Non-Ferrous Metal Market Future Prospects and Forecast To 2029

According to Precision Business Insights (PBI), the latest report non-ferrous metal market was valued at USD 1,410.3 Billion in 2022, growing at an 7.3% CAGR from 2023-2029. With the increased popularity of loudspeakers, headphones, hard disks, and batteries, nickel is used tremendously and is expected to drive the market. Based on type, zinc has proven to be the best material for fending off the effects of corrosion and chemicals in tough industrial conditions, Zinc casting and electroplating during the production of electrical components and parts and is used extensively leading to the surge in market. The development and research on BlueTechnology, a process for non-ferrous metals production taking into account the conservation of resources, minimizing energy consumption, and decarburization of process has led to opportunities for the upsurge of the market in the forecasted period. Moreover, the added advantage of durability, longevity, and stability compared to ferrous metals is expected to burgeon the market in the forecast period.

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Magnesium in the Automobile industry is Dominating the Non-Ferrous Metal Market
Based on type and application, magnesium is widely employed for transmission components in cars, trucks, and other vehicles. Because it is 75% lighter than steel and 33% lighter than aluminium, it has a high strength-to-weight ratio, is highly impact resistant, has great dimensional stability, and can be cast into almost any shape. Magnesium has the lowest density of all the most widely used metal alloys, which makes it a desirable material for making transmission parts. It lessens a vehicle's overall mass as well as its balance and weight distribution and thus is widely used. For instance, in March 2020, International Magnesium Association (IMA) launched its 3D magnesium automotive applications demonstrator, improving the vehicle's dynamics by demonstrating the benefits of using magnesium for lightweight and other applications across the whole car production process, from structural to body-in-white (BIW), to transmission components and interior applications.

North America Leads Non-Ferrous Metal Market:
The non-ferrous metal market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted to have a significant share in the non-ferrous metal market and the market is expected to grow at a significant CAGR over the forecast years owing to the United States being the largest aerospace supplier and having 61% of the global airlines. U.S. and Canada also have the largest number of infrastructure projects in development further increasing the demand and market.

Asia Pacific follows suit and is expected to dominate the market in forecasted years owing to the increasing demand for automobiles for the increasing population, growing interest in air travel, and greater interest in electronics in developing nations like China, India, South Korea, and Taiwan. According to the World Population Review, China is the world's largest producer of vehicles leading to increased demand for non-ferrous metals which is expected to increase in the future.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The non-ferrous metal market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In March 2023, Sims Metal, a global leader in metal recycling announced its acquisition of the commercial and operational assets of Northeast Metal Traders (NEMT), a non-ferrous metal wholesaler and broker. In May 2020, Aurubis Group, a leading global provider and recycler of copper and non-ferrous metals acquired the recycling company, Metallo.

Based on the Type, the market is segmented into the following:
• Aluminium
• Copper
• Lead
• Magnesium
• Tin
• Nickel
• Titanium
• Zinc
• Precious Metals
• Rare Earth Metals

Based on the Process Type, the market is segmented into the following:
• Smelting and Refining
• Rolling
• Drawing
• Extruding
• Alloying
• Others

Based on the Application, the market is segmented into the following:
• Automobile
• Electronics
• Construction
• Aerospace & Defence
• Energy
• Packaging
• Consumer Goods and Home Appliances
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key players' profiles in the non-ferrous metal market are Anglo American, IWG Copper, Alcoa, Glencore, BHP Billiton, RUSAL, Revere Copper, Hussey Copper, Tata Steel, Reliance Corporation, Bonnell Aluminum, Schupan, Hpplgroup, HMS Metal Corporation, Nicomet, and Hindustan Copper, Ltd.
The non-ferrous metal market is segmented based on type, process type, application, and geography.

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