metals market. Falling oil prices since 2015 have also hampered the growth of the market. Consequently, 2015 has been termed as one of the worst years for the global mining metals market.
A rise in labor costs has led market players to cut down their workforce. This has resulted in labor unrest across various locations in the recent years. Market players are also facing increased regulatory compliance costs due to the implementation of new taxes. The global mining metals market is expected to witness significant demand from the equipment industry.
Global Mining Metals Market: Region-wise Outlook
The global mining metals market has been segmented into four key regions: Europe, Asia Pacific, North America, and Rest of the World. Asia Pacific has been the major region in the market due to the growing demand from emerging economies such as China, Indonesia, Australia, and India. In the last couple of years, the region has witnessed increased investments in the mining sector with market players expanding their production capacities and exploring new mining sites. The rapid growth of economy in China and India has created favorable opportunities for the growth of the market. In fact, China is now playing a major role in the growth of the market. It is the largest importer of copper and imports around 45 % of the total copper mined across the globe.
Some of the prominent players in the global mining metals market are Rio Tinto( Australia / the U. K.), BHP Billiton( Australia / the U. K.), China Shenhua Energy( China), Vale( Brazil), and Glencore Xstrata( the U. K.). Currently, the key players are struggling to maintain their profit levels with the market suffering from oversupply and weak demand for mining metals. Prices of mining metals are falling below the cost of production across many mining projects by the key players.
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