Base Metal Mining Market is projected to reach 160.19 MMT | 2023
The
global market for base metal mining is characterized by a markedly
high level of consolidation, with Glencore Plc. solely accounting for
over 68% of the global market in 2014, states a report by
Transparency Market Research. Other major vendors in the market,
comprising BHP Billiton Limited, Freeport-McMoRan, Inc., Antofagasta
PLC, CODELCO, and Alcoa Inc., cumulatively accounted for nearly 18%
of the market in the same year.
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The
market features a low degree of competition but has high exit
barriers for manufacturers owing to investment and contract
commitments. The capital intensive nature of base metal mining
facilities has mitigated the threat of new entrants to a substantial
degree, reason why only a few companies hold a majority of share of
the market. Acquiring major mining companies in emerging economies
can help companies in the base metal mining market achieve
substantial traction and expansion across these regions, which are
among the most promising investment hubs for the base metal industry.
Infrastructure
Development Activities to be Key Enabler of Growth
Global
estimates entail that nearly 40% of the world economy is directly or
indirectly affected by the mining industry. Consistent supply of base
metals such as copper, zinc, nickel, aluminum, and tin is central to
the development of sectors such as infrastructure, construction,
manufacturing, transportation, equipment, and utilities. Flourishing
growth across these sectors in the past few years, especially in
developing regions such as Asia Pacific, is the major demand driver
of base metals in the global market.
The
European Union has significantly increased its investment aimed at
the development of the region’s energy infrastructure, to make it
more complaint with renewable energy sources, in the past few years.
Transportation, construction, and equipment industries, which are
some of the principal consumers of a number of base metals, are also
expanding at a plausible rate across the globe.
These
factors are collectively leading to the increased consumption of base
metals and are expected to remain the key drivers of the global base
metal mining market in the next few years. However, issues such as
resource nationalism and the requirement of social license to operate
in resource-rich regions will pose difficulties for companies
operating in the global base metal mining market in the years to
come.
Asia
Pacific to Dominate Global Consumption
Asia
Pacific holds a prominent position in the global market for base
metal mining. The region is the largest consumer of base metals on
account of the excellent development across the industrial and
manufacturing sectors, especially in countries like India and China.
The region accounted for a share of nearly 63% in the global base
metal mining market in 2014 and is expected to strengthen its
position further in the years to come as well.
In
the Asia Pacific base metal mining market, China held a share of
nearly 45% in the market and is expected to expand at a favorable 7%
CAGR from 2015 to 2023. In India, the market will exhibit a 6.49%
CAGR over the same period and emerge as another prominent consumer
for base metals, next to Australia. Infrastructure development
activities in India will require increased volumes of base metals in
the next few years, driving the base metals mining market.
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On a
whole, the global base metal mining market is expected to expand at a
5.01% CAGR from 2015 to 2023, in terms of volume, and rise from
103.33 MMT in 2014 to 160.19 MMT by 2023.
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Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
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