Base Metals Market to Reach $1028.8 Billion, Globally, by 2031 at 3.5% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Base Metals Market by Metal type (Copper, Lead, Aluminum, Others), by Source (New production, Recycled), by End-user industry (Construction, Automotive and transportation, Consumer goods, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global base metals industry generated $722.4 billion in 2021, and is anticipated to generate $1028.8 billion by 2031, witnessing a CAGR of 3.5% from 2022 to 2031.

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Prime determinants of growth

Increase in demand for base metals in residential and non-residential construction drive the growth of the global base metals market. However, risks associated with mining of these base metals, high cost of emerging alternatives, and their reduced demand from some developed nations restrict the market growth. Moreover, increase in demand for electric vehicles present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global base metals market, owing to the temporary closure of production facilities of many products in base metals market during the lockdown.
Disruptions in the supply chain, unavailability of raw materials, and shortage of labor were few more challenges faced by manufacturers during the lockdown.
Nevertheless, the number of COVID-19 cases reduced with the introduction of the vaccines for COVID-19. This has led to the reopening of base metals companies at their full-scale capacities, thereby helping the market to recover.
The aluminum segment to maintain its leadership status throughout the forecast period

Based on metal type, the aluminum segment held the highest market share in 2021, accounting for more than one-third of the global base metals market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.0% from 2022 to 2031, due to the fact that aluminium is commonly used in the transportation industry for use in aircraft, cars, and bicycles. Furthermore, it is used in the food & beverage industry for drinks cans, kitchen foil, and packaging due to its resistant to corrosion properties. The report also discusses segments such as copper, lead, and others.

The new production segment to maintain its lead position during the forecast period

Based on source, the new production segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global base metals market, and is projected to maintain its lead position during the forecast period. This is owing to rise in construction activities in developing countries, such as China, India, and Africa. However, the recycled segment is expected to portray the largest CAGR of 3.9% from 2022 to 2031. Increase in urbanization and industrialization is one of the major factors driving the demand for recycled the metals during the forecast period.

The construction segment to maintain its lead position during the forecast period

Based on end user industry, the construction segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global base metals market, and is projected to maintain its lead position during the forecast period. This is attributed to governments across the globe spending heavily on residential construction activities to fulfil the accommodation needs of citizens. However, the consumer goods segment is expected to portray the largest CAGR of 4.2% from 2022 to 2031, because such goods are used in electronics appliances such as television, coffee machines, tablet, sports equipment, and others.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly three-fourths of the global base metals market, and is likely to dominate the market during the forecast period. This is due to rise in income levels, rapid urbanization & industrialization, and rise in investments in infrastructure by the government. Moreover, the LAMEA region is expected to witness the fastest CAGR of 5.8% from 2022 to 2031. Increase in demand for base metals from the residential and commercial sectors due to growth in urbanization drives the market in this region. Other regions analyzed in the report include North America and Europe.

Leading Market Players:

CODELCO
First Quantum Minerals Ltd.,
Freeport-McMoRan,
Glencore,
Jiangxi Copper Corporation Limited,
Lundin Mining Corporation,
Rio Tinto,
Alcoa Corporation,
Anglo American plc,
Antofagasta plc,
BHP
Southern Copper,
Teck Resources,
United States Steel Corporation,
United Company Rusal Plc,
VALE S.A.
Vedanta Resources Limited

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