Ore Metals Market size is forecast to reach $10.92 billion by 2025, after growing at a CAGR of 0.2% during 2020-2025. Ore metals are metals derived from mineral aggregates known as metal ores. This is known as mineral extraction. Most metal ores contain more than one metal. These metals are extracted together from ores and are separated during the production procedure. This is known as ore extraction. Usage of ore metals in various end-use industries is expected to drive the ore metals market during the forecast period.
Asia-Pacific is expected to dominate the global ore metals market during the forecast period.
By end-user industry, building & construction industry is expected to witness the highest demand for ore metals market during the forecast period.
Increasing infrastructure investmentas, rising power production, and the growing automotive sector are major factors that drive the market growth.
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By Application – Segment Analysis
Building and construction segment held a significant share in ore metals market in 2019, growing at a CAGR of 1.2% during the forecast period. The most valuable ore deposits contain metals crucial to industry and trade, like gold, copper and iron. Copper ore is mined for a variety of industrial uses. Copper, an excellent conductor of electricity, is used as electrical wire. Copper is also used in construction.
Drivers – Ore Metals Market
Usage of ore metals in various end use industries
Ore metals are widely utilized in various industries that include transport, mechanical engineering, building & construction, consumer goods, and more. Iron metal is a key ingredient utilized for steel production that increases the demand for steel. Key players in the industry are investing in R&D activities to increase the production process efficiency. Increasing infrastructure investments, rising power production, and the growing automotive sector are major factors that drive the market growth. Aluminum is used in transportation because of its unbeatable strength to weight ratio. Its lighter weight means that less force is required to move the vehicle, leading to greater fuel efficiency. Its corrosion resistance is an added bonus, eliminating the need for heavy and expensive anti-corrosion coatings.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the ore metals market. Major players in the ore metals market are Aluminium Corporation of China Limited, BC Iron, Corporacin Nacional del Cobre de Chile (Codelco), Freeport-McMoRan, Glencore, Impala Platinum Holdings, MMC Norilsk Nickel, Rio Tinto Alcan, United Company RUSAL and Yunnan Tin Group among others.
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