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Global Processed Nonferrous Metal Market Trends 2024, Forecast To 2033

25 Sep, 2024

The processed nonferrous metal market rose from $1528.75 billion in 2023 to $1598.92 billion in 2024, reflecting a CAGR of 4.6%. This growth is driven by demand from the automotive and aerospace sectors, infrastructure projects, and renewable energy applications. By 2028, the market is forecasted to reach $1851.73 billion at a CAGR of 3.7%. Emerging trends include the adoption of energy storage solutions, advances in lightweight alloys, and a focus on recycling and sustainability.

Major Driver In The Processed Nonferrous Metal Market

The demand for processed nonferrous metals is anticipated to surge due to rapidly growing urban populations, necessitating new constructions and infrastructure to accommodate the expanding urban dwellers. Processed nonferrous metals find indispensable applications in construction, including wiring, plumbing, roofing, and structural components. As reported by the World Economic Forum in April 2022, more than 4.3 billion people, constituting 55% of the global population, resided in urban areas, a figure expected to escalate to 80% by 2050. This urbanization trend underscores the growing demand for processed nonferrous metals, driving market growth throughout 2023, 2024, and beyond.

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Processed Nonferrous Metal Market Competitive Landscape

ExxonMobil Corporation, Glencore plc, BASF SE, Toyota Tsusho Corporation, Jiangxi Copper Company, The Dow Chemical Company, SABIC (Saudi Basic Industries Corporation), LyondellBasell Industries N.V., ThyssenKrupp AG, LG Chem Ltd., Mitsubishi Chemical Holdings Corporation, Freeport-McMoRan Inc., Asahi Kasei Corporation, Evonik Industries AG, Covestro AG, MMC Norilsk Nickel PJSCm, Mitsubishi Materials Corporation, Grupo Mexico S.A.B. de C.V., DuPont de Nemours Inc., Sumitomo Metal Mining Co. Ltd., Eastman Chemical Company, Formosa Plastics Corporation, Sims Metal Management, JXTG Holdings Inc., Elemental Holding S.A., Triple M Metal, Tom Martin & Company Ltd., Baylis Automotive (Smethwick) Ltd., CAMX Power LLC, Magnapower Equipment Ltd.

Key Processed Nonferrous Metal Market Trend

Major companies operating in the processed nonferrous metal market are developing new products such as pure copper powder to meet larger customer bases, more sales, and increase revenue. Pure copper powder refers to a fine, dry, and finely divided form of copper that consists of almost entirely copper atoms. For instance, in February 2021, Digital Metal, a Sweden-based provider of 3D metal printers for additive manufacturing, launched DM Cu, a new pure copper powder for use with its 3D printing binder jet technique. Users of the DM P2500 3D printer is going to be able to 3D print components made of 99.9% pure copper on the factory floor. The substance is renowned for having exceptional thermal conductivity, making it the material of choice for all heat-transfer devices, including heat exchangers, pipelines, and heat sinks for electronics and motors. Additionally, copper has antimicrobial qualities that bring up new possibilities for 3D printing medicinal equipment.

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Processed Nonferrous Metal Market Segmentation

The processed nonferrous metal market covered in this report is segmented –
1) By Type: 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)
2) By Process Type: Smelting and Refining, Rolling, Drawing, Extruding, Alloying, Other Process Types
3) By End User Industry: Automotive, Electronic Power, Construction, Other End User Industries
By Geography:The regions covered in the processed nonferrous 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 processed nonferrous metal market in 2023.

The Processed Nonferrous Metal Global Market Report 2024 furnishes information about the global processed nonferrous 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.