The metal market is experiencing significant growth, increasing from $4146.16 billion in 2023 to $4380.4 billion in 2024, with a CAGR of 5.6%. This growth is driven by developments in construction, manufacturing, the automotive sector, defense needs, and mining activities. The market is projected to reach $5267.42 billion by 2028, at a CAGR of 4.7%. Growth drivers include infrastructure investments, circular economy initiatives, and climate change mitigation. Major trends expected include advancements in metal recycling technology, the adoption of green technologies, and the emergence of digital marketplaces.
Major Driver In The Metal Market
The global surge in demand for copper is poised to catalyze growth within the metal manufacturing market in the foreseeable future. Copper, renowned for its malleability, ductility, and distinctive reddish-brown hue, constitutes a vital component in various industrial applications. Increasing demand for copper drives expansions in mining operations and refineries, resulting in elevated production levels across the metal industry. Projections from the International Wrought Copper Council (IWCC) forecast a steady rise in refined copper demand, with anticipated figures reaching 25.51 million tonnes in 2023, reflecting a 2.2% increase. Similarly, demand is projected to further surge by 2.5% to 26.15 million tonnes in 2024, underscoring the market's growth trajectory. These trends underscore the pivotal role of copper demand in shaping the metal manufacturing landscape, with implications for industry stakeholders across the 2023, 2024, and 2028 timeframes.
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Metal Market Competitive Landscape
Glencore International plc, ArcelorMittal S.A., Jiangxi Copper Company Limited, POSCO, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Co. Ltd., Rio Tinto Group, Thyssenkrupp AG, Vale S.A., Nucor Corporation, JFE Holdings Inc., Anglo American plc, Anglo American, Tata Steel Group, Hindalco Industries Limited, Freeport-McMoRan Inc., Hyundai Steel Company, Kobe Steel Ltd., Grupo Mexico, Teck Resources Limited, Alcoa Corporation, Newmont Corporation, Barrick Gold Corporation, Southern Copper Corporation, Boliden AB, Vulcan Materials Company, Antofagasta plc, Vedanta Limited, First Majestic Silver Corp.
Key Metal Market Trend
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refer to a machine, tool, or technology such as robotics and AI that helps to reduce human intervention and improve safety in metal manufacturing processes such as processing, assembling, and material handling. This allows metal manufacturing companies to increase efficiency and production, improve safety on the manufacturing floor, enhance product quality, perform complex and varied tasks, enhance process stability, provide flexibility to produce products, and eliminate routine manual tasks. For instance, in November 2021, ABB Limited, a Switzerland-based manufacturing technology company, launched a smart factory solution. The new system is exceptional because it provides powerful real-time ladle tracking in addition to automated crane scheduling, a predictive thermal modeling engine, and other features. The tracking engine continuously monitors the movement of ladles using cranes and transfer carriages. In comparison to radio-frequency identification (RFID) solutions, radar and laser positioning technologies offer precise vision while requiring less hardware and maintenance. Job forecasting, route planning, and automatic job acknowledgment are all part of the automated crane scheduling process.
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Metal Market Segmentation
The metal market covered in this report is segmented –
1) By Type: Iron and Steel Mills and Ferroalloy, Processed Nonferrous Metal, Processed Alumina and Aluminum, Foundries, Steel Products
2) By Metal Type: Aluminum, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Other Metal Types
3) By End User: Construction, Manufacturing, Other End Users
Subsegments Covered: Crude Steel, Pig Iron, Ferroalloys, Smelted and Refined Nonferrous Metal (except Aluminum), Rolled, Extruded and Alloyed Copper, Rolled and Extruded Nonferrous Metal (except Copper and Aluminum), Secondary Smelted, Refined and Alloyed Nonferrous Metal (except Copper and Aluminum), Aluminum Products From Purchased Aluminum, Secondary Smelted and Alloyed Aluminum, Refined Alumina and Primary Aluminum Production, Ferrous Metal Foundries, Nonferrous Metal Foundries, Iron and Steel Pipe and Tube, Rolled and Drawn Steel
By Geography:The regions covered in the metal 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 Asia-Pacific was the largest region in the metal market in 2023.
The Metal Global Market Report 2024 furnishes information about the global metal market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
