Metal Products Global Market To Reach Value Of About $3 Trillion In 2025
23 Jun, 2021
The metal products market consists of sales of metal products by entities (organizations, sole traders and partnerships) that are engaged in manufacturing metal products such as screws, nuts, bolts, springs, wires, boilers, tanks, cutlery and hand tools. This industry also includes forging, stamping, coating, engraving, heat treating and allied activities.
Global Metal Products Market Size And Drivers:
The global metal products market is expected to grow from $2115.97 billion in 2020 to $2423.06 billion in 2021 at a compound annual growth rate (CAGR) of 14.5%. 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 $3139.63 billion in 2025 at a CAGR of 7%. The metal products market have benefitted from the rapid growth in automotive industry during the historic period.
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Trends In The Global Metal Products Market
Many metal products companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation.
Global Metal Products Market Segments:
The global metal products market is further segmented based on type, end use and geography.
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, And Screw, Nut, And Bolt, Coated, Engraved, And Heat Treated Metal Products, Metal Valves, Other Fabricated Metal Products
By End Use: Construction, Manufacturing, Others
Sub segments Covered: Iron And Steel Forged Goods, Nonferrous Forged Goods, Custom Roll Formed Goods, Powder Metallurgy Parts, Metal Crown, Closure, And Other Metal Stamped Goods, Metal Kitchen Cookware, Utensil, Cutlery, And Flatware, Saw Blade And Hand tool, Plate Work And Fabricated Structural Products, Ornamental And Architectural Metal Products, Power Boiler And Heat Exchanger, Metal Tank (Heavy Gauge), Metal Can, Box, And Other Metal Container (Light Gauge), Furniture Hardware, Motor Vehicle Hardware, Builder's Hardware, Other Hardware, Springs, Other Fabricated Wire Products, Machine Shops, Turned Product And Screw, Nut, And Bolt, Heat Treated Metal Products, Coated, Engraved Metal Products And Allied Services to Manufacturers, Electroplated, Plated, Polished, Anodized, And Colored Metal Products, Industrial Valves, Fluid Power Valve And Hose Fitting, Plumbing Fixture Fitting And Trim, Other Metal Valve And Pipe Fitting, Ball And Roller Bearing, Fabricated Pipe And Pipe Fitting, All Other Miscellaneous Fabricated Metal Products
By Geography: The global metal products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global metal products market, accounting for 36% of the market in 2020.
Read More On The Report For The Global Metal Products Market At:https://www.thebusinessresearchcompany.com/report/metal-products-global-market-report-2020-30-covid-19-impact-and-recovery
Metal Products Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides metal products market overviews, analyzes and forecasts market size and growth for the global metal products market, metal products market share, metal products market players, metal products market segments and geographies, metal products market’s leading competitors’ revenues, profiles and market shares. The metal products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.