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Metal And Mineral Market Size, Share, Trends And Growth Report 2024-2033
Metal And Mineral Market Size
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According to The Business Research Company's, The metal and mineral market size has grown strongly in recent years. It will grow from $7917.21 billion in 2023 to $8377.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in industrialization and urbanization, global economic trends, trade and export policies, infrastructure projects, environmental regulations.
The metal and mineral market size is expected to see strong growth in the next few years. It will grow to $10197.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to circular economy practices, electric vehicle (ev) revolution, supply chain resilience, geopolitical factors, evolving consumer preferences. Major trends in the forecast period include green technologies, technological innovation in processing, technological advancements in mining, increased focus on recycling, digitalization and automation in mining.
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Market Drivers and Trends:
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in metal and mineral manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. For instance, according to a report by Accentur*e, the manufacturing sector will witness the highest annual gross value added (GVA) growth rate of 4.4% due to artificial intelligence by 2035. The report also states that artificial intelligence has the potential to increase profitability by an average of 38% by 2035. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the metal and mineral manufacturing market going forward.
Many metal and mineral manufacturing 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 reducing 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 a rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to the KPMG report, 16% of executives of global metals companies have already invested in robotics for metal manufacturing, 31% of executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest in robotics shortly. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Glencore plc, ArcelorMittal S.A., Pohang Iron and Steel Company, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Company Limited, Rio Tinto, China Shenhua Energy Co. Ltd., Vale S.A., China National Building Material Group Co. Ltd, Hindalco Industries Limited, Freeport-McMoRan Inc., Norsk Hydro ASA, Vedanta Limited, Teck Resources Limited, Newmont Corporation, Barrick Gold Corporation, Alcoa Corporation, Southern Copper Corporation, Anglo American Platinum Limited, Sibanye Stillwater Limited, First Quantum Minerals, Agnico Eagle Mines Limited, Gold Fields Limited, Kinross Gold Corporation, Yamana Gold Inc., Wheaton Precious Metals Corp., Pan American Silver Corp., First Majestic Silver Corp., PJSC ALROSA, Polymetal International plc, Turquoise Hill Resources Ltd., Lundin Mining Corporation, OZ Minerals Limited, Hochschild Mining plc, SSR Mining Inc., Fortescue Metals Group Limited, Kaz Minerals PLC, Mineral Resources Limited, Iamgold Corporation, Centamin plc, Sierra Metals Inc., Osisko Gold Royalties Ltd., Sandstorm Gold Ltd.
Metal And Mineral Market 2024 Key Insights:
• The metal and mineral market size is expected to see strong growth in the next few years. It will grow to $10197.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Advances In Wireless Technology And Miniaturization Drive Innovation In Metal And Mineral Manufacturing
• Rise Of Robotics And Automation Transforming Efficiency In Metal And Mineral Manufacturing
• The Asia-Pacific was the largest region in the metal and mineral market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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