The Global Base Metals Mining Market has the capacity to exceed a volume of 158.8 million metric tons by 2023. This would take place with a CAGR of 5.51% during the review period of 2018 to 2023. The product gets substantial traction to develop various steel equipment like bars, plate, shearing, wire, rods, and pipes with wide-scale application in the construction, manufacturing, and energy industries.
Market Research Future (MRFR) in their latest study claimed that the construction industry, with massive uptakes in residential building, building bridges, airports, commercial space, and railroads, would bolster the Base Metals Mining Market. Their use in manufacturing equipment, cookware, protective shields, and cutlery are also going to fetch substantial revenue. Its use in the power industry could also impact the growth of Base Metals Mining Market.
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Competitive Landscape:
Several companies are making their presence felt in the Global Market for Base Metals Mining. This is happening as a causal effect of various strategies that the companies are adopting to capitalize on opportunities provided by the market. Their measures are also triggering growth for the market.
MRFR listed a few companies that can transform the market in the coming days with their initiatives. These companies are Antofagasta PLC (UK), CODELCO (Chile), BHP Billiton Limited (Australia), Vedanta Resources Plc (India), Alcoa Corporation (US), Norilsk Nickel (Russia), Freeport-McMoRan (US), Rio Tinto (UK), Glencore (Switzerland), Vale S.A (Brazil), Anglo American Plc (UK), First Quantum Minerals Ltd (Canada), Southern Copper Corporation (US), and United States Steel Corporation (US).
In September 2019, SEBI added base metals, along with diamond to the list of eligible liquid assets to strengthen the commodity derivatives segment. This would clearly impact how people are now going to consider Base Metals and would provide high traction to the market.
Segmentation:
The Global Base Metals Mining Market, as described in the MRFR report, has been studied based on a segmentation that includes Metals type and application. This study depicts various factors from a close quarter that can impact the market.
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By Metals Type, the Global Base Metals Mining Market has the reached out to aluminium, zinc, nickel & lead, copper, and iron. The aluminium segment would dominate the market due to its increasing use in various sectors to reduce weight and curb fuel emission. Its impact would be substantial on electronics, construction, and automotive industries.
The Global Market for Base Metals Mining has been reported by Application with segments covering automotive, construction, electrical & electronics, and medical devices. The automotive sector is expected to fetch good deals owing to its substantial impact on the market.
Regional Analysis:
The Global Base Metals Mining Market, upon a study on a region-specific scale reveals various regions like Asia-Pacific, Europe, and North America, where the growth of the market would be substantial due to hike in production and continuous demand surge from various end-users, and Latin America and the Middle East & Africa, where the growth would be moderate. The Asia-Pacific market would register significant growth with an accelerating CAGR with various countries promoting the demand. Hong Kong, Singapore, Australia, South Korea, and Japan are going to create space for market expansion with their continuous construction activities. The favourable government support would also trigger the growth of the market in India and China. Rapid industrialization in the region would boost the demand further.
The North American and European markets would witness robust growth in terms of CAGR in the coming years. These regions would witness high growth due to better performance of the automotive and construction industries. The automobile industry in the US would surpass 11million per year by the end of 2021 and companies like Ford, General Motors, and others would make a huge impact in the North American market. In Europe, it would gain benefits from Mercedes, BMW, Volkswagen, and other brands. This would create more space for Base Metals Mining Market to operate.
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