The Base Metal Mining Market is to Touch $753.3 Billion by 2030; Rising Demand from the Automotive Sector and The growing demand from the electrical and electronics industry propels market growth.

The Base Metal Mining Market size is estimated to reach $753.3 Billion by 2030, growing at a CAGR of 4.1% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Base Metal Mining Market – By Product (Aluminum, Copper, Zinc, Lead and Others), By Type (Mineral Processing, Machinery, Crushing, Pulverizing and Screening equipment, Underground Mining Machinery and Others.), By End-User Industry (Building & Construction, Automotive, Electrical & Electronics, Consumer Goods and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030 Rising Demand from the Automotive Sector and The growing demand from the electrical and electronics industry are fueling the growth of the Base Metal Mining industry during the forecast period.

The Asia-Pacific region dominated the base metal mining market in 2023. This growth can be attributed to the rising population in countries like India and China, which, in turn, has increased demand in key industries such as building and construction, automotive, and electrical and electronics. Base metals play a crucial role in various applications across these sectors. For example, according to the International Aluminum Institute, China produced 40,430 thousand metric tonnes of aluminum in 2022, a 4.1% increase from 38,837 thousand metric tonnes in the previous year. Additionally, the Indian Brand Equity Foundation (IBEF) reported that aluminum production in India reached 3.5 million tonnes in 2023. In August 2023, global aluminum production was recorded at 6.0 million metric tons, marking a 1.6% increase compared to August of the previous year. This overall growth in production is fueling the demand for the base metal mining market in the Asia-Pacific region.

The growing demand for copper wires, copper metals, and copper cathodes from the automotive sector significantly fuels the expansion of the base metal mining market. As the automotive industry continues to thrive, the utilization of metals like copper and aluminum for various applications is on the rise, further enhancing the demand for base metal mining. Moreover, advancements in the electric vehicle (EV) sector are intensifying the need for copper cathodes and wires, which are crucial for electric car manufacturing. According to the International Energy Agency, the electric car market is experiencing remarkable growth, with sales surpassing 10 million units in 2022. This trend is expected to persist in 2023, as evidenced by the sale of over 2.3 million electric cars in the first quarter alone—approximately 25% more than in the same period the previous year. This surge in electric vehicle production and sales is driving the demand for base metals, thereby propelling the growth of the base metal mining market.

The growing global demand for electronic products is a key factor fueling the expansion of the base metal mining market. Copper, in particular, is extensively utilized for wiring in the electrical industry, leading to heightened demand for base metals such as copper and aluminum in the electrical and electronics sectors. This trend is expected to significantly boost the base metal mining market. In January 2024, the Semiconductor Industry Association (SIA) reported that global semiconductor sales reached $48.0 billion in November 2023, marking a 5.3% increase compared to $45.6 billion in November 2022 and a 2.9% rise from October 2023's $46.6 billion. The rising sales and production of semiconductors are anticipated to further drive the demand for base metals like copper and aluminum, thereby enhancing the growth of the base metal mining market.