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Albany, New York, Feb. 18, 2019 (GLOBE NEWSWIRE) -- The global base metal mining market is prognosticated to project very low competition all over the globe. However, it is difficult for the manufacturers to quit business even they suffer a loss, since they have contracts and huge amount invested in the market. The need of high initial investment makes it difficult for the new players to enter in the market. This is the key reason why the competitive scenario is likely to be consolidated with handful of firms holding the maximum share. Mergers and acquisition strategies is one of the ways through which the global base metal mining market would achieve a significant traction in coming years.
The key players operating in the global base metal mining market are Alcoa Inc., BHP Billiton Limited, Freeport-McMoRan, Inc., Antofagasta PLC, and CODELCO. This firms collectively hold around 18% of overall share in 2014. Moreover, an industry giant Glencore Plc. single handedly accounted for 68% of share of global market in 2014.
According to a recent report by Transparency Market Research (TMR), the global base metal mining market is anticipated to experience an expansion with a robust CAGR of 5.01% within the forecast period from 2015 to 2023. On the basis of volume, the base metal mining market is likely to be valued around 160.19 MMT by the end of 2023, which was initial valued to be around 103.33 MMT in 2014.
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Growth in Automobile Sector to Fuel Demand in Base Metal Market
Based on type, aluminum has emerged to be highly utilized base metal consumed all over the globe. This increased usage is credited to the expansion in automobile sector. Aluminum accounted for 53.73% in base metal mining market in year 2014 and is foreseen to sustain the lead even in future. Geographically, Asia Pacific region is estimated to lead the global base metal mining market. This is attributed to the consistent rise in urbanization and industrialization in the regional market since past few years. The region held around 63% in the overall base metal mining market in 2014, and is likely to sustain its lead in future as well.
As per the global estimation, the world economy is highly affected by mining sector, either direct or indirectly. Constant base metal supply, for example, zinc, aluminum, copper, and tin are the major key to growth in various sectors. These sectors are construction, infrastructure, manufacturing, equipment, transportation, utilities, and so on. The exponential growth in these areas are the key factor driving the demand in several developing regions like Asia Pacific.
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Requirement of Social License to Hamper Market Growth
Rise in investments by European Union is another factor propelling the growth in the global base metal mining market. Moreover, growth in equipment, construction sector is also fueling the demand for base metal in the world. These are some of the drivers estimated to contribute in the surging demand for base metal mining in the global market. Nevertheless, factors for example, necessity of social license and nationalism are likely to hinder the market growth in upcoming years.
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The review is based on the findings of a report by Transparency Market Research, titled, “Base Metal Mining Market – (By type – Lead-Zinc, Tin, Aluminum, Copper, And Nickel) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
For the purpose of this study, the market has been segmented as follows:
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