Global Mining Metal Market Expected To Reach $1,570.4 billion by 2032

According to a new published report by Allied Market Research titled, “Mining Metal Market by Type, Grade and Application: Global Opportunity Analysis and Industry Forecast, 2023–2032”  The global mining metal market was valued at $1.0 trillion in 2022 and is projected to reach $1.6 trillion by 2032, expanding at a CAGR of 5.1% from 2023 to 2032.

A mining metal is a mobile equipment that has one or more high-intensity electric lamps that are used in various applications such as defense, agriculture, construction, industrial, and other applications. The rapid pace of introduction of new product development with energy-efficient lighting and optimum fuel consumption is the major factor that helps to drive the market.

Growth of the construction industry

The mining metal market is closely tied to the construction industry, and its growth is influenced by various factors related to construction activities. The construction industry is a key driver of infrastructure development, including the construction of roads, bridges, and airports.  These projects require a significant amount of steel and concrete.  prompting increased demand for mining metals such as iron ore, aluminum, and copper. There is an increased need for residential & commercial infrastructures with increase in population in urban areas. Urbanization drives demand for construction materials, including metals for structural elements, electrical wiring, plumbing, and HVAC systems.

The housing market is a major consumer of mining metals. Residential construction projects, whether for single-family homes or multi-unit buildings, require a variety of metals such as steel, copper, aluminum, and zinc for roofing, wiring, plumbing, and structural components. Furthermore, the construction of commercial and industrial facilities, such as office buildings, factories, and warehouses, involves the use of substantial amounts of metals for framing, roofing, and specialized applications. This contributes to the demand for mining metals.

Modern construction methods often incorporate advanced technologies and materials that require specific metals. For instance,  the use of steel-reinforced concrete, advanced alloys, and other innovative materials drives the demand for a diverse range of metals. In addition, public infrastructure projects, initiated by governments to stimulate economic growth and improve public services, are major contributors to the demand for mining metals. These projects may include the construction of highways, railways, airports, and public buildings.

Moreover, ongoing maintenance, renovation, and retrofitting of existing structures are anticipated to contribute to the rise in demand for mining metals. Expansion of existing buildings requires additional metal resources. After natural disasters such as earthquakes, hurricanes, or floods, there is often a need for extensive reconstruction efforts. This involves the use of mining metals to rebuild damaged structures and infrastructure.

The mining metals market is segmented into types, end-use industries, and regions. Based on type, the market is segregated into iron, aluminum, manganese, chromium, copper, zinc, titanium, lead, nickel, magnesium, tin, molybdenum, and others. By end-use industry, the market is fragmented into construction, automotive, electrical & electronics, consumer goods, and others. Depending on the region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on type, the market is divided into iron, aluminum, manganese, chromium, copper, zinc, titanium, lead, nickel, platinum, silver, gold, lithium and others. Copper metal type was the largest revenue generator, in 2022 and is anticipated to register a CAGR of 5% during the forecast period.   Copper is widely used in construction, infrastructure, and manufacturing. When the global economy is expanding, there is typically an increased demand for copper in various industries, such as construction, electronics, and transportation.

Based on the end-use industry, the global mining metal market is divided into construction, automotive, electrical & electronics, consumer goods, and others. The construction end-use industry was the largest revenue generator, in 2022 and is anticipated to expand at a CAGR of 5.4% during the forecast period. The growth of commercial and industrial sectors also contributes to increased demand for metals. Office buildings, factories, warehouses, and other industrial facilities require significant amounts of metal for construction and equipment.

Region-wise, the mining metal market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific Mining metal market size is projected to expand at the highest CAGR of 5.3% during the forecast period. The construction industry in the Asia-Pacific region has witnessed significant growth due to population growth, urbanization, and rising standards of living. Metals are essential for building materials and various construction applications.

The major players operating in the Global mining metal market include Antofagasta plc, Rio Tinto, Teck Resources Limited, Hudbay Minerals Inc., Anglo American, Freeport-McMoRan, Capstone Copper, Barrick Gold Corporation, Alcoa Corporation, and BHP. These players have adopted product launches as their key strategy to increase their market share.

KEY FINDINGS OF THE STUDY

• Based on type, the copper segment has a dominant market share in the global mining metal market in terms of revenue in 2022. However, the aluminum metal segment is anticipated to grow at the highest CAGR of 6.6% during the forecast period.

• Based on the end-use industry, the construction segment has a dominant market share in the global mining metal market in terms of revenue in 2022.

• Based on region, Asia-Pacific region has a dominant market share in the global mining metal market in terms of revenue as well as volume and it is anticipated to grow at the highest CAGR of 5.3% during the forecast period.