Global Metal Market Soars, Projected to Reach $5464.83 Billion by 2027
Metal Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Metal Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The market size of global metal market is expected to grow to $5464.83 billion in 2027 at a CAGR of 6.6%.”
— The Business Research Company
LANDON, GREATER LANDON, UK, December 1, 2023 /EINPresswire.com/ — The global metal market witnessed substantial growth, expanding from $3940.17 billion in 2022 to $4230.27 billion in 2023, with a noteworthy compound annual growth rate (CAGR) of 7.4%. Forecasts indicate continued growth, with the market poised to reach an estimated $5464.83 billion by 2027, maintaining a steady CAGR of 6.6%.
Copper Demand Drives Metal Manufacturing
The surge in global demand for copper is expected to be a significant driver for the metal manufacturing market. Fitch Solutions reports a projected increase in global copper demand to 29.8 million tons by 2027, with an annual growth rate of 2.6%. Substantial demand growth is anticipated from electric vehicles, appliances, air conditioners, refrigerators, and other electrical and electronic products. Electric vehicles, for instance, are estimated to require an additional 130 lb. of copper compared to traditional internal combustion engine vehicles. This increased demand, particularly from electric vehicles, is expected to propel the metal market forward, with an additional 600,000 tons of copper anticipated by 2027.
Explore the Global Metal Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3546&type=smp
Key Players Shaping the Metal Market
Major players influencing the dynamics of the metal market include POSCO, Baoshan Iron & Steel Co.Ltd., ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, Jiangxi Copper Company, JFE Holdings Inc., Glencore International, Hyundai Steel Company, Nucor Corp, and TATA Steel Group.
Automation Revolutionizes Metal Manufacturing
The adoption of automated manufacturing systems is gaining momentum as it enhances productivity and reduces operating costs. Automation, incorporating technologies such as robotics and AI, reduces human intervention and enhances safety in metal manufacturing processes, encompassing processing, assembling, and material handling. This shift allows metal manufacturing companies to increase efficiency, improve safety on the manufacturing floor, enhance product quality, perform complex tasks, stabilize processes, offer production flexibility, and eliminate routine manual tasks. Notably, ABB Limited, a Switzerland-based manufacturing technology company, introduced a smart factory solution in November 2021, featuring real-time ladle tracking, automated crane scheduling, a predictive thermal modeling engine, and other advanced features.
Asia-Pacific Leads the Metal Market
In 2022, Asia-Pacific emerged as the largest region in the metal market, with Western Europe securing the second-largest position. A comprehensive market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation Details
The global metal market is segmented –
By Type: Iron and Steel Mills and Ferroalloy, Processed Nonferrous Metal, Processed Alumina and Aluminum, Foundries, Steel Products
By Metal Type: Aluminum, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Other Metal Types
By End User: Construction, Manufacturing, Other End Users
Subsegments Covered: Crude Steel, Pig Iron, Ferroalloys, Smelted and Refined Nonferrous Metal (except Aluminum), Rolled, Extruded and Alloyed Copper, Rolled and Extruded Nonferrous Metal (except Copper and Aluminum), Secondary Smelted, Refined and Alloyed Nonferrous Metal (except Copper and Aluminum), Aluminum Products From Purchased Aluminum, Secondary Smelted and Alloyed Aluminum, Refined Alumina and Primary Aluminum Production, Ferrous Metal Foundries, Nonferrous Metal Foundries, Iron and Steel Pipe and Tube, Rolled and Drawn Steel
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/metal-global-market-report
Metal Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Metal Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on metal market size, metal market drivers and trends, metal market major players, metal market competitors’ revenues, market positioning, and metal market growth across geographies. The metal market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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