A lead analyst at AMR highlighted that the base metals market in LAMEA is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the base metals market. The findings of the report state that the global market for base metals generated $722.4 billion in 2021, and is projected to reach $1028.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. An increase in demand for base metals in residential and non-residential construction development, an increase in demand for electric vehicles, and a surge in urbanization is expected to drive the growth of the global base metals market. On the other hand, the emission regulations imposed by the government on automobile manufacturers are expected to hinder growth to some extent. However, rapid industrialization and an increase in the standard of living among people are expected to create ample opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the base metals market globally. The novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted the production of many products in the base metals market, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 on the market. This has led to the reopening of base metals market companies at their full-scale capacities. This is expected to help the market recover by the end of 2022.
“The global base metals market witnessed significant growth over the past decade, owing to a rise in construction activities across various regions such as Europe and Asia-Pacific is expected to boost the growth during the forecast period. Various key players are expanding their businesses globally, owing to an increased customer base, enhanced effective operations, and developed product portfolios. This is anticipated to fuel the growth of the global base metals market,” says Onkar Sumant – Manager, Construction and Manufacturing at Allied Market Research.
The report offers detailed segmentation of the global base metals market based on metal type, source, end-user industry, and region.
Based on metal type, the aluminum segment held the highest market share in 2021, accounting for more than one-third of the global base metals market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.0% from 2022 to 2031.
Based on the source, the new production segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global base metals market, and is projected to maintain its lead position during the forecast period. However, the recycled segment is expected to portray the largest CAGR of 3.9% from 2022 to 2031.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly three-fourths of the global base metals market, and is likely to dominate the market during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 5.8% during the forecast period.
The key players analyzed in the global base metals market report include CODELCO, First Quantum Minerals Ltd., Freeport-McMoRan, Glencore, Jiangxi Copper Corporation Limited, Lundin Mining Corporation, Rio Tinto, Alcoa Corporation, Anglo American plc, Antofagasta plc, BHP, Southern Copper, Teck Resources, United States Steel Corporation, United Company Rusal Plc, VALE S.A., Vedanta Resources Limited.
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