The metal market consists of sales of metals by entities (organizations, sole traders and partnerships) that operate iron and steel foundries, iron and steel mills, and/or ferroalloy manufacturing businesses; and/or entities that undertake alumina and aluminum production and processing. The metal market is segmented into iron and steel mills and ferroalloy; processed nonferrous metal; processed alumina and aluminum; foundries; and steel products.
The global metal market is expected to grow from $3323.02 billion in 2020 to $3543.07 billion in 2021 at a compound annual growth rate (CAGR) of 6.6%. 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 $4619.74 billion in 2025 at a CAGR of 7%.