Transparency Market Research Report Add "Base Metal Mining Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023" to its database.
Albany, NY -- (SBWIRE) -- 05/15/2017 -- The global base metal mining market is highly consolidated. The top player operating in the market, Glencore Plc accounted for 68% of the global market in 2014. Some of the other leading players in the market include: Freeport-McMoRan, Inc., BHP Billiton Limited, Antofagasta PLC, Alcoa Inc., and CODELCO. These companies cumulatively accounted for 18% of the market in 2014. The market is characterized by a low degree of competition, states a new report by Transparency Market Research (TMR). The exit barriers for manufacturers is high as investment done is high and also because of contract commitments. The threat of new entrants is expected to be low as entering the base metal mining market is capital intensive. TMR analysts recommend companies to acquire top mining companies in emerging nations, which can prove to be substantially promising investment and also lead to geographical expansion.
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According to TMR, the global base metal mining market is expected to reach 160.19 MMT by 2023 in terms of volume, and expand at a 5.01% CAGR from 2015 to 2023. Asia Pacific is anticipated to account for more than half of the market during the forecast period, with China accounting for 45% of the market and is projected to expand at a 7% CAGR from 2015 to 2023. India is likely to witness an expansion of 6.49% CAGR from 2015 to 2023 in the market owing to a surge in the infrastructure development, which will create a heightened demand for base metals. By type, aluminum is expected to account for 54.35% of the market by 2023.
Robust Growth in Construction, Transportation, and Manufacturing Sectors in Asia Pacific to Drive Market
The world economy is largely affected directly or indirectly by the mining industry as the consistent supply of base metals such as zinc, copper, aluminum, and tin is essential for a wide range of sectors such as construction, manufacturing, transportation, utilities, equipment, and infrastructure. A growth in any of these aforementioned industries spurs the demand for base metals, thus driving the market. The construction, manufacturing, transportation, and utilities sectors are flourishing and are expected to continue to do so especially in Asia Pacific, and this is estimated to propel the growth of the base metal mining market in the coming years.
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In addition to Asia Pacific, Europe is also likely to witness a high demand for base metals as the European Union is aiming for the development of the region's energy infrastructure, so as to make it more complaint with renewable energy sources. This is leading to a considerable increase in the base metal mining investment. Moreover, other regions are also witnessing a growth in the transportation, equipment, and construction industries, ensuring a healthy demand for base metals from across the globe.
Social License Requirement for Operation in Resource Rich Regions May Pose Challenge
Although the global base metal mining market has a bright future, there are a few challenges faced by players operating in this market. "Resource nationalism is one of the key challenges faced by players, as heavy taxes are levied on foreign companies and project ownership is also demanded by the respective state," states a TMR analyst. The need to have a social license to operate apart from acquiring permission from government in regions that have plenty of resources is also another issue faced by players.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Base Metal Mining Market (Type - Aluminum, Copper, Nickel, Tin, Lead-Zinc)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
For the purpose of this study, the market has been segmented as follows:
Base Metal Mining Market: By Type
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