Allied Market Research published a report, titled, “Mining metal Market by Type (Iron, Aluminum, Manganese, Chromium, Copper, Zinc, Titanium, Lead, Nickel, Lithium, Gold, Platinum, Silver, and Others) and End-use Industry (Construction, Automotive, Electrical & Electronics, Consumer Goods, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032.” According to the report, the global mining metal market was valued at $1.0 trillion in 2022 and is projected to reach $1.6 trillion by 2032, expanding at a CAGR of 5.1% from 2023 to 2032.
Prime determinants of growth
The global shift toward renewable energy sources and the electrification of transportation require significant amount of certain metals such as lithium, cobalt, and rare earth elements. This is expected to drive the demand for mining activities to secure a sustainable supply chain for these materials. Furthermore, increasing awareness regarding environmental issues and implementation of stringent environmental regulations foster the adoption of more sustainable and responsible mining practices. This may lead to increased investment in technologies that reduce the environmental impact of mining operations. Moreover, changes in global trade policies, tariffs, and geopolitical considerations can influence the mining metal market. Trade tensions and policy shifts may impact the availability and pricing of metals. These factors are anticipated to drive the market growth during the forecast period.
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Report coverage & details:
Forecast Period 2023-2032
Base Year 2022
Market Size in 2022 $1 Trillion
Market Size in 2032 $1.6 Trillion
CAGR 5.1%
No. of Pages in Report 300
Segments Covered
Type and End-use Industry
Drivers
Rise in demand for base metals from the electrical and electronics sectors Growth of the construction industry
Opportunity
Surge in global EV production
Restraint
Stringent environmental regulations
The iron segment maintained its lead position during the forecast period
On the basis of type, the copper metal segment accounted for the largest share in 2022, contributing nearly two-fourths of the global mining metal market revenue, as in submerged mining metal, the membrane modules are submerged directly in the mixed liquor within the bioreactor tank. Copper is widely used in construction, infrastructure, and manufacturing. As the global economy is expanding, there is an increased demand for copper in various industries, such as construction, electronics, and transportation. However, the aluminum segment is anticipated to grow at the highest CAGR of 6.6% during the forecast period.
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The construction segment maintained its lead position during the forecast period
By end-use industry, the construction industry accounted for the largest share in 2022, contributing more than two-fifths of the global mining metal market revenue, and is anticipated to grow at the highest CAGR of 5.4% during the forecast period The growth of commercial and industrial sectors contributes to increased demand for metals. Office buildings, factories, warehouses, and other industrial facilities require significant amounts of metal for construction and equipment
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global mining metal market and is anticipated to grow at the highest CAGR of 5.3% during the forecast period. This is attributed to the presence of a large population base, rapid urbanization coupled with rise in construction activities, and improvement in standards of living.
Leading Market Players: –
Antofagasta plc
Rio Tinto
Teck Resources Limited
Hudbay Minerals Inc.
Anglo American
Freeport-McMoRan
Capstone Copper
Barrick Gold Corporation
Alcoa Corporation
BHP
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The report provides a detailed analysis of these key players in the global mining metal market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
