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Base Metal Mining Market Size Estimated to Reach $465.44 Billion by 2026

admin by admin
February 15, 2022
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(EMAILWIRE.COM, February 15, 2022 ) Base Metal Mining Market size is expected to be valued at $465.44 billion by the end of the year 2026 and is set to grow at a CAGR of 4.6% during the forecast period from 2021-2026. The increase in demand for base metals from various end-use industries like building & construction, automotive industry, electrical & electronics industry and others is highly driving the base metal mining market. The base metals are mined using techniques like bioleaching and hydrometallurgy. In bioleaching, valuable metals are extracted from low-grade ores with the help of microorganisms like bacteria. Hydrometallurgy is a technique in which aqueous solutions, used in extracting metal from ores, concentrates, and recycled or residual materials. These techniques help in making sure the valuable minerals are extracted with the metal, and thus increasing the quality and efficiency of the base metal. Ion exchange resins are also used in the removal of calcium, iron, manganese salts and others from mineral ores for extracting elements such as aluminum, zinc and copper. The increasing demand for copper wires from the electrical and electronics industry is also hugely driving the demand for copper metal/ copper cathodes, which is further driving the base metal mining market.

COVID-19 impact

Amid the Covid-19 pandemic, the base metal mining market witnessed downfall in the growth and demand owing to various economic and legal restrictions imposed by many countries across the world. The decrease in the growth of construction industry, automotive industry, electrical and electronics industry during the year 2020 also highly affected the base metal mining market. The majority of demand for base metal like aluminum, copper and zinc comes from these end use industries. And therefore the decline in growth of the end use industries like building & construction, automotive, electrical and electronics also impacted the demand for base metals. However the base metal mining market is set to improve by the end of the year 2021.

Base Metal Mining Market Segment Analysis – By Product

Aluminum segment held the largest share of 44% in the base metal mining market in the year 2020. Aluminum is commonly used in various products ranging from kitchen appliances to construction industry owing to its particular properties like resistance to corrosion, lightweight, soft & malleable and highly conductive nature. According to the International Aluminium Institute, the total production of aluminum across the world during the year 2020 was valued at 65,296 thousand metric tonnes, an increase of 2.57% from the production of 3,657 thousand metric tonnes during the year 2019. The daily average production of aluminum in 2020 was 178.4 metric tonnes. This is highly driving the aluminum segment in the base metal mining market.

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Base Metal Mining Market Segment Analysis – By Type

Mineral processing segment held the largest share of 38% in the base metal mining market in the year 2020. Mineral processing is a treatment of crude ores and mineral products in order to segregate the valuable minerals from waste rocks. Various techniques such as bioleaching and hydrometallurgy is used in order to treat the minerals and extract them from the ores. Bioleaching and hydrometallurgy help in making sure that the valuable minerals are carefully extracted without any wastage. Most often the first step that is done after an ore is extracted is mineral processing for retaining the minerals. Therefore mineral processing segment held the largest share in the base metal mining market.

Base Metal Mining Market Segment Analysis – By End-Use Industry

Building and construction industry held the largest share of 36% in the base metal mining market in the year 2020. The increase in demand and use of base metals such as aluminum, copper, zinc and others in building and construction industry is driving the demand for base metal mining market. Furthermore, the increase in a number of activities in the building and construction sector across the globe is highly driving the demand for base metals, which is further contributing to the growth of the base metal mining market. For instance, according to the World Bank, the cost of expenditure in the construction industry across the world was estimated to reach US$11.9 trillion in the year 2020, which is an increase of 4.2% as compared to the previous year expenditure. This is increasing the demand for base metals in the building and construction industry which is further increasing the growth of the base metal mining market.

Base Metal Mining Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 42% in the base metal mining market in the year 2020. The increase in the growth of population in countries like India and China coupled with the countries’ growing dependence on key use industries like building & construction, automotive and electrical & electronics industry is driving the demand for base metals as it is used in various applications of these end use industries. For instance, according to the International Aluminum Institute, the total production of aluminum in China stood at 37,337 thousand metric tonnes during the year 2020, an increase of 4.3% from the production of 35,795 thousand metric tonnes during the year 2019. Furthermore according to Indian Brand Equity Foundation (IBEF), the aluminum production in India stood at 3.6 million tonnes in the year 2020. Furthermore, the total aluminum production in Asia during 2020 stood at 41,477 thousand metric tonnes, an increase of 0.69% from the production of 41,190 during 2019. This is driving the demand for base metal mining market in the Asia Pacific region.

