Global Base Metal Mining Market to Exhibit 5.01% CAGR during 2015-2023 due to Growing Demand from Asia Pacific

According to a recent market research report published by Transparency Market Research, the global base metal mining market is estimated to expand at a CAGR of 5.01% during the period between 2015 and 2023. The report, titled “Base Metal Mining - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023,” projects the global base metal mining market to reach 160.19 MMT by 2023 in terms of volume. The overall market stood at 103.33 MMT in 2014.

Base metals are invaluable to the global economy. The growth of the utilities, manufacturing, and infrastructure sectors is dependent on base metals. Base metal mining includes the key industrial non-ferrous metals such as aluminum, led-zinc, nickel, copper, and tin. These metals are more abundant in nature and hence are cheaper than precious metals such as silver, gold, and platinum. Owing to their significant role in the global economy, the prices of these base metals are very sensitive to the global economic trends. For example, copper is a leading base metal and has witnessed drastic price fluctuations due to the economic slowdown in China.

The growing demand for base metals across various sectors such as manufacturing, automotive, durable goods, and others will propel the growth of the global base metal mining market. During the forecast horizon, the demand for base metal mining is expected to be driven by the growing infrastructure development and the rising demand for energy.

On the basis of metal type, the global base metal mining market has been segmented into nickel, copper, lead-zinc, tin, and aluminum. The aluminum segment dominated the overall market in 2014 with a share of 53.73% in the market. The demand for aluminum is the highest in the market owing to its wide applications across areas such as construction, transportation, packaging, consumer durables, electrical systems, machinery equipment, and others. Aluminum is extensively used in the automotive sector to manufacture light-weight vehicles that are energy-efficient. In terms of market share, lead-zinc and copper followed aluminum with 24% and 16% share respectively. Zinc is another widely used base metal due to its galvanizing properties and ability to bond with various metals. Rapidly growing portable batteries market is expected to drive the demand for lead. The copper market is being propelled by the rise in power infrastructure.

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The report studies the base metal mining market across five key regions: North America, Europe, Asia Pacific, South and Central America, and the Middle East and Africa. In 2014, Europe and Asia Pacific held 14% and 63% of the market respectively. In Europe, Russia and Kazakhstan are the major regions for base metal mining. Australia, China, India, Japan, and Indonesia drive the Asia Pacific base metal mining market. High urbanization growth rate in Asia Pacific can be attributed to the rapid expansion of the market in this region. Modernization of utility infrastructure is driving the demand for base metal mining across the developed economies in regions such as North America and Europe.

Describing the competitive landscape, the report profiles some of the key players in the global base metal mining market such as Anglo American plc, Alcoa Inc., Antofagasta plc, Corporación Nacional del Cobre de Chile (CODELCO), BHP Billiton Ltd., Freeport-McMoRan Inc., First Quantum Minerals Ltd., Glencore plc, Rio Tinto plc, Kaiser Aluminum Corporation, Teck Resources Limited, Southern Copper Corporation, and Vale SA. The report further provides insightful information about the key players including their business strategy, financial overview, and recent developments.

Global Base Metal Mining Market has been segmented as follows:

Global Base Metal Mining Market- Metal Type Segment

Copper Mining
Nickel Mining
Lead-Zinc Mining
Aluminum Mining
Tin Mining

Global Base Metal Mining Market- Regional Segment

North America
Europe
Asia Pacific
Middle East and Africa
South and Central America

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This release was published on openPR.