Future of the Metal Market: Strategic Analysis and Forecast to 2034

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Metal Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the size of the metal market has been experiencing consistent growth. The projection is that this market will increase from a worth of $4107.96 billion in 2024 to a value of $4234.52 billion in 2025, with a compound annual growth rate (CAGR) of 3.1%. The factors contributing to the growth in the historic period include construction and infrastructure development, increased manufacturing and industrialization, the automotive industry's influence, needs of war and defense, alongside mining and exploration activities.

Metal Market Size Forecast: What's the Projected Valuation by 2029?
The market size of the metal industry is anticipated to witness consistent expansion over the upcoming years, surging to a whopping $4972.53 billion by 2029, registering a compound annual growth rate (CAGR) of 4.1%. The projected growth in this period can be linked to factors such as investments in infrastructure, initiatives for a circular economy, the robustness of the supply chain, efforts for climate change mitigation, and geopolitical elements. Some significant trends expected to prevail in the forecast duration include the technological evolution in metal recycling, the advent of green technologies and renewable energy sources, advancements in metal processing technology, the shift towards smart manufacturing and Industry 4.0, as well as the emergence of digital marketplaces and e-commerce.

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What Are the Drivers Transforming the Metal Market?
During the forecast period, the worldwide copper demand is anticipated to surge, propelling the metal manufacturing market forward. Copper is identifiable as a metallic element that is ductile, malleable and bears a reddish-brown hue, symbolized as Cu and numbered 29 on the periodic table. The escalating demand for copper is a catalyst for boosting its production. Consequently, copper mining outfits and refineries are broadening their operations to fulfill this demand, thereby contributing to augmented production volumes in the metal sector. For instance, a report released in May 2023 by the International Wrought Copper Council (IWCC), which is an international copper and copper alloy fabricating industry association based in the UK, forecasts a demand of 25.51 million tons for refined copper in 2023, marking a 2.2% growth. Furthermore, it is expected that the demand for refined copper could escalate an additional 2.5% to 26.15 million tons in 2024, making a significant impact on market progression.

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What Are the Key Trends Driving Metal Market Growth?
Prominent entities in the metal market are turning their attention toward innovative technological products, like low-carbon steel, in a bid to boost sustainability, minimize carbon emissions and align with rising regulatory as well as consumer requirements for green products. Carbon steel technology involves various techniques and processes for creating steel with distinct levels of carbon, impacting its potency, durability, and pliability. To illustrate, U.S. Steel, a steel production firm based in the United States, introduced new non-grain-oriented (NGO) electrical steel in October 2023. Non-grain-oriented (NGO) electrical steel is a specific form of electrical steel predominantly used in components where the direction of magnetic flux alternates, such as transformers, electric motors, and generators.

Which Segments in the Metal Market Offer the Most Profit Potential?
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 Firms Dominate the Metal Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential in the Metal Market?
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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