As per the report, the global metal & metal manufactured products industry was pegged at $11.2 trillion in 2020, and is expected to reach $18.5 trillion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
Drivers, restraints, and opportunities
Growth in the building and construction industry and advantages of metal and metal manufactured products in the construction sector drive the growth of the global metal & metal manufactured products market. However, disadvantages of aluminum in the construction industry hinder the market growth. On the contrary, the utilization of aluminum promoted by governments in Asia-Pacific and emergence of effective solutions for waste management open up new opportunities in the future.
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- The Covid-19 pandemic resulted in acute decline in metal prices due to reduction in the metal demand.
- The prolonged lockdown disrupted the supply chain, surge in demand-supply gap, and increased price volatility.
- However, as the companies have rearranged their operations and recovered from the Covid-19 impact, the market is expected to recover soon.
The iron segment dominated the market
By metal type, the iron segment held the largest share in 2020, accounting for more than one-fourth of the global metal & metal manufactured products market, due to rapid industrialization and urbanization in emerging countries. However, the lithium segment is expected to register the highest CAGR of 16.4% during the forecast period, owing to electrification of vehicles that attract significant volume of lithium-ion batteries.
The batteries segment to manifest the highest CAGR through 2030
By product type, the batteries segment would showcase the highest CAGR of 12.0% from 2021 to 2030, due to surge in requirement for continuous power supply from critical infrastructures and rise in demand for plug-in vehicles. The bars & rebars segment held the largest share in 2020, contributing to nearly one-fifths of the global metal & metal manufactured products market.
Asia-Pacific held the largest share; North America to grow significantly
By region, the global metal & metal manufactured products market across Asia-Pacific held the lion’s share in 2020, accounting for nearly half of the market. In addition, the region would showcase the highest CAGR of 5.3% from 2021 to 2030, owing to rise in manufacturing of metal and metal products in the region. The market across North America is expected to register a CAGR of 4.8% during the forecast period.
Major Market Players
- All Metal Sales, Inc.
- China Minmetals Corporation
- Broder Metals Group, Ltd.
- Hitachi Metals Ltd.
- China Molybdenum Co. Ltd
- Newmont Corporation
- Karay Metals Inc.
- Steward Advanced Materials LLC
- Sierra Metals Inc.
- Talco Aluminium Company
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