Base Metals Market Research, 2031
The global base metals market size was valued at $722.4 billion in 2021, and is projected to reach $1028.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.
Base metals such as aluminum, copper, lead, nickel, tin, and zinc are inexpensive and commonly found when compared with precious metals such as gold and platinum. They serve several purposes in the construction industry, industrial machinery, consumer products, and electrical industry. Nickel and steel play a vital role in the stainless-steel industry. Zinc acts as an anti-corrosive agent for steel protection. Lead is used in cosmetics and paints. These base metals are less expensive, high in strength, anti-corrosive, and require less maintenance.
Increase in demand for base metals in residential and non-residential construction development drives the aluminum and copper base metals market growth. High demand for lightweight vehicles to comply with the emission regulations by automobile manufacturers drives the growth of the market. In addition, a risk with mining for these base metals and pricing for emerging alternatives, and lower demand from some developed nations, hinder the market growth. Moreover, increase in demand for electric vehicles is projected to provide many opportunities for the base metals market.
Base metals are used in a variety of industries, including construction, automotive and transportation, consumer goods, and shipbuilding. Rise in construction activities across various regions such as Europe and Asia-Pacific are expected to fuel the global base metals market growth. Increase in urbanization and rise in industrialization result in faster economic development, which boosts the demand for global base metals market. Thus, fast-paced urbanization results in increased government and consumer spending in residential and infrastructure construction, which significantly boosts the growth of the base metals market.
Major players have adopted various strategies such as product launches, business expansion, and acquisitions to sustain the competition and improve the metal portfolio. For instance, in April 2022, Lundin Mining Corp. acquired Josemaria Resources Inc., a natural resources company to expand its metal and mining product portfolio.
The base metals market is segmented into Metal type, Source and End-user industry.
On the basis of metal type, the market is segmented into copper, lead, aluminum and others. On the basis of source, the market is divided into new production and recycled. On the basis of end-user industry, the market is classified into construction, automotive and transportation, consumer goods, and others. Region-wise, the global market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of metal type, the aluminum segment generated the highest revenue in 2021, due to the fact that it 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.
On the basis of region, Asia-Pacific registered the highest market share in the global base metals market share in 2021, owing to rise in income levels, rapid urbanization & industrialization, and investments in infrastructure by the government. Furthermore, the majority of countries in the region are spending on construction sector for the growth of their economies.
On the basis of end-user industry, the construction segment accounted for the highest revenue in the global market in 2021, owing to governments across the globe are spending heavily on residential construction activities to fulfil the accommodation needs of citizens, driving the demand for base metals products in the construction sector.
COMPETITION ANALYSIS
The key players that operate in the base metals market are Alcoa Corporation, Anglo American Plc, Antofagasta Plc, BHP, CODELCO, First Quantum Mineral, Freeport-McMoRan, Glencore, Jiangxi Copper Corporation Limited, Lundin Mining Corporation, Rio Tinto, Southern Copper, Teck Resources, United States Steel Corporation, United Company Rusal Plc, Vale, and Vedanta Resources Limited.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging global base metals market trends and dynamics.
- In-depth global base metals market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of base metals market report is conducted by following key metal positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities and base metals market overview.
- Base metals market forecast analysis from 2022 to 2031 is included in the report.
- The key players with in base metals market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of base metals industry.
Base Metals Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 1028.8 billion |
 Growth Rate | CAGR of 3.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 204 |
 By Metal type |
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 By Source |
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 By End-user industry |
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 By Region |
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 Key Market Players | Vedanta Resources Limited, BHP, Lundin Mining Corporation, Glencore, Anglo American plc, Rio Tinto, Freeport-McMoRan, VALE S.A., Alcoa Corporation, United Company Rusal Plc, Teck Resources, Antofagasta plc, Jiangxi Copper Corporation Limited, First Quantum Minerals Ltd., CODELCO, Southern Copper, United States Steel Corporation |
Analyst Review
The base metals market has observed huge demand in North America, Asia-Pacific, and Europe. Asia-Pacific is projected to register significant growth in near future due to rise in urbanization and surge in investment in infrastructure by government authorities. Increased urbanization and industrialization result in faster economic development, which boosts demand for the global base metals market. Thus, fast-paced urbanization results in increased government and consumer spending in residential and infrastructure construction, which significantly boosts the growth of the base metals market.
The aluminum segment generated the highest revenue in 2021 due to the fact that it is commonly used in the transportation industry for use in aircraft, cars, and bicycles. Furthermore, it is used in the food & beverage industry for drink cans, kitchen foil, and packaging due to its resistance to corrosion.
Various market players have adopted strategies, such as product launches, business expansion, acquisitions, and agreements to expand their business and strengthen their market position. For instance, in August 2022, Vale SA as expanded its production of Sustainable Sand in Brazil in order Obtained from the treatment of iron ore tailings. Sustainable Sand is one of the leading company's initiatives to reduce the use of dams in its operations in Minas Gerais. The material can replace natural sand, extracted from river beds, with a wide range applications in civil construction and it is cost effective. As a result, such strategic moves are expected to provide lucrative growth opportunities in the global base metals market.
The top 17 market players are selected based on two key attributes- competitive strength and market positioning.
The report contains an exclusive company profile section, where leading 17 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
High demand for lightweight vehicles to comply with the emission regulations by automobile manufacturers are the upcoming trends of Base Metals Market in the world.
Construction is the leading end-user industry of Base Metals Market.
Asia-Pacific is the largest regional market for Base Metals.
The global base metals market size was valued at $722.4 billion in 2021.
Alcoa Corporation , Anglo American Plc, Antofagasta Plc, BHP, CODELCO, First Quantum Mineral, Freeport-McMoRan, Glencore, Jiangxi Copper Corporation Limited, Lundin Mining Corporation, Rio Tinto, Southern Copper, Teck Resources, United States Steel Corporation, United Company Rusal Plc, Vale, and Vedanta Resources Limited are the top companies to hold the market share in Base Metals.
The base year considered in the global base metals market report is 2021.
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