Base Metal Mining Market Sales, Size, Share and Forecast 2023
A recent report by Transparency Market Research (TMR) presents the recent updates on global base metal mining market. According to the report, the market is dominated by some of the prominent players across the globe. Some of them are, Glencore Plc, BHP Billton Limited, and Freeport-McmoRan, Inc. Of these organizations, Glencore Plc alone accounts for over 68% of market share. This make the company the biggest shareholder of global base metal mining market. Some other players of the market are Antofagasta Plc, CODELCO, and Alcoa Inc. Altogether, these businesses account approximately 18% of the market globally. The competition is expected to highly intensify with increasing number of players in the market.
In order to stay ahead of the curve, players of global base metal mining market are implementing some strategies. These strategies are strategic mergers and collaborations, and acquisitions of small businesses, and finally brand and product promotions.
The report by TMR provides an in-depth analysis of global base metal mining market. It gives valued actionable insights on key trends and various facets of the market. According to the market, the global base metal mining market is likely to grow with a CAGR of 5.1% in the projected period of 2015 to 2023. It also states that the market shall reach the point of US$160.19 mn by the end of forecast period.
As a result of rising demand for copper in the major industries, this segment shall dominate the global base metal mining market. The growth will attribute to urgency of replacing the aging infrastructure and necessity of integrating new power sources with conventional ones. Also, the need of improving the power distribution infrastructure to match the pace with growing technological advancements shall drive the growth of this segment of global base metal mining market in the forecast period.
Geographically, the global base metal mining market spreads across the globe. However, Asia Pacific shall rise as the leading region of the market in the forecast period. As a result of increasing industrialization in the region, base metal mining market shall capture the top spot in the forecast period. In addition, the growth in various sectors such as industrial equipment, transportation, and manufacturing in the region will also help Asia Pacific to grow as the leading region of base metal mining market in the projected forecast period.
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Increasing Developments in Infrastructure to Drive the Growth for the Market
The economy of the world is directly or indirectly influenced by the mining industry. Studies suggest that estimates of the mining industry affect at least 40% of the global economy. Consistent demand of base metals like copper, zinc, aluminium, and nickel drives the growth for base metal mining market across the globe. Also, developments in infrastructures of manufacturing, transportation, and construction industries encourages the global base metal market to grow substantially.
Promising Results Projected to Occur in the Market despite Minor Challenges
Issues like resource nationalism and acquiring of social licences to operate in resource-rich regions of the world may pose some challenges in the growth of the market. However, looking at the various developments in mining, manufacturing, power production and distribution, and construction equipment industries, the possibility of gaining profit for key player of global base metal mining market is quite high. Also, growth in sectors like transportation shall also promote the growth of base metal mining market globally.
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