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The global base metal mining market value was around USD 380.20 billion in 2023. The market is expected to expand at a CAGR of 4% between 2024 and 2032, to reach a value of USD 541.1 billion by 2032.
Global Base Metal Mining Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 380.20 |
Market Size 2032 | USD Billion | 541.1 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.0% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 5.2% |
CAGR 2024-2032 - Market by Country | India | 5.9% |
CAGR 2024-2032 - Market by Country | China | 5.0% |
CAGR 2024-2032 - Market by Product | Aluminium | 4.6% |
CAGR 2024-2032 - Market by Application | Construction | 4.5% |
Market Share by Country 2023 | China | 33.4% |
Base metals include copper, aluminium, zinc, nickel, and others. They are less expensive metals and more common compared to precious metals. The key drivers for the market are the rising demand for base metals from the construction, electrical and electronics, and automotive sectors. Residential and non-residential construction development is planned to fuel the demand for aluminium and copper products in the Southeast Asia and other developing countries. Also, the production of electric vehicles and other commercial vehicles is expected to contribute to the market growth.
According to the base metal mining industry analysis, rising industrialisation coupled with increasing demand for copper worldwide is expected to positively impact the growth rate of the market. Further, government initiatives around pro-mining policies, coupled with an increase in disposable income, are some other market drivers.
Metals such as zinc, copper, aluminium, and lead find wide application in the electrical and electronics industry. Demand from sectors such as electronic utilities, consumer electronics, and general electronics has risen over the last decade, propelling the base metal mining demand growth.
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In 2021, as per the World Mining Data, the global mining production reached 17.9 billion metric tons, showing substantial growth from 11.3 billion metric tons in 2000 and 9.6 billion metric tons in 1985. This growth underscores the increasing demand for minerals, which are the backbone of the economy. Asia dominates the total production, accounting for 60.4%, followed by North America and Oceania at 15.3% and 8.2%, respectively. Oceania surpassed Latin America in mineral production in 2016 and Europe in 2020, highlighting its rising significance in the mining sector.
The largest mining nations—China, the USA, Russia, and Australia—contribute significantly, with China alone accounting for 25.4% of the production. This dominance is crucial for the base metal mining market, as these countries are major producers of key base metals like iron, copper, and aluminum. Growth rates of iron ore (169.9%) and nickel production (149.3%) from 2000 to 2021, were witnessed reflecting the robust demand for these essential industrial metals.
Moreover, China's leadership in the production of various commodities, including 4 iron and ferro-alloy metals and numerous non-ferrous metals, underscores its pivotal role in the base metal mining market. The declining production rates in Europe from 2000 to 2021 contrast with significant growth in other regions, particularly in Africa (421.9%) and Latin America (136.9%). This shift indicates a redistribution of mining activities towards regions with abundant mineral resources and lower production costs, impacting the global supply chain and market dynamics of base metals.
According to the data from World Mining Data, China leads global mineral production with nearly 900 million metric tons, followed by the USA and Russia, each producing significantly lower volumes around 500 million metric tons and 350 million metric tons, respectively. Saudi Arabia, Australia, and Canada also rank high, showcasing their substantial contributions to mineral fuels and iron, ferro-alloys. These countries, along with India and South Africa, dominate the production landscape, reflecting their extensive mining infrastructure and resources.
The economic value of production aligns closely with volume data. China again tops the list with production valued over 800 billion USD, emphasizing its dominant role in the global mining sector. The USA and Russia follow, with substantial values exceeding 500 billion USD and 350 billion USD, respectively. Saudi Arabia, primarily due to its vast mineral fuel resources, ranks high in both volume and economic value.
Most of the leading producers, including Saudi Arabia, the US, and Russia, primarily rely on mineral fuels for the majority of their production value, underscoring the world's reliance on energy resources. For nations like Australia, Brazil, and India, non-ferrous metals and iron, ferro-alloys are important, which is indicative of diversified mining activity beyond energy minerals.
South Africa and Canada show a more balanced distribution across various mineral categories, including precious and non-ferrous metals, reflecting their diverse mineral wealth. The data underscores the economic importance of mining in these countries, driving significant revenue and supporting industrial activities.
Emerging economies such as Indonesia, Brazil, and Kazakhstan also feature prominently, showcasing their growing role in the global mining market. These countries are expanding their production capacities and contributing to the global supply chain, particularly in non-ferrous and precious metals.
