Metal And Mineral Market Definition And Segments
Metal and mineral refer to solid, naturally occurring inorganic materials that make up the crust of the earth and are smelted from ore, pigs, or scrap using electrometallurgical techniques and inorganic, solid, naturally occurring compounds with properties such as tenacity, cleavage, fracture, specific gravity, luster, color, and hardness.
The main types of metal and mining are mineral, metal, and metal products. Metal products refer to the finished products that are made out of metals. These are used for chemicals manufacturing, metallurgy, electrical grid infrastructure, electronics, glass products, vehicles, and other applications that are used By End Users such as construction, manufacturing, and Other End Users.
The metal and mineral market covered in this report is segmented –
1) By Type: Mineral, Metal, Metal Products
2) By Application: Chemicals Manufacturing, Metallurgy, Electrical Grid Infrastructure, Electronics, Glass Products, Vehicles, Other Applications
3) By End User: Construction, Manufacturing, Other End Users
Subsegments Covered: Cement and Concrete Products, Glass and Glass Products, Other Non-Metallic Mineral Products, Clay Products and Refractories, Lime and Gypsum Products, Iron and Steel Mills and Ferroalloy, Processed Nonferrous Metal, Processed Alumina and Aluminum, Foundries, Steel Products, 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,
The metal and mineral market size has grown strongly in recent years. It will grow from $7917.21 billion in 2023 to $8377.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in industrialization and urbanization, global economic trends, trade and export policies, infrastructure projects, environmental regulations.
The metal and mineral market size is expected to see strong growth in the next few years. It will grow to $10197.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to circular economy practices, electric vehicle (EV) revolution, supply chain resilience, geopolitical factors, evolving consumer preferences. Major trends in the forecast period include green technologies, technological innovation in processing, technological advancements in mining, increased focus on recycling, digitalization and automation in mining.
Advances In Wireless Technology And Miniaturization Drive Innovation In Metal And Mineral Manufacturing
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in metal and mineral manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. For instance, according to a report by Accenture, the manufacturing sector will witness the highest annual gross value added (GVA) growth rate of 4.4% due to artificial intelligence by 2035. The report also states that artificial intelligence has the potential to increase profitability by an average of 38% by 2035. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the metal and mineral manufacturing market going forward.
Rapid Expansion Of Construction Industry Fuels Growth In Metal And Mineral Market
The rapid expansion of the construction industry is expected to propel the growth of the metal and mineral market in the coming years. The construction industry refers to a large sector that includes a variety of operations connected to infrastructure development, repair, renovation, and maintenance. Metals and minerals used in the construction industry include steel, limestone, dolomite, calcite, copper, aluminum, zInc., and manganese. For instance, in October 2023, according to the U.S. Census Bureau, a US-based important body within the United States Federal Statistics System, construction expenditures in August 2023 are expected to be $1,983.5 billion, a 0.5% (1.2% ) increase over the revised July projection of $1,973.7 billion. Further, August amount is 7.4% (1.8%) more than the August 2022 projection of $1,847.3 billion. Therefore, the rapid expansion of the construction industry is driving the metal and mineral market.
Major companies operating in the metal and mineral market report are Glencore PLC, ArcelorMittal S.A., Pohang Iron and Steel Company, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Company Limited, Rio Tinto, China Shenhua Energy Co. Ltd., Vale S.A., China National Building Material Group Co. Ltd., Hindalco Industries Limited, Freeport-McMoRan Inc., Norsk Hydro ASA, Vedanta Limited, Teck Resources Limited, Newmont Corporation, Barrick Gold Corporation, Alcoa Corporation, Southern Copper Corporation, Anglo American Platinum Limited, Sibanye Stillwater Limited, First Quantum Minerals, Agnico Eagle Mines Limited, Gold Fields Limited, Kinross Gold Corporation, Yamana Gold Inc., Wheaton Precious Metals Corp., Pan American Silver Corp., First Majestic Silver Corp., PJSC ALROSA, Polymetal International PLC, Turquoise Hill Resources Ltd., Lundin Mining Corporation, OZ Minerals Limited, Hochschild Mining PLC, SSR Mining Inc., Fortescue Metals Group Limited, Kaz Minerals PLC, Mineral Resources Limited, Iamgold Corporation, Centamin PLC, Sierra Metals Inc., Osisko Gold Royalties Ltd., Sandstorm Gold Ltd.
COVID-19 Disruptions Supply Chain Challenges And Declining Consumption Impact Metal And Mineral Manufacturing Market
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the metal and mineral manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-such as symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, the Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Manufacturers depend heavily on the supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials. The outbreak has hurt businesses throughout 2020 and into 2021. However, it is expected that the metal and mineral manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Rise Of Robotics And Automation Transforming Efficiency In Metal And Mineral Manufacturing
Many metal and mineral manufacturing 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 reducing 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 a rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to the KPMG report, 16% of executives of global metals companies have already invested in robotics for metal manufacturing, 31% of executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest in robotics shortly. 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.
ArcelorMittal Expands Operations And Sustainability Initiatives Acquisition Of Companhia Siderúrgica Do Pecém (CSP)
In March 2023, ArcelorMittal S.A., a Luxembourg-based metals and mining sector company, acquired Companhia Siderúrgica do Pecém (‘CSP’) for approximately $2.2 billion. Through the acquisition, considerable operational and financial benefits, as well as the opportunity for additional expansions, such as the addition of primary steelmaking process capacity (including direct reduction iron) and rolling and polishing capacity, were provided to ArcelorMittal S.A. CSP also offers the potential to establish a new low-carbon steelmaking center, leveraging Ceará's desire to construct a low-cost sustainable hydrogen hub in Pecém. Companhia Siderúrgica do Pecém (‘CSP’) is a Brazil-based company that manufactures and exports steel.
The Asia-Pacific was the largest region in the metal and mineral market in 2023. Western Europe was the second-largest region in the metal and mineral market. The regions covered in the metal and mineral market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the metal and mineral market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The metal and mineral market consists of sales of metallic minerals and non-metallic minerals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The metal and mineral market research report is one of a series of new reports from The Business Research Company that provides metal and mineral market statistics, including metal and mineral industry global market size, regional shares, competitors with a metal and mineral market share, detailed metal and mineral market segments, market trends and opportunities, and any further data you may need to thrive in the metal and mineral industry. This metal and mineral market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.