According to the report by Expert Market Research (EMR), the global base metal mining market price is projected to grow at a CAGR of 4% between 2023 and 2028. Aided by the escalating demand for base metals in diverse sectors and the advancements in mining technologies, the market is expected to grow significantly by 2028.
Base metals are abundant and inexpensive metals that are vital for the manufacturing industry and are extensively used in construction and infrastructure projects. These include copper, nickel, lead, zinc, and aluminium. These metals possess properties such as ductility, malleability, and heat and electric conductivity, which make them indispensable in numerous applications ranging from construction materials, batteries, electronics, transportation, and many more.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 4%
The burgeoning demand for base metals, especially in the burgeoning infrastructure and construction sectors, is a primary driver of the global base metal mining market growth. Base metals, such as copper and aluminium, are widely utilised in building construction for their excellent electrical conductivity, corrosion resistance, and malleability. The surging urbanisation and industrialisation rates, especially in emerging economies, have amplified the demand for these metals, thus boosting the market growth.
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Moreover, the increasing use of base metals in the automotive and transportation sector further augments the base metal mining market expansion. Aluminium, being lightweight yet strong, is extensively used in vehicle manufacture to reduce weight and increase fuel efficiency, whilst copper is essential for electrical components due to its high electrical conductivity. With the escalating global vehicle production rates and the trend towards electric vehicles, the demand for base metals is set to rise.
The expanding applications of base metals in the electronics industry also contribute to the base metal mining market development. Copper and nickel are widely used in the manufacturing of electronic components due to their conductivity and resistance to corrosion. The boom in the electronics industry, spurred by technological advancements and rising consumer demand for electronic goods, continues to fuel the need for base metal mining.
In addition, the advent of advanced mining technologies and practices is expected to positively influence the base metal mining market. Advancements in mining equipment, automation, and data analytics have enhanced the efficiency and sustainability of mining operations. These technologies not only increase the productivity and safety of mining but also aid in reducing environmental impacts, thus providing a considerable impetus to the base metal mining market growth.
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Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
- Aluminium
- Copper
- Lead
- Nickel
- Zinc
- Others
Market Breakup by Application
- Construction
- Automotive
- Electrical and Electronics
- Consumer Products
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global base metal mining companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Freeport-McMoRan, Inc.
- Antofagasta plc
- Zijin Mining Group Co., Ltd.
- Nornickel
- Glencore plc
- Others
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