of 5.8% during the forecast period (2021 - 2030).

Base metals are extensively used in the manufacturing of electronic products such as computing devices, home appliances, and communication devices. One of the base metals, copper, has superior thermal conductivity, owing to which it finds wide applications in electric wires and components. Nickel is an ideal application for electronic appliances and battery materials. Thus, the rise in the electronics industry is expected to drive the demand for base metals mining during the forecast period. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), the global electronic and electrical industry was valued at USD 4,499.22 billion in 2021. Asia-Pacific is the leading producers of electronic products, in 2021 the production was valued at USD 3,316.35 billion. Europe was the second-largest producer of electronic products accounting for USD 622.45 billion in 2021. Furthermore, consumer electronic products were valued at USD 249.32 billion, and household appliances were valued at USD 265.56 billion of the global electrical and electronics market. Thus, the rising demand for electronic products such as smartphone and smart gadgets coupled with innovation in IOT technology, the growth of the global Base Metals Mining Market is likely to propel in the coming years.

Market Segmentation

The global base metals mining market has been segregated on the basis of metals type, application, and region. By metals type, what is a base metal mining market has been categorized into copper, nickel, zinc, aluminum, lead, and others. The aluminum segment held significant market share in 2021 and is expected to be the leading segment during the forecast period owing to the increasing application in the electrical and electronics and construction industries.

On the basis of application, the global base metals mining market has been divided into electrical and electronics, construction, automotive, medical, and others. The construction is expected to be the leading segment in the global market during the review period. The recent automation and robotic trends are increasing the application of metals sensors in machines to access invaluable operation data and enhance production efficiency thereby reducing potential breakdown. This shifting trend towards usage of convenient electronic devices is expected to propel the growth of the electrical and electronics segment.

Regional Analysis

Asia-Pacific is expected to contribute the largest share in the global base metals mining market due to favorable government policies in the construction industry such as high foreign direct investment (FDI) in China and India. The European and the North American markets are projected to register healthy CAGRs owing to the high demand for base metals in the automotive industry. The increasing sale of automobiles and innovation in the automotive industry are factors expected to augment the growth of the base metals mining market in the regions.

Competitive Analysis

The leading players in the global base metals mining market are CODELCO (Chile), BHP Billiton Limited (Australia), Antofagasta PLC (UK), Alcoa Corporation (US), Vedanta Resources Plc. (India), Freeport-McMoRan (US), Rio Tinto (UK), Norilsk Nickel (Russia), Vale S.A (Brazil), Anglo American Plc (UK), Glencore (Switzerland), Southern Copper Corporation (US), First Quantum Minerals Ltd. (Canada), and United States Steel Corporation (US).

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