Base Metals Market Expected to Reach $1028.8 Billion by 2031—Allied Market Research

Base Metals Market Overview, 2031

According to a new report published by Allied Market Research, titled, “Base Metals Market," The base metals market size was valued at $722.40 billion in 2021, and is estimated to reach $1028.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.

A base metal is a nonferrous (it contains no iron) metal that is neither precious nor noble. The most common base metals are copper, lead, nickel, tin, aluminum, and zinc. It is used in various industry such as construction, automotive & transportation, and consumer goods.it is more common and more readily extracted than precious metals, which include gold, silver, platinum, and palladium.

Rise in construction activities across various regions such as Europe & Asia-Pacific are expected to fuel the global base metals market growth. Rapid industrialization and urbanization in the developing and the developed countries, such as India, China, Brazil, the U.S., UK, Mexico, and Canada has boosted the growth of various industries such as automotive, manufacturing, and construction. The base metals market overview is expected grow during the forecast period. In addition, increase in population, rise in disposable income, surge in employment rate, and improvement in standard of living in countries such as India, China, Mexico, Canada, Russia, Malaysia, and Thailand have resulted in the growth of manufacturing industries. This has accelerated the demand for base metals.

Major players have adopted product launches, business expansion, and acquisitions as a key strategy to sustain the competition and improve the product portfolio. For instance, Lundin Mining acquired Chapada copper-gold mine from Yamana Gold in July 2018. This move by Lundin Mining is to strengthen its position in the Brazilian market as a leading intermediate base metals producer with better technologies and high-quality solutions.

Asia-Pacific registered the highest market share in the global base metals market share in 2021, owing to rise in income levels and rapid urbanization & industrialization, and investments in infrastructure by the government.

However, during the COVID-19 pandemic, various manufacturers in the base metals market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of base metals companies. In addition, lack of manpower and raw materials constricted supply for equipment of base metals, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of base metals companies.

KEY FINDINGS OF THE STUDY

• The base metals market report provides an extensive analysis of the current and emerging global base metals market trends and dynamics. 

• Depending on metal type, the aluminum segment has dominated the base metals market, in terms of revenue in 2021 and projected to grow at a significant CAGR during the forecast period.

• By end-user industry, the construction segment has registered the highest revenue in 2021.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the global base metals market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the base metals industry.
• The base metals market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global base metals market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.