What Factors Are Driving the Demand for Base Metals in the Mining Industry?

Base Metal Mining Industry Data Book - Aluminum Production, Copper Mining, Zinc Mining, Lead Mining, Nickel Mining, Tin Mining and Tungsten Mining Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

The global Base Metal Mining Industry was valued at USD 485.98 billion in 2022 and is anticipated to increase at a significant CAGR of 3.5% from 2023 to 2030.

Grand View Research’s base metal mining sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.

Nickel Mining Market Insights

The global Nickel Mining Market size was estimated at USD 50.40 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world's nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications.

Currently, there is only one active nickel-cobalt mine in the U.S. that produces about 17.0 kilotons of nickel every year. It is a crucial metal for several industries such as electric vehicles (EVs), defense & aerospace, and steel. For 40-50% of nickel usage, the U.S. is reliant on imports, therefore, it is working towards enhancing its production.

The process of extracting and producing nickel can cause serious harm to the environment. It can lead to pollution of air, water, and soil, as well as the destruction of wildlife habitats. The release of harmful chemicals like heavy metals into nearby water sources can be devastating for aquatic life and the well-being of local communities that depend on these water sources for drinking, irrigation, and other essential needs. Thus, product mining is always under strict environmental scrutiny, which hinders market growth.

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Tungsten Mining Market Insights

The global Tungsten Mining Market size was valued at USD 0.02 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030. Tungsten, known for its exceptionally high melting point among metals, has historically found application in the filaments of incandescent bulbs, illuminating countless homes worldwide. However, the diminishing popularity of these bulbs, primarily due to their low energy efficiency, has led to a significant reduction in the use of tungsten filaments for lighting.

Cemented carbide is by far the largest application of tungsten in the industrial sector. It is one of the hardest compounds produced after heating an equal proportion of carbon and tungsten at 2,800°C. It is usually sold in powder form in different grain sizes. After the sintering process, it can be used in abrasives, industrial machinery, jewelry, and other instruments & tools.

Base Metal Mining Industry Data Book Competitive Landscape

To remain competitive, mining companies are entering into long-term supply contracts with end users. Also, the companies use derivative contracts to protect them from market volatility.

Key players operating in the Base Metal Mining Industry are:

• BHP
• Anglo American
• Antofagasta Plc
• Aurubis
• Codelco

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