Market Share by | Country |
China | 33% |
USA | XX% |
Canada | XX% |
UK | XX% |
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CAGR 2024-2032 - Market by | Product |
Aluminium | 4.6% |
Copper | 4.3% |
Lead | XX% |
Nickel | XX% |
Zinc | XX% |
Others | XX% |
The products can be divided into:
CAGR 2024-2032 - Market by | Application |
Construction | 4.5% |
Electrical and Electronics | 4.3% |
Automotive | XX% |
Consumer Products | XX% |
Others | XX% |
The market can be broadly categorised on the basis of its applications into:
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 5.2% |
Latin America | 4.4% |
North America | XX% |
Europe | XX% |
Middle East and Africa | XX% |
The regional markets for base metal mining can be divided into:
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Asia Pacific is expected to dominate the market for base metal mining during the forecast period. The abundant availability of raw materials is one of the major factors aiding the regional market growth. Growth and expansion of various end-user verticals such as buildings and the construction industry in the region owing to rapid infrastructural development will likely drive the market growth rate. Capacity increase in the electronics segment is expected to increase base metal mining market opportunities in the region over the coming years.
The region has provided significant opportunities for the market expansion in recent years, owing to the rapid pace of industrialisation and urbanisation. The stabilisation of economies and rising disposable incomes in developing countries such as India and China have raised the demand for new construction projects and infrastructure development operations. Furthermore, the region is progressing in industries such as transportation, manufacturing, and industrial equipment, all of which are key consumers of base metals. All these factors are anticipated to propel the growth of the market in the coming years.
CAGR 2024-2032 - Market by | Country |
India | 5.9% |
Brazil | 5.0% |
China | 5.0% |
Mexico | 4.3% |
Australia | 3.5% |
USA | XX% |
Canada | XX% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Japan | 3.1% |
Saudi Arabia | XX% |
The report gives a detailed analysis of the following key players in the global base metal mining market, covering their competitive landscape and latest developments like mergers and acquisitions:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Base Metal Mining Market Growth
Base Metal Mining Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Base Metal Mining Market Analysis
8.1 Key Industry Highlights
8.2 Global Base Metal Mining Historical Market (2018-2023)
8.3 Global Base Metal Mining Market Forecast (2024-2032)
8.4 Global Base Metal Mining Market by Product
8.4.1 Aluminium
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Copper
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Lead
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Nickel
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Zinc
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Base Metal Mining Market by Application
8.5.1 Construction
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Automotive
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Electrical and Electronics
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Consumer Products
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Base Metal Mining Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Base Metal Mining Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Base Metal Mining Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Base Metal Mining Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Base Metal Mining Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Base Metal Mining Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Freeport-McMoRan, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Antofagasta plc
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Zijin Mining Group Co., Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Nornickel
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Glencore plc
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BHP Group Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Rio Tinto Group
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Vale
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Southern Copper Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Anglo American plc
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Base Metal Mining Market: Key Industry Highlights, 2018 and 2032
2. Global Base Metal Mining Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Base Metal Mining Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Base Metal Mining Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Base Metal Mining Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Base Metal Mining Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Base Metal Mining Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Base Metal Mining Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Base Metal Mining Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Base Metal Mining Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Base Metal Mining Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Base Metal Mining Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Base Metal Mining Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Base Metal Mining Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Base Metal Mining Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Base Metal Mining Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Base Metal Mining Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Base Metal Mining Market Structure
In 2023, the market reached an approximate value of USD 380.20 billion.
The base metal mining market is expected to grow at a CAGR of 4% between 2024 and 2032.
The major drivers of the market include the expansion of various end user verticals, surge in industrialisation, rising urbanisation, infrastructural development, increasing demand for copper, rising focus of the government on pro-mining policies and an increase in disposable income.
Key trends aiding the market expansion include the growing technological improvements including the use of robotic and remote technologies, and the growing focus on recycling and sustainable mining practices.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the significant markets for base metal mining.
The products include copper, silver, zinc, lead, nickel, and aluminium, tin, among others.
Key players in the market are Freeport-McMoRan, Inc., Antofagasta plc, Zijin Mining Group Co., Ltd., Nornickel, Glencore plc, BHP Group Limited, Rio Tinto Group, Vale, Southern Copper Corporation, Anglo American plc, Others.
The market for base metal mining is estimated to register a healthy growth in the forecast period of 2024-2032 to reach a significant value by 2032.
The strict government policies related to mining, including its negative environmental impact, and high-risk nature of mining operations are the key challenges in the industry.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 541.1 billion by 2032.
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