The global Base Metals Market is estimated to be valued at US$ 751.30 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Base metals such as copper, aluminum, nickel, lead, zinc etc. finds usage in various end-use industries owing to their properties like durability, ductility, conductivity etc. Growing application of base metals in automobile, construction and electronics industries is fueling the growth of base metals market.
Market key trends:
One of the key trends in base metals market is growing adoption of cloud computing. With rapid digital transformation across industries, demand for data centers has increased exponentially. Data centers require huge wiring and equipment which utilizes large amounts of base metals especially copper and aluminum for their conductivity and strength properties. This is expected to drive significant growth in the demand and consumption of base metals over the forecast period.
Segment Analysis
The base metals market is segmented into aluminum, copper, zinc, lead and nickel. Among these, the copper segment dominated the market and accounted for around XX% of total market share in 2022. Copper finds wide applications in construction, transportation, consumer goods, industrial machinery and equipment. Rise in construction activities and growing automotive industry drives the demand for copper.
Key Takeaways
The global base metals market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing investments in infrastructure development and growth of the manufacturing sector.
Regional analysis: Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period. Rapid urbanization and industrialization in China and India are major factors driving the demand for base metals in the region. North America and Europe are other major markets for base metals.
Key players: Key players operating in the base metals market are McMoRan Copper and Gold, Rio Tinto, Teck Resources, and Nyrstar. McMoRan Copper and Gold is one of the largest producers of molybdenum and one of the largest copper producers in the US. Rio Tinto is a leading international mining group operating in over 35 countries. Teck Resources is a diversified resource company committed to responsible mining and mineral development. Nyrstar is an international multi-metals business, creating sustainable value for all its stakeholders by mining, smelting and transforming metals.
