Base Metals Market Outlook
According to the report by Expert Market Research (EMR), the base metals market size reached a value of USD 866.10 billion in 2023. Aided by the increasing industrialisation, urbanisation, and the rising demand from key end-use sectors such as construction, the market is projected to further grow at a CAGR of 4.5% between 2024 and 2032 to reach a value of USD 1,282.20 billion by 2032.
Base metals, predominantly including copper, aluminium, zinc, nickel, lead, and tin, are extensively used across various industries due to their conductivity, malleability, and durability. These metals are crucial for manufacturing infrastructure, machinery, electrical and electronic goods, and vehicles, among other applications.
As per the base metals market analysis, the ongoing global trend toward urbanisation has significantly increased the demand for base metals, particularly in emerging economies. These metals are essential for constructing residential and commercial buildings, urban infrastructure, and public transportation systems.
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Moreover, the automotive sector is also a major consumer of base metals, especially aluminium, and copper. These metals are used extensively to manufacture lightweight and energy-efficient vehicles, aligning with the global push toward reducing carbon emissions, consequently driving up the base metals market share.
Furthermore, the shift towards renewable energy sources like wind and solar has created a new avenue for base metals. Copper is especially important in the renewable energy sector due to its high electrical conductivity, making it ideal for wind turbines and solar panels. With growing environmental concerns, the recycling of base metals has gained prominence, provided a sustainable source of raw materials and reducing the environmental impact associated with mining and processing.
Innovations in technology, particularly in the electronics sector, have also spurred the base metals market demand. Copper and tin, for example, are integral in the production of semiconductors and circuit boards. The trend towards miniaturisation of electronic devices continues to drive the precision use of these metals.
The Asia-Pacific region, led by China and India, is the largest and fastest-growing market for base metals, driven by rapid industrialisation and infrastructure development. Latin America and Africa are also emerging as significant markets due to their rich mineral reserves and growing industrial sectors.
Base Metals Market Segmentation
The market can be divided based on the type, source, grade, end use, and region
Market Breakup by Type
- Copper
- Silver
- Zinc
- Lead
- Nickel
- Aluminium
- Tin
- Others
Each of these metal types are further divided based on source, end use, and region in the market report.
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global base metals market. Some of the major players explored in the report by Expert Market Research are as follows:
- Vale S.A
- Rio Tinto Ltd
- Fortescue Metal Group
- China Hongqiao Group Ltd
- United Company RUSAL
- Emirates Global Aluminium PJSC
- Alcoa Corporation
- Anglo American plc
- Antofagasta plc
- BHP Group Limited
- Codelco
- Freeport-McMoRan Inc.
- First Quantum Minerals Ltd.
- Glencore plc
- Jiangxi Copper Corporation
- Lundin Mining Corporation
- Others
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