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Metal Products Industry: Market Highlights and Global Trends 2024
Metal Products Market Segments
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According to The Business Research Company's, The metal products market size has grown strongly in recent years. It will grow from $2749.3 billion in 2023 to $2912.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rapid growth in the automotive industry, rapid technological advances and expansion of the steel sector.
The metal products market size is expected to see strong growth in the next few years. It will grow to $3594.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to the improvements in plant efficiency, increasing usage of aluminum as a lightweight and cheaper substitute, metal consumption by the aerospace sector and investment in infrastructure. Major trends in the forecast period include focusing on the launch of net zero carbon products, launch of metal additive manufacturing product, adoption of robotics and automation, use of the internet of things (iot), adoption of new welding technologies and use of recycled metals..
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Market Drivers and Trends:
The metal products market has benefitted from the rapid growth in the automotive industry during the historic period. The automotive industry refers to a broad sector that involves the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. As the automotive industry expands, there is a higher demand for various metal products, including sheet metal, steel, aluminum, and specialty alloys. These metals are used in the manufacturing of vehicles, including body parts, chassis components, and engine parts. For instance, in January 2023, according to a report published by MarkLines Co, a Japan-based automotive information platform, sales of light vehicles in the United States reached 1,287,280 units in December 2022, an increase of 5.4% over the same month in 2021. In comparison to the previous December, sales of trucks and SUVs climbed by 5.3% to 1,020,952 units, while sales of passenger cars increased by 5.7% to 266,328 units. Therefore, the rise in demand for automobiles during this period positively impacted the metal products manufacturing market.
Major companies operating in the metal products market are developing new products such as wire-laser metal 3D printers to meet larger customer bases, more sales, and increase revenue. A wire-laser metal 3D printer is a type of 3D printer that uses a wire feedstock and a laser to create metal parts. For instance, in February 2022, Mitsubishi Electric Corporation, a Japan-based electronics company, launched AZ600, a wire-laser metal 3D printer that uses a laser beam to melt welding wire to produce excellent 3D structures. Digital additive manufacturing technology's simultaneous 5-axis spatial control and coordinated management of machining parameters enable stable, high-quality 3D printing. Additionally, it supports the development of repairs for the maintenance of specialized parts for automobiles, ships, and aircraft by lowering energy consumption, conserving resources by speeding up processing, and using highly effective manufacturing methods such as ""near-net-shape,"" and more.
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Major Key Players of the Market:
Medtronic Inc, Abbott Laboratories, Johnson & Johnson, Siemens AG, Becton Dickinson and Company(BD), STRYKER CORPORATION, Cardinal Health, Danaher Corporation, Boston Scientific Corporation, Koninklijke Philips N.V., SCHILLER Healthcare India Pvt. Ltd, GE Healthcare, Covidien Healthcare India Private Limited, Philips Healthcare India, Fisher & Paykel Healthcare India Private Limited, Smiths Medical India Pvt Ltd, Agappe Diagnostics Ltd, ARKRAY Healthcare Pvt. Ltd, Accord Medical Products Private Limited, Shinva Medical Instrument Company Limited, Shandong WeiGao Group Medical Polymer Company Limited, Lepu Medical Technology Company (Beijing) Co., Ltd, Yuwell - Jiangsu Yuyue Medical Equipment & Supply Co., Ltd, Shanghai Runda Medical Technology Co., Ltd, Terumo Corporation, Olympus Medical Systems Corporation, Canon Medical Systems Corporation, Hitachi Group, Nihon Koden Corporation, Sanko Manufacturing Co.,Ltd, Fukuda Denshi, Metran Co. Ltd, Clarity Medical, Welcare Industries S.P.A, F.L. Medical S.r.l, Empire MEDICAL UK LTD, Europlaz Technologies Ltd, Alfa-Med LLC, Medplant LLC, Medical-Łomża Sp. z o.o., P.H.U. Medical, ProVeterináře, Panop CZ, Baxter, SunMed, Beckman Coulter, Draegerwerk AG, Getinge Group, Masimo, Teleflex Inc, Nipro Medical Ltda, LINET Brazil, Fotoptica Ltda, Leistung Engineering Pvt. Ltd, Saudi Mais Co. for Medical Products (SMMP), Life Pulse Medical Co, Watan, AlKawashef, 3BY Ltd, Qatari German Medical Devices Co, Israeli Hospitals Ltd, CAPS Medical, Amana Healthcare (Pty) Ltd, CapeRay, TiTaMED (Pty) Ltd, Sinapi Biomedical, Egyptian Medical And Environment Group, ResMed Inc
Metal Products Market 2024 Key Insights:
• The metal products market size is expected to see strong growth in the next few years. It will grow to $3594.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Growing Automotive Industry Boosts The Metal Products Market
• Development Of Products To Drive The Revenues Of Metal Products Market
• The Asia-Pacific was the largest region in the metal products market in 2023
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