2025-2034 Metal Market Roadmap: Insights for Competitive Advantage

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What Will the Metal Industry Market Size Be by 2025?
The size of the metal market has seen robust growth in recent years. Predictions estimate it will expand from $4392.33 billion in 2024 to $4651.03 billion in 2025, achieving a compound annual growth rate (CAGR) of 5.9%. Various factors have contributed to the market's growth during the historic period, including construction and infrastructure development, industrial manufacturing, the automotive sector, defense requirements, and mining and exploration activities.

What's the Long-Term Growth Forecast for the Metal Market Size Through 2029?
The size of the metal market is predicted to exhibit consistent expansion in the upcoming years, surging to a value of $5491.59 billion in 2029 with a compound annual growth rate (CAGR) of 4.2%. The anticipated growth within the forecast timeframe may be driven by factors such as investment in infrastructure, circular economy initiatives, resilience of the supply chain, efforts to combat climate change, and geopolitical aspects. Key trends expected during the forecast period incorporate technological enhancements in metal recycling, the adoption of green technologies and renewable energy, advancements in metal processing technology, the rise of smart manufacturing and industry 4.0, as well as the growth of digital marketplaces and e-commerce.

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What Are the Key Growth Drivers Fueling the Metal Market Expansion?
During the forecast period, the worldwide copper demand is anticipated to surge, providing a boost to the metal manufacturing market. Copper is symbolised as Cu, having atomic number 29, and is recognised as a ductile, malleable metallic element with a reddish-brown colour. The mounting necessity for copper instigates a greater production of this metal. Copper mining industries and refineries enhance their functioning to cater to this rising demand, subsequently escalating the overall output in the metal sector. For instance, as per the report issued by the International Wrought Copper Council (IWCC), a UK-based global association for copper and its alloy fabricating sector, in May 2023, it's predicted that the demand for refined copper in 2023 will reach 25.51 million tons, marking a 2.2% increase. The refined copper's demand is expected to increment by 2.5% to 26.15 million tons in 2024, thereby fueling the market's progress.

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What Are the Key Trends Driving Metal Market Growth?
Firms that are major players in the metal market are centered on introducing new advanced technologies like low-carbon steel to boost eco-friendliness, lower carbon emissions, and satisfy growing regulations and customer expectations for products that are kind to the environment. The technology for carbon steel comprises the techniques and operations used to manufacture steel of varying carbon levels, affecting its strength, toughness, and pliability. In a case in point, U.S. Steel, an American steel manufacturing firm, rolled out a new non-grain-oriented (NGO) electrical steel in October 2023. NGO electrical steel, a specific type of electrical steel, is mainly used in applications where the magnetic flux direction varies, like in transformers, electric motors, and generators.

How Is the Metal Market Segmented?
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:
1) By Iron and Steel Mills and Ferroalloy: Integrated Steel Mills, Mini-Mills, Ferroalloy Production
2) By Processed Nonferrous Metal: Copper Products, Aluminum Products, Zinc Products
3) By Processed Alumina and Aluminum: Alumina Refining, Primary Aluminum Production, Secondary Aluminum Production
4) By Foundries: Ferrous Foundries, Nonferrous Foundries, Investment Casting Foundries
5) By Steel Products: Flat Steel Products, Long Steel Products, Specialty Steel Products

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Which Companies Are Leading the Charge in Metal Market Innovation?
Major companies operating in the metal market include 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, 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, Antofagasta plc, Vedanta Limited, First Majestic Silver Corp.

Which Regions Are Leading the Global Metal Market in Revenue?
Asia-Pacific was the largest region in the metal market in 2024. Western Europe was the second-largest region in the metal market. The regions covered in the metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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