Metal Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033

The metal market size has grown strongly in recent years. It will grow from $4146.16 billion in 2023 to $4380.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to construction and infrastructure development, manufacturing and industrialization, automotive industry, war and defense needs, mining and exploration activities.

The metal market size is expected to see steady growth in the next few years. It will grow to $5267.42 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to infrastructure investments, circular economy initiatives, supply chain resilience, climate change mitigation, geopolitical factors. Major trends in the forecast period include technological innovation in metal recycling, green technologies and renewable energy, technological advancements in metal processing, smart manufacturing and industry 4.0, digital marketplaces and e-commerce.

Market Overview -
Metal refers to any of a group of materials that generate positive ions quickly and form metallic bonds with other anions, distinguished by a high melting point, high density and tensile strength, high light reflectivity, malleability, and ductility, as well as strong electrical and thermal conductivity and widely used in various areas such as heating for homes and offices, electricity, transportation fuel, and the production of plastics.

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Rising Global Demand For Copper Fuels Growth In The Metal Manufacturing Market
The global demand for copper is expected to increase during the forecast period, driving the metal manufacturing market. Copper refers to a reddish-brown, malleable, ductile, and metallic element with the symbol Cu and atomic number 29. Rising demand for copper encourages increased production of the metal. Copper mining companies and refineries expand their operations to meet the demand, leading to higher overall production levels in the metal industry. For instance, in May 2023, according to a report published by the International Wrought Copper Council (IWCC), a UK-based international association for the copper and copper alloy fabricating industry, the forecasted demand for refined copper in 2023 is 25.51 million tonnes, an increase of 2.2%. The demand for refined copper could rise by 2.5% to 26.15 million tonnes in 2024, thereby driving the market going forward.

Competitive Landscape -
Major companies operating in the metal market report are Glencore International plc, ArcelorMittal S.A., Jiangxi Copper Company Limited, POSCO, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Co. Ltd., Rio Tinto Group, Thyssenkrupp AG, Vale S.A., Nucor Corporation, JFE Holdings Inc., Anglo American plc, Anglo American, Tata Steel Group, Hindalco Industries Limited, Freeport-McMoRan Inc., Hyundai Steel Company, Kobe Steel Ltd., Grupo Mexico, Teck Resources Limited, Alcoa Corporation, Newmont Corporation, Barrick Gold Corporation, Southern Copper Corporation, Boliden AB, Vulcan Materials Company, Antofagasta plc, Vedanta Limited, First Majestic Silver Corp.

Adoption Of Automated Manufacturing Systems Transforming Metal Market
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refer to a machine, tool, or technology such as robotics and AI that helps to reduce human intervention and improve safety in metal manufacturing processes such as processing, assembling, and material handling. This allows metal manufacturing companies to increase efficiency and production, improve safety on the manufacturing floor, enhance product quality, perform complex and varied tasks, enhance process stability, provide flexibility to produce products, and eliminate routine manual tasks. For instance, in November 2021, ABB Limited, a Switzerland-based manufacturing technology company, launched a smart factory solution. The new system is exceptional because it provides powerful real-time ladle tracking in addition to automated crane scheduling, a predictive thermal modeling engine, and other features. The tracking engine continuously monitors the movement of ladles using cranes and transfer carriages. In comparison to radio-frequency identification (RFID) solutions, radar and laser positioning technologies offer precise vision while requiring less hardware and maintenance. Job forecasting, route planning, and automatic job acknowledgment are all part of the automated crane scheduling process.

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Key Segments -
The metal market covered in this report is segmented -
1) By Type: Iron and Steel Mills and Ferroalloy, Processed Nonferrous Metal, Processed Alumina and Aluminum, Foundries, Steel Products
2) By Metal Type: Aluminum, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Other Metal Types
3) By End User: Construction, Manufacturing, Other End Users

Subsegments Covered: Crude Steel, Pig Iron, Ferroalloys, Smelted and Refined Nonferrous Metal (except Aluminum), Rolled, Extruded and Alloyed Copper, Rolled and Extruded Nonferrous Metal (except Copper and Aluminum), Secondary Smelted, Refined and Alloyed Nonferrous Metal (except Copper and Aluminum), Aluminum Products From Purchased Aluminum, Secondary Smelted and Alloyed Aluminum, Refined Alumina and Primary Aluminum Production, Ferrous Metal Foundries, Nonferrous Metal Foundries, Iron and Steel Pipe and Tube, Rolled and Drawn Steel

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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