The metal and fabricated metal products market is expected to gross $18.5 trillion globally by 2030 at a CAGR of 5.2%, according to Allied Market Research
Growth in the building and construction industry and the advantages of metal and metal fabrications in the construction industry are driving the growth of the global metal and metal fabrications market.
PORTLAND, Oregon., April 20, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Metal and Metal Manufactured Goods Market by Metal Type (Lithium, Magnesium, Aluminum, Chromium, Manganese, Iron, Cobalt, Copper, Zinc, Molybdenum, Silver, and Others), Product Type (Wire and Cable, Jewelry and ornaments, bars and rebars, sheets, rolls, pipe fittings and fittings, pipes, molded components, batteries, paints and coatings, and others) and end-use industry (automotive and transportation, aerospace and defense, marine, consumer goods, electrical and electronics, manufacturing, energy and electricity, construction, packaging, pharmaceuticals and others): analysis of global opportunities and industry forecast, 2021-2030 ». According to the report, the world metal industry and manufactured metal products was attached to $11.2 trillion in 2020, and should reach $18.5 trillion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
Drivers, constraints and opportunities
Growth in the building and construction industry and the advantages of metal and metal fabrications in the construction industry are driving the growth of the global metal and metal fabrications market. However, disadvantages of aluminum in the construction industry are hampering the growth of the market. On the contrary, the use of aluminum promoted by governments in Asia Pacific and the emergence of effective solutions for waste management open up new opportunities for the future.
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- The Covid-19 pandemic has led to a sharp decline in metal prices due to reduced demand for metals.
- The prolonged lockdown has disrupted the supply chain, widened the gap between supply and demand and increased price volatility.
- However, as businesses have reorganized their operations and recovered from the impact of Covid-19, the market is expected to recover soon.
The iron segment dominated the market
By type of metal, the iron segment held the largest share in 2020, accounting for more than a quarter of the global metal and fabricated metal products market, owing 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 the electrification of vehicles attracting a large volume of lithium-ion batteries.
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Battery Segment to Show Highest CAGR through 2030
By product type, the battery segment would exhibit the highest CAGR of 12.0% from 2021 to 2030, driven by increasing continuous power supply needs of critical infrastructure and increasing demand for vehicles rechargeable. The bar and rebar segment held the largest share in 2020, contributing almost one-fifth of the global fabricated metal and metal products market.
Asia Pacific held the largest share; North America grow considerably
By region, the global metal and metal fabricated products market across Asia Pacific held the lion’s share in 2020, accounting for almost half of the market. Moreover, the region would show the highest CAGR of 5.3% from 2021 to 2030, due to the increase in the manufacturing of metals and metal products in the region. The market through North America should register a CAGR 4.8% over the forecast period.
Main market players
- All Metal Sales, Inc.
- China Minmetals Corporation
- Broder Metals Group, Ltd.
- Hitachi Metals Ltd.
- China Molybdenum Co. Ltd
- Newmont Company
- Karay Metals Inc.
- Steward Advanced Materials LLC
- Sierra Metals Inc.
- Talco Aluminum Company
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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan KumarCEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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SOURCE Allied Market Research