What are the Historical Developments and Current Growth Metrics of the Metal Products Market?
The metal products market has seen considerable growth due to a variety of factors.
• The size of the metal products market has seen significant expansion in recent years, increasing from $2946.26 billion in 2024 to a projected $3133.37 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%.
The historical growth is due to robust economic development in emerging markets, swift growth of the automotive industry, rapid advancements in technology and the expansion of the steel industry.
What is the Forecasted Growth of the Metal Products Market Size?
The metal products market is expected to maintain its strong growth trajectory in upcoming years.
• The market for metal products is predicted to experience robust expansion in the upcoming years, with growth projected to reach $3815.28 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.0%.
Factors contributing to the growth during the forecast period include enhancements in plant efficiencies, the rising use of aluminum as an inexpensive, lighter substitute, increasing demand for metals by the aerospace industry, and investments in infrastructure. The forecast period is likely to witness notable trends like the introduction of carbon-neutral products, the launching of metal additive manufacturing products, the adoption of robotics and automation, the utilization of the Internet of Things (IoT), adoption of advanced welding techniques, and the use of recycled metals.
What Are the Critical Driver Fuelling the Metal Products Market's Growth?
The explosion of growth in the automotive industry has significantly contributed to the metal products market during the historic period. When referring to the automotive industry, it encompasses a wide spectrum of activities such as design, development, production, marketing, sale, repair, and adaptation of motor vehicles. As the automotive sector flourishes, it triggers a surge in the demand for various types of metal products such as sheet metal, steel, aluminum, and other special alloys. These are integral to the vehicle manufacturing process, including the fitting of body parts, chassis systems, and engine components. For instance, an increase of 5.4% in the sales of light vehicles in the United States was reported by MarkLines Co, a Japanese auto information company in their January 2023 publication. The sales had escalated to 1,287,280 units in December 2022, compared to the same month in 2021. Similarly, there was a 5.3% hike in the sales of trucks and SUVs, which hit a mark of 1,020,952 units. The sales of passenger cars also saw an uptick of 5.7%, with 266,328 units being sold. Therefore, the surging demand for motor vehicles during this time has positively influenced the metal product manufacturing industry.
What Is The Segmentation Of The Global Metal Products Market?
The metal products market covered in this report is segmented –
1) By Type: 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, Screw, Nut And Bolt, Others
2) By Metal Type: Iron Ore, Copper, Other Metal Types, Zinc, Nickel, Gold Ore, Lead, Silver Ore
3) By End User: Construction, Manufacturing, Other End Users
Subsegments:
1) By Forged And Stamped Goods: Forged Components, Stamped Parts, Cold Formed Parts, Hot Forged Parts
2) By Cutlery And Hand Tools: Kitchen Cutlery, Hand Tools, Garden Tools, Professional Tools
3) By Architectural And Structural Metals: Steel Beams And Columns, Metal Decking, Roofing And Siding Panels, Metal Framing Systems
4) By Boiler, Tank, And Shipping Container: Pressure Vessels, Storage Tanks, Shipping Containers, Boiler Components
5) By Hardware: Fasteners, Door And Window Hardware, Furniture Hardware, Builders' Hardware
6) By Spring And Wire Products: Compression Springs, Extension Springs, Wire Forms, Specialty Springs
7) By Machine Shops: Precision Machined Components, Custom Machining Services, CNC Machined Parts, Tooling And Fixture Manufacturing
8) By Turned Products: Turned Metal Parts, CNC Turned Components, Precision Turned Parts
9) By Screw, Nut, And Bolt: Standard Fasteners, Specialty Fasteners, Custom Fastener Manufacturing
10) By Others: Powder Coated Products, Anodized Metal Parts, Engraved Components, Heat-Treated Steel Parts, Gate Valves, Ball Valves, Check Valves, Control Valves, Metal Fabrications, Assemblies And Subassemblies, Specialty Metal Products
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What Emerging Trends Are Shaping The Metal Products Market Landscape?
