Base Metals Market

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 novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted production of many products in base metals market, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 on the market. This has led to the reopening of base metals market companies at their full-scale capacities. This is expected to help the market recover by the end of 2022.

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