Base Metals Mining Market Size was valued at USD 109.90 billion in 2023. The base metals mining industry is projected to grow from USD 131.88 Billion in 2024 to USD 472.60 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.30% during the forecast period (2024 - 2032). Increased demand for base metals by the building and construction industries as a result of increased urbanization and infrastructure development, and an increase in the number of construction activities are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rise in demand for copper wires, copper metals, and copper cathodes from the automotive industry is propelling the base metal mining market CAGR. The rapid growth of the automotive industry is affecting the use of metals such as copper, aluminum, and others for various uses in the automobile industry, which is raising demand for the base metal mining market. The expansion and developments in the electric car sector are also increasing demand for copper cathodes and copper wires, which are widely employed in the production of electric vehicles. According to the International Energy Agency, sales of electric vehicles surpassed 2.1 million units, exceeding sales.This increased the stock to 7.2 million electric vehicles. In 2022, the number of electric vehicles sold increased by 40% year on year to 2.94 million units. The increased production and sales of electric vehicles are boosting demand for base metals, which is driving demand for the base metal mining industry.
Furthermore, one of the primary factors driving the expansion of the base metal mining market is the increased demand for electronic devices around the world. Copper is commonly utilized in electrical wiring. This increases demand for base metals such as copper and aluminum in the electrical and electronics industries, which drives the base metal mining market. Furthermore, the increased sales and production of semiconductors will raise demand for base metals such as copper and aluminum. This will further fuel the base metal mining market.
For instance, According to the World Bank, construction expenditure is expected to exceed US$11.9 trillion in 2022, representing a 4.2% rise over the previous year's expenditure. This increases demand for base metals in the building and construction industry, fueling the expansion of the base metal mining market revenue.
The base metals mining market segmentation, metal based on type includes copper, zinc, nickel, aluminum. Aluminum held the largest share of the market of 45% in 2022 and is predicted to maintain this position throughout the forecast period. Aluminum is employed in a wide range of products due to its soft and flexible nature, including cans, foils, kitchen utensils, window frames, and airplane parts. It is replacing plastic and steel components due to its lightweight, which is a primary driver driving market growth.
Figure1: Base Metals Mining Market, by Metal Type, 2022 & 2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The base metals mining market segmentation, based on application, includes construction, electrical & electronics, automotive, medical, consumer goods, others. In 2022, the construction category dominated the market with a 33% market share. Buildings use aluminum for roofing, flashing, wall panels, windows, and doors. The rise in demand for base metal mining in the construction sector is propelling the market growth.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to grow at a 4.2% CAGR in terms of revenue. Rising EVS adoption and increased demand for electrical and consumer items are likely to fuel growth. Additionally, the demand in the automotive industry will expand the market's potential. US investments in vehicles and vehicles are benefiting the mining of base metals.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: BASE METALS MINING MARKET SHARE BY REGION 2022 (%) 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s base metals mining market accounts for the second-largest market share due to increased demand for sustainability and carbon reduction. Further, the German base metals mining market held the largest market share, and the UK base metals mining market was the fastest-growing market in the European region
The Asia-Pacific Base Metals Mining Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing investment across the region in numerous end-use industries such as electrical and electronics, automotive, and construction. Moreover, China’s base metals mining market held the largest market share, and the Indian base metals mining market was the fastest-growing market in the Asia-Pacific region.
For instance, in June 2022, the Egyptian government announced a plan to build 15 new fourth-generation towns in the country over the next few years.
Leading market players are investing heavily in R&D in order to expand their product lines, which will help the base metals mining market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, base metals miningindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the base metals mining industry to benefit clients and increase the market sector. In recent years, the base metals mining industry has offered some of the most significant advantages to medicine. Major players in the base metals mining market, including CODELCO (Chile), BHP Billiton Limited (Australia), Antofagasta PLC (UK), Alcoa Corporation (US), First Quantum Minerals Ltd (Canada) and others, are attempting to increase market demand by investing in R&D operations.
