The global base metals market revenue was around US$ 723.9 billion in 2021 and is estimated to reach US$ 1029.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2022 to 2031.
Base metal is a nonferrous (iron-free) metal that is neither noble nor viable. Copper, nickel, lead, tin, zinc, and aluminum are the most prevalent basic metals. Construction, automotive & transportation, and consumer goods are just a few of the industries that employ it. It is more accessible and easier to extract than valuable metals like silver, gold, palladium, and platinum.
Factors Influencing Market Growth
The rise in demand for metals in non-residential and residential construction development propels the market growth.
The risk associated with mining for these basic metals, the cost of substitutes that are emerging, and decreasing demand from some developed countries. Such factors hinder the market growth.
Increase in construction activity across several regions, including Europe and Asia-Pacific. Thus, it is anticipated to drive the market growth.
Urbanization and industrialization are increasing, which has a positive impact on economic growth and increases demand for the base metals market.
Rapid urbanization leads to more government and consumer spending on infrastructure and housing, which has a large positive impact on the development of the base metals market.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the Government enacting a lockdown, several manufacturers in the base metals industry were forced to halt operations in nations like India, China, and the U.S. Thus, this also declined the sales of the product. In addition, a shortage of labor and raw materials restricted the supply of base metals equipment. However, it is anticipated that the reopening of production facilities and the development of vaccinations will result in the restart of base metals enterprises.
Asia-Pacific dominated the base metals in terms of the highest share. Due to rising income levels, growing industrialization and urbanization, and government spending on infrastructure. Furthermore, the majority of nations in this region are investing in construction enterprises to expand their economies. Rapid urbanization increases government and consumer spending on housing and infrastructure, which has a significant beneficial effect on market growth.
The leading competitors in the global base metals market are:
First Quantum Minerals Ltd
Jiangxi Copper Corporation Limited
Lundin Mining Corporation
Anglo American plc
United States Steel Corporation
United Company Rusal Plc
Vedanta Resources Limited
The global base metals market segmentation focuses on Metal Type, Source, End-User Industry and Region.
Segmentation based on Metal Type
o Series 1
o Series 2
Segmentation based on Source
Segmentation based on End-User Industry
Automotive and transportation
Segmentation based on Vehicle Type
Internal Combustion Engine (ICE)
Segmentation based on Application
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America