The metal products market consists of sales of metal products by entities (organizations, sole traders and partnerships) that are engaged in manufacturing metal products such as screws, nuts, bolts, springs, wires, boilers, tanks, cutlery and hand tools. This industry also includes forging, stamping, coating, engraving, heat treating and allied activities. The metal products market is segmented into forged and stamped goods; cutlery and hand tools; architectural and structural metals; boiler, tank, and shipping container; hardware; spring and wire products; machine shops, turned product, and screw, nut, and bolt; coated, engraved and heat treated metal products; metal valves; and other fabricated metal products.
The global metal products market is expected to grow from $2115.97 billion in 2020 to $2423.06 billion in 2021 at a compound annual growth rate (CAGR) of 14.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3139.63 billion in 2025 at a CAGR of 7%.
Asia Pacific was the largest region in the global metal products market, accounting for 36% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global market. Africa was the smallest region in the global metal products market.
The metal products market have benefitted from the rapid growth in automotive industry during the historic period. For instance, steel, aluminium and magnesium are some of metals commonly used in the automotive industry for manufacturing body panels, engines, transmissions and numerous other parts. The global motor vehicles market grew from $1,477.2 billion in 2014 to $2,085.1 billion in 2018 at a compound annual growth rate (CAGR) of 9%. According to Deloitte, in 2016, 25% of the domestic steel demand in the US was coming from automotive industry and car sales in the US reached a record level of 17.6 million vehicles in 2016. Therefore, rise in demand for automobiles during this period, positively impacted the metal products manufacturing market.
Many developed and developing economies are considering imposing restrictions on free trade. Post Brexit, trade restrictions between the UK and other European countries are likely to increase. The US government has repealed the North American Free Trade Agreement (NAFTA) that created a trilateral trade block in North America. These changes can widen the trade competition between countries and reverse the trend towards global free trade. This will affect the demand for metal products, restricting the growth of the market.
Many metal products companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
Major companies in the market include Gibraltar Industries; Mueller Industries; The Timken Company; Jiangsu Guotai International; Toyo Seikan.
The countries covered in the global metal products market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The regions covered in the global metal products market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The global metal products market is segmented -
1) By Type: Forged And Stamped Goods, Cutlery And Hand Tools, Architectural And Structural Metals, Boiler, Tank, And Shipping Container, Hardware, Spring And Wire Products, Machine Shops, Turned Product, And Screw, Nut, And Bolt, Coated, Engraved, And Heat Treated Metal Products, Metal Valves, Other Fabricated Metal Products
2) By End Use: Construction, Manufacturing, Others
Subsegments Covered: Iron And Steel Forged Goods, Nonferrous Forged Goods, Custom Roll Formed Goods, Powder Metallurgy Parts, Metal Crown, Closure, And Other Metal Stamped Goods, Metal Kitchen Cookware, Utensil, Cutlery, And Flatware, Saw Blade And Hand tool, Plate Work And Fabricated Structural Products, Ornamental And Architectural Metal Products, Power Boiler And Heat Exchanger, Metal Tank (Heavy Gauge), Metal Can, Box, And Other Metal Container (Light Gauge), Furniture Hardware, Motor Vehicle Hardware, Builder's Hardware, Other Hardware, Springs, Other Fabricated Wire Products, Machine Shops, Turned Product And Screw, Nut, And Bolt, Heat Treated Metal Products, Coated, Engraved Metal Products And Allied Services to Manufacturers, Electroplated, Plated, Polished, Anodized, And Colored Metal Products, Industrial Valves, Fluid Power Valve And Hose Fitting, Plumbing Fixture Fitting And Trim, Other Metal Valve And Pipe Fitting, Ball And Roller Bearing, Fabricated Pipe And Pipe Fitting, All Other Miscellaneous Fabricated Metal Products