Albany, NY, Feb. 16, 2016 (GLOBE NEWSWIRE) -- According to this report, global base metal mining market stood at 103.33 million metric tonnes (MMT) in terms of volume in 2014 and is projected to reach 160.19 MMT by 2023 at a CAGR of 5.01% from 2015 to 2023.
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Base metals affect the growth of the utilities, infrastructure, and manufacturing sectors of all the countries across the globe. Base metal mining includes major industrial non-ferrous metals such as copper, nickel, lead-zinc, aluminum, and tin. The base metal mining industry is expected to grow during the forecast period on account of increasing infrastructure development across the globe. Increasing demand for energy and rising urbanization are some of the important factors affecting the demand for base metals. Base metals are essential for the manufacturing sector. Base metals have a wide range of applications such as in the production of durable goods, electric systems, automotive systems, and coatings, etc.
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The market for base metal mining has been segmented on the basis of type and region. Aluminum held the largest share (53.73%), followed by lead-zinc (24%) and copper (16%), of the base metal mining market in 2014. Aluminum held the largest market share in 2014 on account of its wide applications in various areas such as packaging, transportation, construction, consumer durables, machinery equipment, electrical systems, etc. Aluminum is mostly used in the automotive industry to manufacture light-weight vehicles. Utilization of aluminum in automotive manufacturing helps in making the vehicles more energy-efficient. Light weight of aluminum helps achieve environmental targets in line with obligatory norms set by the international community.
Zinc is another most widely consumed base metal in the world due to its various physical properties such as galvanizing properties and capability of bonding with various metals. Zinc has been growing due to its anti-corrosion property which helps prevent corrosion in metals. Corrosion is a major hindrance to the base metal applications. Lead is primarily used in portable batteries, which are used in vehicles and emergency systems. Expanding portable batteries market, is driving the demand for lead. Demand for copper is projected to grow with increase in population as it would require expanding power infrastructure which is copper-intensive. Copper market would be boosted by the increase in number of infrastructure facilities such as buildings and complexes.
Nickel is used in highly-specialized sectors such as industrial, aerospace, and military. Nickel plating is one of the important industries, wherein the usage of nickel is essential; expanding nickel plating industry would boost the demand for nickel in the next few years. Utilization of tin-coated electronic components is increasing in motor vehicles, which in turn, is boosting the consumption of tin. Tin is being used as an alternative to other materials. It is also used in various industries, such as food and beverage and packaging.
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In terms of region, Asia Pacific and Europe accounted for nearly 63% and 14% share, respectively, of the base metal mining market in 2014. The difference in the market share is attributed to high urbanization growth rate is Asia Pacific as compared to that in other regions.
Urbanization is one of the major drivers of the base metal mining market in developing economies in regions such Asia Pacific, the Middle East, Africa, and South and Central America. Modernization of utility infrastructure is driving the demand for base metal mining market in developed economies in regions such as Europe and North America.
Demand for base metals is expected to increase gradually in the future as they would be utilized for the development of urban infrastructure. The base metal mining market has been segmented as follows:
Base Metal Mining Market: By Type
Base Metal Mining Market: By Region
- North America
- Asia Pacific
- Middle East and Africa
- South and Central America
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