Base metal mining market is expected to witness significant growth over the forecast period owing to increasing use of base metal in construction industry and its low price. Growing demand for base metals will propel mining companies to increase their production to reduce the demand-supply gap. Rising demand for the base metals owing to their superior properties including high strength, corrosion resistance, low maintenance and longevity are anticipated to be the key drivers for market growth. Moreover, technological improvements in deep mining and extraction for base metals are further expected to propel demand for base metal mining over the next seven years. Base metals includes lead, copper, zinc and nickel which finds usage in various applications including electrical wiring, plumbing, communications, batteries, galvanization and production & hardening of alloys. Furthermore, increasing availability of base metals along with its low price as compared to precious metals including silver, gold & platinum is expected to further augment market growth over the next seven years. However, risks related with deep and ultra-deep mining along with stringent government regulations owing to depleting natural reserves are expected to restraint the market growth over the upcoming years. In addition, declining global metal prices on account of emerging substitutes and relatively low demand in China are expected to have negative impact on the market growth.
Base metal finds applications in various sectors including industrial machinery, construction, electronics & electrical and consumer products which are expected to augment market demand over the upcoming period. Growing construction sector requires base metals and thus the demand for base metal mining is expected to increase over the forecast period. Moreover, increasing usage of electronics and electrical devices globally is anticipated to fuel the market growth. Global industrialization and urbanization is expected to surge the demand for base metals owing to their use in automotive, telecommunication, industrial, batteries & fuel cell, cans, piping, oil & gas, brass, chemical, and medical applications. Furthermore, growing applications for strengthening and hardening of alloys, plating, coating reactive metals and casting are anticipated to fuel the demand over the upcoming period.
North America is expected to contribute significantly towards the market growth owing to rising demand for base metals in the construction and infrastructure sector primarily in the U.S. and Canada. Moreover, easy availability, revival of North American economy and advancement in technologies are expected to act as key drivers for the base metal mining market. Asia Pacific is anticipated to witness substantial growth on account of rapid infrastructure development and industrialization in emerging countries including China and India. Europe is expected to witness moderate demand for base metals over the next seven years pertaining to growth in the electronics industry where it is used as a corrosion-free material. High production of base metals in Latin American countries including Peru, Venezuela and Brazil is expected to augment the market growth over the next seven years. Untapped resources in MEA are anticipated to provide mining companies with an opportunity to expand their operations thus leading to market growth.
Global key players include Rio Tinto Group, MMC Norilsk Nickel, BHP Billiton Plc, Vale SA, Bosai Minerals Group, Anglo American Plc, Glencore International, Southern Copper Corp., First Quantum Minerals Ltd., United States Steel Corp., Royal Nickel Corporation, Lundin Mining Corp., Hudbay Minerals Inc., Independence Group NL, Nevsun Resources Ltd., Cliffs Natural Resources Inc., Ferrexpo Plc, Western Areas NL, Imperial Metals Corp., Metals X Ltd., Freeport-McMoRan Copper & Gold Inc. and Vedanta Resources Plc. Waste management is very essential in mining industry as the waste materials are toxic and harmful to the environment and thus special care must be taken to manage these waste products. Royal Nickel Corporation implemented a weight system during geotechnical survey work on a metasonic drill which was designed to reduce the exposure of workers to drilling vibrations. Vale uses developing technology for making, shipping, using, recycling and disposing of nickel products while focusing on safety, health, quality and environmental aspects. Few of the projects on which Vale is working on are developing advanced equipment and mining techniques for safer & efficient mining, using software’s to improve recovery rates and improving refining processes.
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