A significant number of firms that manufacture metal products have turned to automation and robotics to boost the productivity and efficiency of their plants. The term "robotics" encompasses a cross-disciplinary field invested in the design, creation, deployment, and utilization of robots while "automation" denotes the application of advanced technology to mitigate the need for human involvement by setting automatic decision parameters, interlinking subprocesses, and defining ensuing actions, which are then programmed into machinery for consistent execution. Ensuring an unvarying quality of metal products is one of automation's main benefits. It enables robots to perform metal welding, cutting, and fabrication with impressive precision, hence minimizing errors and the need for corrections. As a result, metal products of superior quality that meet or even surpass industry benchmarks are produced. For instance, based on a report by the International Federation of Robotics (IFR), a professional non-profit organization based in Germany, there were 553,052 industrial robots installed worldwide in 2022, marking a 5% annual increase. Out of these, Asia had the highest share of installations at 73%, followed by Europe at 15% and the Americas at 10%. Companies such as FANUC, KUKA, ABB, and Motoman supply industrial robots to metal processing firms.
Who Are the Key Players in the Metal Products Market?
Major companies operating in the metal products market include:
• Stanley Black & Decker. Inc
• Ball Corporation
• Techtronic Industries Co. Ltd.
• Illinois Tool Works Inc
• Schaeffler Technologies AG & Co KG
• Ajmal Steel Tubes & Pipes Industries LLC
• AK Steel Holding
• Akar Tools Ltd
• Al Jarsh Metal Section Manufacturing
• AL Khaleej Metal Coat LLC
• AL Shafar Steel Engineering
• Alam Steel
• Alcoa Corp
• Algoma Steel Inc
• Aperam
• Apex Tools Group
• ArcelorMittal
• ArcelorMittal Brasil S.A
• Assa Abloy AB
• Avocet Steel
• Baoshan Iron & Steel Co. Ltd
• Baowu steel
• Bekaert SA
• Berkshire Hathaway Inc.
• Bosco Group of Companies
• Cape Town Iron and Steel Works
• Channellock. Inc
• China International Marine Containers (Group) Ltd.
• Colfax
• Companhia Siderúrgica Nacional
• Consolidated Steel Industries Ltd
• Continental steel
• Contitech Chile S.A
• DBMSC Steel FZCO
• Denholm YAM
• Dofasco
• Dynamic structures
• Evraz
• Fenster Aluminum Ltd
• Flowserve
• Freeport McMoranInc
• Gerdau
• Gibraltar Industries
• Gutmann Industries LLC
• Hulamin Ltd
• Hyundai Steel Company
• Inesa Argentina
• Integrated metal products
• JFE Steel Corporation
• JM Enterprises
• Kennametal Inc
• Kobe Steel Limite
• Leita Steel Ltd
• Maanshan Iron and Steel Company Limited
• Magnitogorsk Iron and Steel Works (MMK)
• Mechel
• Melcast Iron and Steel Foundry
• Metalloinvest
• Metatrade Import and Export (Pty) Ltd
• Moolaan Iron & Steel
• Mueller Industries
• Nanjing Hengjie Industrial Co. Ltd
• Ningbo BST Metal Products Co. Ltd
• Nippon Steel
• Novolipetsk Steel (NLMK)
• Nucor Corporation
• Parana Metal
• POSCO
• Pramec SAS
• Pretoria Schmiede Cc
• Qatar Steel Company
• S A Iron & Steel Institute (SAISI)
• Schaeffler
• Severstal
• Shanghai Electric Group Co Ltd
• Sicamar Metals Mitsui and Co
• Siderca
• SKF Argentina S.A
• Snap-on
• Sovereign Steel Manufacturing
• Summit Utility Structures LLC
• Suzuki Garphyttan Ab
• SWR Group
• Tata Steel Limited
What are the Regional Insights into the Metal Products Market?
Asia-Pacific was the largest region in the metal products market in 2024. Western Europe was the second-largest region in the metal products market. The regions covered in the metal products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
