Global Base Metal Mining Market to Grow at a CAGR of 4% During 2024-2032, Aided by the Demand from Key End Use Sectors, including Construction and Automotive

The base metal mining market is experiencing significant growth driven by increasing demand from sectors such as construction, electrical and electronics, and automotive among others. Additionally, the rise in electric vehicle production and other commercial vehicles is contributing to the market expansion. The ongoing industrialisation, particularly the growing demand for copper worldwide, is further bolstering the market growth. The expansion of the electronics and electrical segment is a major catalyst for market advancement, with metals like zinc, copper, aluminum, and lead witnessing increased usage in various electronic applications such as utilities, consumer electronics, and general electronics.

Further, government initiatives promoting mining activities and improvements in mining technologies also play a pivotal role in shaping the market dynamics. According to industry reports, nickel production grew by 23.8% from 2017 to 2021.  Aluminium production increased by 10.5%, zinc by 8.0%, and copper by 6.2%, during the same period.

Fig: Production Data for Base Metals, From 2018-2023, In Million Metric Tones

The Asia Pacific holds the major share in the global base metal mining market, due to the rich presence of certain metals, availability of cheap and skilled labour, and growing manufacturing activities in the region. The investment in mining infrastructure, along with affordable labour is a key factor driving the regional market growth.

In July 2023, Brazilian mining company Vale signed agreements to sell a 13% stake in its base metals business, Vale Base Metals, for USD 3.4 billion. The sale aims to increase copper and nickel production to meet growing demand from the electric vehicle market. Pending regulatory approval, the transactions are expected to be completed by the first quarter of 2024, boosting the value of Vale's energy transition metals business to $26 billion.

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Market Breakup by Product, Application, and Region:

• The market is segmented based on product into aluminium, copper, lead, nickel, and zinc, among others.

• Based on application, the market can be divided into construction, automotive, electrical and electronics, consumer products, and others.

• Region-wise, the global market for base metal mining can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Growing demand from end-user industries like construction, electrical and electronics, and automotive is driving the market growth.

• Surge in electric vehicle production is expected to support the market growth trajectory, supported by the rising use of nickel and copper for EVs.

• Supportive government policies and increasing infrastructural investments for mining are positively influencing the market growth.

• The market is expected to benefit from increasing strategic mergers and acquisitions in the mining sector.

Key Offerings of the Report:

• The EMR report gives an overview of the global base metal mining market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, application, and major regions of base metal mining.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the base metal mining market are Freeport-McMoRan, Inc., Antofagasta plc, Zijin Mining Group Co., Ltd., Nornickel, and Glencore plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.