Base Metal Mining Market Size To Reach $711.08 Billion By 2033

Base Metal Mining Market Growth & Trends

The global base metal mining market size is expected to reach USD 711.08 billion by 2033, registering a CAGR of 3.1% from 2025 to 2033, according to a new report by Grand View Research, Inc. The growing production of electric vehicles (EVs) coupled with the rising investments in the renewables industry is expected to propel the demand for base metals over the forecast period.

For instance, in April 2022, the German government passed a comprehensive energy reform package to boost energy generation from renewables. The government aims for an annual expansion of 22,000 MW of energy from solar and 10,000 MW from wind by 2030. This is expected to boost the consumption of base metals in batteries, cases, and wires over the forecast period.

Base metals are commonly used in industry. They exclude iron-containing alloys and precious metals. Based on product, nickel is projected to register the highest CAGR of 6.1%, in terms of revenue, over the forecast period. Nickel is the most prevalent element used in the manufacturing of stainless steel. Nickel powder is widely used in configuration with cobalt to produce nickel-based superalloys. These superalloys find applications in extreme conditions and high heat temperature environments. Owing to their exceptional high-temperature resistivity, these alloys are mostly used in the manufacturing of engine and turbine components.

Based on application, the automotive segment is projected to grow at a CAGR of 3.9% in terms of revenue, over the forecast period. Increasing preference toward lightweight materials is expected to increase the consumption of aluminum in vehicle manufacturing. Also, the rising penetration of EVs is anticipated to provide a further boost to market growth. The EV market is accelerating at a high growth rate. EV sales were up by 70% in 2022 compared to 2021.

The global base metal mining industry is highly competitive. The rising demand for products propels key market players to opt for mergers & acquisitions to expand their market share. For instance, in March 2022, Metals Acquisition Corp acquired a copper mine in Australia from Glencore. The deal was valued at around USD 1.1 billion. The acquisition grants the company access to a mine that is anticipated to generate between 41,000 and 49,000 tons of copper yearly.

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Base Metal Mining Market Report Highlights

• By product, aluminum dominated the market with a revenue share of over 35.0% in 2024. Copper remains indispensable for power distribution, EV motors, and smart-grid development, while nickel is gaining strategic importance in battery-grade materials for next-generation energy storage solutions.

• By end-use, the construction sector dominates the market with the largest share over 39.0% in 2024. Other key end use sectors, including automotive, electrical & electronics, and consumer products, collectively represent a growing demand base as industries adopt lightweight, high-conductivity, and longer-life metal components for advanced manufacturing.

• Asia Pacific dominates the global industry with a revenue share of over 49.0% in 2024. China is a pivotal market in global base metal mining, supported by its large-scale industrial activity, strong infrastructure spending, and world-leading refining capacity.

Base Metal Mining Market Segmentation

Grand View Research has segmented global base metal mining market report by product, end-use, and region:

Base Metal Mining Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021-2033)

• Aluminum

• Copper

• Lead

• Nickel

• Zinc

• Tin

• Tungsten

Base Metal Mining End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2021-2033)

• Construction

• Automotive

• Electrical & Electronics

• Consumer Products

• Others

Base Metal Mining Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021-2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Norway

  • Russia

• Asia Pacific

  • China

  • India

  • Australia

  • Indonesia

  • Philippines

• Latin America

  • Brazil

  • Chile

  • Peru

• Middle East & Africa

  • Bahrain

  • UAE

List of Key Players of Base Metal Mining Market

• Anglo American

• Antofagasta PLC

• Aurubis

• BHP

• CODELCO

• Freeport-McMoRan, Inc.

• Glencore

• Norilsk Nickel

• Vale

• Zijin Mining Group Co., Ltd.