Base Metal Mining Market – Asia Pacific Dominates Owing to Growing Reliance on Key Industries Introduction
In the dynamic world of base metal mining, the Asia Pacific region has emerged as the dominant player, commanding the largest revenue share over the forecast period. The demand for base metals, essential components used in various applications by end-use industries, has been spurred by the population surge in nations such as China and India. Moreover, the growing dependence on key industries like building and construction, automotive, and electrical and electronics has further fueled this growth.
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The Rise of Asia Pacific Base Metal Mining Market
The Asia Pacific region has witnessed a significant surge in base metal mining demand, largely driven by the ever-increasing populations of China and India. These populous nations have experienced rapid industrialization, leading to heightened reliance on essential end-use industries such as building and construction, automotive, and electrical and electronics.
For instance, China, a global manufacturing powerhouse, saw a considerable boost in aluminum production, reaching 37,337 thousand metric tonnes in 2020. This marked a 4.3% increase from the previous year's output. In India, the production of aluminum amounted to 3.6 million tonnes in 2020, according to the Indian Brand Equity Foundation (IBEF). These impressive figures are indicative of the region's unwavering demand for base metal mining.
Stable Revenue Growth in North American Base Metal Mining Market
While Asia Pacific leads the pack, the North American base metal mining market is expected to experience stable revenue growth throughout the forecast period. The primary driver of this expansion is the increasing demand for electric vehicles, spearheading the need for a stable and abundant supply of raw materials.
Furthermore, North America's rapid infrastructure development and the growth of end-user verticals, including building and construction, have further contributed to the market's positive trajectory. Additionally, the electronics industry's continuous capacity increase plays a pivotal role in propelling the value growth of the market.
Driving Factors for Global Base Metal Mining Market
1. Urbanization and Infrastructure Development
One of the key factors driving the growth of the base metal mining market is the surging demand for base metals by the building and construction industry, fueled by rapid urbanization and infrastructure development across the globe. As more nations focus on developing their infrastructure, the need for base metals in construction activities is on the rise.
2. Rise of Electric Vehicles and Automotive Sector
The global shift towards electric vehicles has resulted in an increased demand for base metals, including copper, aluminum, and zinc, used in the manufacturing of these eco-friendly vehicles. The automotive sector's expansion, particularly in developing economies, has further bolstered the market.
3. Growing Electrical and Electronics Industry
The electrical and electronics industry heavily relies on base metals like copper and aluminum for wiring and other components. With the sector witnessing continuous growth, the demand for base metals is also on the rise, creating a positive impact on the mining market.
Competitive Landscape
The base metal mining market features prominent players such as BHP, Freeport-McMoRan, Inc., Antofagasta PLC, CODELCO, Zijin Mining Group Co., Ltd., Norilsk Nickel, Vale, Aurubis, Glencore, and Anglo American. These companies continuously innovate and invest in automation and technology to maintain a competitive edge in the market.
In March 2019, ABB revolutionized the Indian mining industry with their multimedia portfolio, AbilityTM Mine Optimize, aimed at automating every step of the mining process. Similarly, Australian gold mining company Resolute Mining constructed the world's first fully automated underground mine in August 2018, setting new standards for efficiency and productivity.
The Impact of COVID-19
The base metal mining market experienced a temporary setback during the COVID-19 pandemic, owing to various political, economic, and legal constraints across nations. The slowdown in the construction, automotive, electrical, and electronics industries significantly impacted the demand for base metals like zinc, copper, and aluminum.
However, as the world slowly recovers from the pandemic, the market is expected to bounce back by the end of 2021, driven by the resumption of construction activities and the rebound of key industries.
Outlook for Base Metal Mining Market
The global base metal mining market exhibits a promising growth curve in the short-term outlook. As demand for base metals continues to surge in various industries, market expansion is anticipated to continue in the upcoming years.
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