Growth in the building and construction industry and advantages of metal and metal manufactured products in the construction sector drive the growth of the global metal and metal manufactured products market. However, disadvantages of aluminum in the construction industry hinder the market growth. On the contrary, the utilization of aluminum promoted by governments in Asia-Pacific and emergence of effective solutions for waste management open up new opportunities in the future.
The global metal & metal manufactured products market was pegged at $11.2 trillion in 2020, and is expected to reach $18.5 trillion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
The metal and metal manufactured products market analysis has been done on the basis of metal type, product type, end-use industry, and region. By metal type, the iron segment holds the 27.2% share of the metal and metal manufactured products market. Iron is generally used in its alloy form, which is used in countless application. Aluminum is anticipated as the fastest growing segment in metal manufactured products due to its increased demand from the automotive sector for lightweight vehicle.
Metal is a valuable and reusable resource that has a lustrous appearance, strong thermal and electrical conductivity, density, and ability to deform under pressure without splitting. It can be divided into two categories, namely ferrous metals and nonferrous metals. Iron and other varieties of steel are the most common ferrous metals, which are used mostly in the building and automobile industries. Aluminum, copper, zinc, lead, nickel, and tin are nonferrous metals that are commonly used in castings, alloys, forgings, wires, cables, extrusions, and pipes. Metal and metal-made items serve a wide number of industries, including automotive, aviation, electrical & electronics, healthcare, energy & power, personal care, construction & building, coinage, ornaments, and others, making it a crucial market for any economy.
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Metal and Metal Manufactured Products Market Segment Review
By product type, the batteries segment would showcase the highest CAGR of 12.0% from 2021 to 2030, due to surge in requirement for continuous power supply from critical infrastructures and rise in demand for plug-in vehicles. The bars & rebars segment held the largest share in 2020, contributing to nearly one-fifths of the global metal and metal manufactured products market.
By metal type, the iron segment held the largest share in 2020, accounting for more than one-fourth of the global metal and metal manufactured products market, due to rapid industrialization and urbanization in emerging countries. However, the lithium segment is expected to register the highest CAGR of 16.4% during the forecast period, owing to electrification of vehicles that attract significant volume of lithium-ion batteries.
By region, the global metal & metal manufactured products market across Asia-Pacific held the lion’s share in 2020, accounting for nearly half of the market. In addition, the region would showcase the highest CAGR of 5.3% from 2021 to 2030, owing to rise in manufacturing of metal and metal products in the region. The metal and metal manufactured products market across North America is expected to register a CAGR of 4.8% during the forecast period.
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Major Market Players
- All Metal Sales, Inc.
- China Minmetals Corporation
- Broder Metals Group, Ltd.
- Hitachi Metals Ltd.
- China Molybdenum Co. Ltd
- Newmont Corporation
- Karay Metals Inc.
- Steward Advanced Materials LLC
- Sierra Metals Inc.
- Talco Aluminium Company
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