PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290790
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290790
Base Metal Mining Market size was valued at USD 520,701.8 million in 2022, expanding at a CAGR of 3.5% from 2023 to 2030.
Copper, aluminum, zinc, nickel, and other elements are all examples of base metals. Compared to precious metals, base metals are less expensive and more frequently found. Base metal mining, subsequently, is the extraction and exploration of base metals. High strength, low maintenance requirements, and resistance to corrosion are all characteristics of base metals. Base metals can thus be employed in a variety of applications.
Rising demand for base metals from the electrical and electronics, construction, and automotive industries is expected to be a key growth driver. Residential and non-residential construction sectors in Southeast Asia and other developing countries are likely to expand, driving demand for aluminum and copper products. Furthermore, the rise of electric vehicles and other commercial vehicles should boost demand.
Automobile manufacturers prioritize producing lightweight automobiles in order to meet pollution standards. The expansion of the electronics and electrical industries is a key demand generator. Electrical and electronic sectors make substantial use of metals like copper, silver, zinc, and lead. Demand from industries including electric utilities, consumer electronics, and general electronics has dramatically increased during the previous decade. Numerous copper products are widely used in daily life. Copper is a significant commodity in a wide range of industrial, domestic, and high-tech uses due to its aesthetic, chemical, and physical characteristics.
The Global Base Metal Mining Market is segmented based on type, source, end-user, and Region.
Based on product, the copper segment held the largest revenue share in 2022. The global copper reserves total 880 million tons, according to the USGS. The demand from the infrastructure and automotive industries is expected to drive up copper consumption globally during the upcoming years. On the other hand, in 2022, aluminum had the second-largest market share worldwide. In 2022, 69,000 kilotons of aluminum were produced worldwide in smelters. There is enough bauxite in the planet to meet demand for the foreseeable future, with deposits estimated to be between 55 and 75 billion tones. Aluminum is a material that is commonly used in the automotive sector because of how lightweight it is. Thus, it is projected that rising EV adoption along with expanding auto production will increase aluminum demand.
Asia Pacific is expected to dominate the base metal mining market during the forecast period. One of the key factors driving market growth in this region is the ample availability of raw resources. The market growth rate would likely to be driven by the rise and expansion of different end-user verticals, such as buildings and the construction industry in the region due to rapid infrastructure development. Growth in the electronics sector will also be fueled by increased capacity. Due to the growing rate of industrialization and urbanization, the region has recently offered the industry enormous prospective chances. The demand for new building projects and infrastructure development activities has increased as a result of the stabilization of economies and the rise in disposable incomes in developing nations like China and India.
In July 2022, China's government announced that it would establish a state infrastructure investment fund worth US$ 74.69 billion in order to boost infrastructure spending and hence boost the economy.
The scope of this report covers the market by its major segments, which include as follows: