Transparency Market Research has published a new report "Base Metal Mining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023 " to its report store.
Albany, NY -- (SBWIRE) -- 03/07/2016 -- Base metals are crucial in the growth of the infrastructure, manufacturing, and utilities sectors of a country. Base metal mining refers to the mining of the major industrial non-ferrous metals such as nickel, lead-zinc, copper, tin, and aluminium. Rapid infrastructure development across the globe has propelled the growth of the global base metal mining market. The global base metal mining market is expected to expand at a CAGR of 5.01% during the period between 2015 and 2023. In terms of volume, the overall market stood at 103.33 mn metric tons (MMT) in 2014 and is projected to reach 160.19 MMT by 2023.
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The growing demand for energy and rising urbanization have propelled the demand for base metals in recent years. While base metals are essential for the manufacturing sector, a large number of applications of base metals are in the production of automotive systems and coatings, durable goods, electrical systems, and others. However, fluctuating prices of base metals are expected to negatively impact the global base metals mining market.
Aluminium Emerges as Most Widely Used Base Metal across the Globe
On the basis of type, the global base metal mining market has been segmented into tin, aluminium, copper, nickel, and lead-zinc. Base metals differ in their physical properties and applications. In 2014, aluminium accounted for a 53.73% share in the market owing to its wide applications across sectors such as construction, transportation, packaging, machinery equipment, consumer durables, electrical systems, and others. Aluminium is also extensively used in the automotive industry to manufacture lightweight vehicles.
Lead-zinc and copper accounted for a 24% and 16% share in the market, respectively, in 2014. The various physical properties of zinc such as the capability of bonding with metals, anti-corrosion property, and galvanizing property have boosted its demand. The rapidly growing portable batteries market has fuelled the demand for lead. The demand for copper is expected to surge with the expanding power infrastructure. Nickel is used across highly specialized sectors such as aerospace, military, and industrial. Nickel plating is one of the key industries driving the demand for nickel. The usage of tin-coated electronic components in motor vehicles has boosted the demand for tin.
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Key Regions in Global Base Metal Mining Market
The global base metal mining market has been segmented into five key regions: Asia Pacific, the Middle East and Africa, South and Central America, Europe, and North America. In 2014, Asia Pacific and Europe held a 63% and 14% share in the market, respectively. The high urbanization rate in Asia Pacific has boosted the base metal mining market in the region. Modernization of utility infrastructure across the developed economies in North America and Europe will augment the growth of the market.
Key Players in Global Base Metal Mining Market
Some of the key players in the global base metal mining market are Alcoa Inc., Antofagasta Plc., Anglo American Plc., First Quantum Minerals Ltd., BHP Billiton Ltd., CODELCO, Freeport-McMoran Inc., Glencore Plc., Rio Tinto Plc., Kaiser Aluminium Corporation, Southern Copper Corporation, Vale S.A., and Teck Resources Ltd.
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