COVID-19 Impact Analysis for Metal and Mining Market in Chemical Industry
The outbreak of coronavirus started showing its impact mainly from March of 2020. The average share pricing of metal and mining industry dropped by almost 10% and many standalone companies have lost around 40-50% of their market value. The effect of COVID-19 has changed from moderate in March 2020 to high in April 2020 and is still aggressively increasing. Some of the major players in the mining market such as BHP Billiton, Rio Tinto, and Anglo American have so far reported partial shutdowns and due to this, the industry has almost reported a production loss of more than 30% till now.
It has been observed that the price of various commodities such as iron ore, copper, coal and zinc, fell by >5% due to lower-near term demand. The only exception to this trend is gold. The prices of gold have registered an increase in price of around 8% since the beginning of this year.
Global base metal mining market is set to witness substantial CAGR of 4.73% in the forecast period of 2019-2026. The report contains data of the base year 2018 and historic year 2017. Rising demand of base metal from construction industry and growth of electronics and electrical segments are the factor for the growth of this market.
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Moreover, the Mining Consulting Service report describes the market division based on various parameters and attributes that are based on geographical distribution, product types, applications, etc. The market segmentation clarifies further regional distribution for the Mining Consulting Service market, business trends, potential revenue sources, and upcoming market opportunities.
World mining industry recorded 2019 as a remarkable year. The continuing recovery in commodity prices, fueled by global economic growth, has encouraged the growth of the mining industry, which in turn has also fostered the demand for underground mining equipment in the mining industry. In the past years, the number of operative mines has increased throughout the globe. Further, this increase in the number of active mines is anticipated to escalate the demand for underground mining equipment in the mining sector.
Impact on other commodities
COPPER: Since the beginning of 2020, copper prices have dropped by almost 15% due to a downfall in demand from various end-use industries. However, with most manufacturers/smelters in china and as the country is slowly getting rid of the pandemic, copper demand and prices are expected to bounce back.
ZINC: Through the prices zinc rose rapidly from 2015 to 2019 will almost an increase of 32%, now facing downfall of around 18% from 2019 to 2020.
NICKEL: Despite of economic downturn, the performance of nickel was better than other commodities. The prices are also showing positive signs along with the supply. It is expected that by the end of 2020, there will be around 3% rise in the demand of nickel.
Market Segmentation:
By Application:
– Coal Mining
– Metal Mining
– Mineral Mining
Geographical Analysis:
· North America
· Asia Pacific
· Europe
· Middle East & Africa
· Latin America
The global Underground Mining Equipment Market report highlights are as follows:
· The analysis offers key insights into the production trends of the goods produced, the revenue generated, and the business profile among others.
· The report highlights the global market share held by each organization for Underground Mining Equipment and their respective gross margins.
· In addition, the study provides a company overview, revenue share, SWOT analysis of the leading players in the industry and Porter’s five forces analysis including potential entrants, industry competitors, suppliers, substitutes, and buyers.
· The report examines the dynamics, prospects, emerging industries, and recent plans and policies of the Underground Mining Equipment Market.
Conclusion
The spread of COVID-19 pandemic around the globe has an immediate impact on the global economy and almost on all the industries including metal and mining. In the crises, some of the new players might get more affected than others because of the initial challenges that a business faces and then the challenges brought in by the pandemic. But, for a positive aspect, due to this pandemic, a real sense of togetherness has emerged among the players of the industry to stop the spread of this virus.