Economic Impact of COVID-19 on the Global Metal Industry Market Size, Growth & Report to 2025

Metal is a group of elementary substances characterized by high strength and better electrical and thermal conductivity. There are mainly two types of metals which include ferrous and non-ferrous. Ferrous metals include steel and cast iron and non-ferrous metals include aluminum, zinc, copper, nickel, lead, tin, titanium and alloys, including brass. These substances have significant use in several industries, such as construction, automobile, chemical, oil & gas, electronics, and medical equipment. Owing to its potential applications in different industries, the demand for metal products has witnessed significant growth over the years.

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The share of China in the global production of crude steel reached 51.3% in 2018 from 50.3% in 2017. The country produced 928.3 million tonnes of crude steel in 2018. In India, the production of crude steel in India was 106.5 million tonnes, increased by 4.9% over 2017. With this increased production, India has taken the position of Japan as the second major steel-producing country across the globe. The major crude steel production companies include ArcelorMittal, China Baowu Group, and Nippon Steel Corp. with 96.4 million tonnes, 67.4 million tonnes, and 49.2 million tonnes, respectively.

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Currently, the global metal industry is facing challenges due to the COVID-19 outbreak. The demand for steel is expected to decline significantly due to lockdown effect within several countries, including Russia, India, Italy, and China. Several automobile companies have shutdown their manufacturing operations due to the government orders to suspend production. For instance, Daimler and Volkswagen declared recently that they will temporarily shut down production of vehicle and engine at its factories in Europe due to the coronavirus outbreak.

The global metal industry is classified based on types, including ferrous and non-ferrous metals. Ferrous metals are being significantly affected by the coronavirus epidemics as the production of steel in certain countries witnessing fall due to COVID-19 effect. For instance, in March 2020, Arcelor Mittal decided to temporarily shut down its production in Italy with effect due to the devastating impact of coronavirus in the country.

Geographically, the global metal industry is segmented based on key regions, including North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific metal industry is significantly affected by the coronavirus outbreak due to shutdown of industrial facilities and a decline in global trade. Chinese producers have been reported a decline in steel production due to the impact of COVID-19 outbreak. China Baowu Steel Group anticipates the production to decline by 5% in the first quarter of 2020 amid COVID-19 effect.

Key companies whose business operations are affected by COVID-19 pandemic include ArcelorMittal, China Baowu Steel Group Corp., Ltd., Nippon Steel Corp., and The National Copper Corp. (Codelco). Codelco, a Chilean copper miner declared that the reduction in copper price has put sone of its projects at risk.

Industry Overview

Historical market growth estimation in the metal industry excluding COVID-19 pandemic effect
Deviations in the metal industry growth rate due to COVID-19 pandemic

Segmentation

By Type

Ferrous Metals
Non-Ferrous Metals

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