Advancements in mining technologies, coupled with increasing automation, are projected to drive the demand for the Base Metal Mining market.
The global Base Metal Mining Market is forecast to reach USD 459.28 Billion by 2027, according to a new report by Reports and Data. Rising demand for smartphones, a drop in product prices, product innovation, and differentiation are some of the factors catalyzing the growth of various products in the electrical and electronics sector. The introduction of autonomous driving features in vehicles and different innovative technologies, coupled with rising demand for smartphones and computers, is driving the semiconductor industry, where base metals have a broader scope of application. Apart from silver, copper exhibits the best electrical conductivity. Its properties, such as corrosion resistance and good thermal conductivity, make it suitable for a wide range of electrical and electronics applications. As per the reports by Indian Bureau Mines, around 50.0% of copper is used in the electrical and electronics sector in the Asia Pacific, while the number stands at 25.0% in the U.S.
The growth of the construction sector in various countries can largely be attributed to continuous support schemes offered by the governments. For instance, to encourage first-time homebuyers, in 2016, Indonesia’s central bank scrapped a 15.0% minimum mortgage down payment scheme and relaxed its rule for loan disbursements. In 2019, the Indian government, in its interim budget, proposed tax benefits for buying a second house. Skim Pinjaman Perumahan (SPP) program of the Malaysian government assists low-income people in getting subsidiaries for their homes, which, in turn, is projected to drive the demand for base metals in the construction sector. Investments in smart technologies to control cost and improve efficiency are expected to remain an essential trend in the forthcoming years. The shift toward low carbon economy and strict emission regulations is anticipated to have an impact on environmental standards and lead to the scrutiny of mining activities. Automation is another critical area that is likely to help miners reduce costs by eliminating labors.
Robotics technology in the mining sector is projected to create numerous opportunities over the forecast period. It is still an emerging technology in the industry and can be used to perform various tasks, such as blasting, drilling, loading, bolting mine roofs, and hauling. The use of robotics rescue operations is another promising area in this sector. The application of 3D imaging technology is helping enhance the efficiency of the exploration of mines. The technology helps capture spatial data by using laser lights. Ventilation engineers, rock engineers, and safety officers have started using 3D laser scanning technology in mining exploration and related activities.
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Key participants include Antofagasta PLC, BHP, Zijin Mining Group Co. Ltd., Freeport-McMoRan Inc., Anglo American, CODELCO, Aurubis, Norilsk Nickel, Vale, and Glencore, among others.
The COVID-19 impact:
As the COVID-19 crisis is rising, producers are rapidly changing their activities and purchasing strategies to meet the demands of a pandemic that has developed the need for Base Metal Mining based on the market. A sequence of positive, as well as negative shocks will arise over a few months, as producers and their vendors adapt to changing customer demands. Many regions look vulnerable to export-dependent economies, with an unfortunate global situation. The impact of this pandemic will reshape the global Base Metal Mining markets when certain manufacturers either close down or decrease their production due to a lack of downstream demand. While some have their production suspended by their respective governments as a precautionary measure to combat the spread of the virus. In other nations, while looking at the severity of the outbreak and the consequent behavior of the national authorities themselves, customers are centered on becoming more local. Business dynamics in Asia Pacific regions have become very unpredictable in these cases, weakening regularly and finding it impossible to stable themselves.
Further key findings from the report suggest
Based on Product, Zinc Metal generated a revenue of USD 30.48 billion in 2019 and is projected to rise with a CAGR of 6.0% in the forecast period, owing to a wide variety of galvanizing applications from automotive and construction sectors.
The Underground Mining Machinery is expected to grow with a CAGR of 6.9% in the forecasted period, owing to the upsurge of government support and a wide variety of applications from the construction sectors.
The residential sector is the major contributor to the Base Metal Mining market. The residential area of the Asia Pacific region is the major shareholder of the market and held around 55.7% of the market in the year 2019, owing to a growing population, coupled with increasing housing needs.
The Asia Pacific region dominated the market for Base Metal Mining in 2019. The region’s consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The Asia Pacific region held approximately 65.0% of the market, followed by North America, which contains around 14.9% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Base Metal Mining market on the basis of Product, Type, application, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Mineral Processing Machinery
Crushing, Pulverizing and Screening Equipment
Underground Mining Machinery
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Electrical & Electronics
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Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
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