Lundin Mining Corporation is a Canadian corporation that owns and operates mines in Sweden, the United States, Chile, Portugal, and Brazil that produce base metals such as copper, zinc, and nickel. Adolf Lundin started the company, which is based in Toronto, and Lukas Lundin runs it. While it was formed to pursue an interest in a diamond mine in Brazil, the business restructured and raised funding to develop the Storliden mine in Sweden. It bought the Swedish Zinkgruvan Mine from Rio Tinto and subsequently combined with Arcon International Resources for its Galmoy Mine in Ireland and Eurozinc for its Neves-Corvo mine in Portugal. Following that, the business bought and operated the Eagle, Candelaria, and Chapada mines. In April 2022, Lundin Mining Corp. bought Josemaria Resources Inc., a natural resources firm, to diversify its metal and mining product portfolio.
Hitachi Construction Machinery Co., Ltd. is a Japanese firm that manufactures, sells, and services construction machinery, transportation machinery, and other machines and devices. It is a Hitachi Group subsidiary. Hitachi Construction Machinery Co., Ltd. was founded in 1970 and was responsible for the development of Japan's first mechanical excavator. The company has grown to become a significant manufacturer of construction equipment, and it is currently listed on the Nikkei 225. In July 2019, Hitachi Construction Machinery intended to supply an autonomous haulage system (AHS) to Whitehaven Coal, Australia's largest coal miner. With optimization, AHS will enable cost control of safety, productivity, and the life cycle at mining sites.
CODELCO (Chile)
United States Steel Corporation (US)
BHP Billiton Limited (Australia)
Alcoa Corporation (US)
Vedanta Resources PIc (India)
Antofagasta PLC (UK)
Rio Tinto (UK)
Vale S.A (Brazil)
Glencore (Switzerland)
Southern Copper Corporation (US)
Anglo American PIc (UK)
First Quantum Mint rals Ltd (Canada)
In September 2020, First Quantum Minerals has agreed to buy Minera Panama, which is based in Korea, from LS-Nikko Copper. This would aid First Quantum Minerals' development of copper and related items.
In March 2020, Zijin Mining announced the purchase of all Continental Gold stocks in cash for about 7 billion yuan, acquiring 100% ownership of Colombia's Buriticá Gold Mine. The mine has around 353 tons of gold reserves with an average grade of 9.3 grams/ton, and the development of the beneficiation plant is 88% complete. Following the conclusion of this acquisition, Zijin Mining's equity-controlled gold resource reserves will exceed 2,000 tons, increasing the mine's gold production by approximately 20% (once production has reached).
In July 2019, Lundin Mining announced the acquisition of Yamana Gold's Chapada copper-gold project. The acquisition's primary goal is to strengthen their position as the top producer of intermediate base metals. This will also help the company build its name in Brazil and provide high-quality solutions with improved technology and skills to its customers.
Base Metals Mining Market Metal Type Outlook
Copper
Zinc
Nickel
Aluminum
Base Metals Mining Market Application Outlook
Construction
Electrical & Electronics
Automotive
Medical
Consumer Goods
Others
Base Metals Mining Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 109.90 billion |
| Market Size 2024 | USD 131.88 billion |
| Market Size 2032 | USD 472.60 billion |
| Compound Annual Growth Rate (CAGR) | 17.30% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Metal Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | CODELCO (Chile), BHP Billiton Limited (Australia), Antofagasta PLC (UK), Alcoa Corporation (US), Vedanta Resources Pic (India), Freeport-McMoRan (US), Rio Tinto (UK), Norilsk Nickel (Russia), Vale S.A (Brazil), Anglo American Pl (UK). Glencore (Switzerland), Southern Copper Corporation (US), First Quantum Minerals Ltd (Canada), and United States Steel Corporation (US). |
| Key Market Opportunities | The increase in construction activities across the globe is positively expected to influence the demand. |
| Key Market Dynamics | The increasing demand for base Metals mining in the construction industry. |
Base Metals Mining Market Highlights:
Frequently Asked Questions (FAQ) :
The base metals mining market size was valued at USD 109.90 Billion in 2023
The market is projected to grow at a CAGR of 17.30% during the forecast period, 2024-2032
North America had the largest share of the market
The key players in the market are CODELCO (Chile), BHP Billiton Limited (Australia), Antofagasta PLC (UK), Alcoa Corporation (US), First Quantum Minerals Ltd (Canada)
The construction base metals mining category dominated the market in 2023
The Aluminum had the largest share of the market
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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