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Base Metal Mining Market Drivers

Increasing Demand from Automotive Industry

The increase in demand for copper wires, copper metals / copper cathodes from the automotive industry is highly driving the growth of base metal mining market. The increase in the growth of the automotive industry is influencing the use of metals such as copper, aluminum and others for various applications in the automotive industry is increasing the demand for base metal mining market. The development and advancements in the electric cars industry is also giving rise to the demand for copper cathodes and copper wires as it is extensively used in electric car manufacture. According to International Energy agency, the global sales of electric cars topped 2.1 million units in 2019 surpassing the global sales of 2018. This eventually boosted the stock to 7.2 million electric cars. Electric cars registered a 40% year-on-year increase in the year 2020 at 2.94 million units. The increase in production and sales of electric cars is driving the demand for base metals, which is further increasing the demand for base metal mining market.

The Increasing demand from Electrical and Electronics Industry

The increase in demand for electronic products across the world is one of the major factors driving the growth of base metal mining market. Copper is widely used for wiring in the electrical industry. This is further increasing the demand for base metal such as copper and aluminium in the electrical and electronics industry, which will further drive the base metal mining market. According to Semiconductor Industry Association, the global sales of semi-conductors increased at a rate of 6.5% to US$439 billion in the year 2020 from the global sales of US$412.3 billion in the year 2019. The increase in the sales and production of semiconductors will further increase the demand for base metals like cooper and aluminium. This will further drive the base metal mining market.

Base Metal Mining Market Challenges

Strict Mining laws

There are various law enforcements regarding mining activities across the world which is one of the major challenge to base metal mining market. For an instance, according to the National Environmental Policy Act (NEPA), federal agencies has to prepare an environmental impact statement (EIS) for activities that significantly affect the quality of the human environment. Mining operations will involve an environmental impact statement (EIS) test carried out examining the environmental impacts. Any discrepancy or failure to follow the rules will invite legal actions. Similarly the Mines & Minerals (Development and Regulation) Act 1957 (MMDR Act) of India also lays down the legal framework and rules such as Mineral Conservation and Development Rules 2017 (MCD Rules) for the regulation of mines. Therefore such legal regulations acts as one of the major challenge to the base metal mining market.

Base Metal Mining Market Industry Outlook

Production expansion, investments, acquisitions and mergers, facility expansion collaborations, partnerships, are some of the key strategies adopted by players in the Base Metal Mining Market. Major players in the Base Metal Mining Market are:

1. Glencore

2. Alcoa Corporation

3. Lundin Mining Corporation

4. Freeport-McMoRan (FCX)

5. Broken Hill Proprietary Company Limited (BHP)

6. Trevali Mining Corporation

7. Arrow Minerals

8. Antofagasta PLC

9. Zijin Mining Group Co. Ltd

10. Norilsk Nickel, Anglo American Plc and others.

Acquisitions/Technology Launches

On 26 February 2021, Trevali Mining Corporation and Arrow Minerals entered into terms for an exploration joint venture regarding exploration for base metals in Boromo gold belt in Burkina Faso.

Key Takeaways

Asia-Pacific market held the largest share in the base metal mining market owing to the increase in demand for base metal from key use industries like construction and automotive industry in countries like India, China and Japan.

The growth in the electrical and electronics industry coupled with the advancements in the electronics sector is increasing the demand for base metals, which is further contributing in the growth of base metal mining market.

The increase in demand for various base metals from the construction sector is one of the major factors driving the base metal mining market.

Amid the Covid-19 pandemic, the base metal mining market witnessed a major downfall due to the various restrictions laid down by countries across the globe.

Related Reports:

A. Metal & Metal Ores Market

https://www.industryarc.com/Research/Metal-Metal-Ores-Market-Research-501558

B. Precious Metal Refining Market

https://www.industryarc.com/Report/19021/precious-metal-refining-market

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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