What Does the Historical and Current Metal And Mineral Market Size Trend Indicate?
The metal and mineral market has seen considerable growth due to a variety of factors.
• The sector of metals and minerals has been expanding vigorously over the past few years. The market is expected to rise from a value of $8432.82 billion in 2024 to $8946.24 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.1%.
This substantial growth during the historical period is largely down to factors such as increased industrialization and urbanization, worldwide economic trends, trade and export rules, infrastructure undertakings, and environmental regulations.
What is the Forecasted Growth of the Metal And Mineral Market Size?
The metal and mineral market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size of metals and minerals is anticipated to experience consistent expansion, reaching a valuation of $10704.96 billion in 2029 with a CAGR of 4.6%.
The forecasted progression is due to factors such as the implementation of a circular economy, the rise of electric vehicles, resilient supply chains, geopolitics, and changes in consumer taste. The primary trends during this period will comprise green technologies, innovations in processing technology, advancements in mining technology, a heightened emphasis on recycling, and the incorporation of digitalization and automation in mining activities.
What Are The Essential Drivers Behind The Growth Of The Metal And Mineral Market?
The anticipated progression in wireless technology and downsizing of components are projected to fuel innovation in the metal and mineral manufacturing sector, thereby stimulating the market in the upcoming years. In addition, the implementation of technologies like 3D printing, artificial intelligence and big data analytics in the manufacturing chain results in increased productivity, reduction in operational expenses, and improved profit margins. For example, a study by Accenture forecasts the most significant yearly gross value added (GVA) growth rate of 4.4% in the manufacturing realm due to artificial intelligence by 2035. The same study indicates that artificial intelligence is likely to amplify profitability by an average of 38% by 2035. The decrease in operational expenses contributes to improved margins, enabling firms to broaden their production and enhance their product selection, consequently propelling the metal and mineral manufacturing market.
What Is The Segmentation Of The Global Metal And Mineral Market?
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:
1) By Mineral: Industrial Minerals, Precious Minerals, Energy Minerals
2) By Metal: Ferrous Metals, Non-Ferrous Metals, Precious Metals
3) By Metal Products: Metal Sheets and Plates, Metal Pipes and Tubes, Metal Castings and Forgings, Metal Alloys and Composites
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What Emerging Trends Are Shaping The Metal And Mineral Market Landscape?
Numerous companies within the metal and mineral manufacturing sectors are embracing automation and robotics to enhance the productivity and efficiency of their operations. Various machines are incorporating sensors for collecting critical data aimed at boosting efficiencies and minimizing the likelihood of machine malfunctions. A report from the Boston Consulting Group (BCG), one of the world's top three global management consulting companies headquartered in the United States, forecasts the deployment of 1.2 million industrial robots by 2025. This prediction signals a burgeoning adoption of robotics and automation technologies to heighten productivity while curbing production expenses. A report by KPMG, a Netherlands-founded professional services company, reveals that already 16% of executives in global metals companies have ventured into robotics for metal manufacturing. Further, 31% of these executives have plans to possibly invest in robotics to harness new technological opportunities, and 42% have a willingness to invest in robotics in the near future. The report further discloses that 63% of metal manufacturing company executives are contemplating investment in automation. FANUC, KUKA, ABB, and Motoman are some of the companies that supply industrial robots to metals businesses.
Who Are the Key Players in the Metal And Mineral Market?
Major companies operating in the metal and mineral market include:
• 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.
What are the Regional Insights into the Metal And Mineral Market?
Asia-Pacific was the largest region in the metal and mineral market in 2024. 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.
