Major companies in the metal market include Arcelor Mittal; POSCO; Nippon Steel & Sumitomo Metal; JFE and TATA Steel Group. The global metal market is expected to grow from $3323. 02 billion in 2020 to $3543.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018838/?utm_source=GNW
07 billion in 2021 at a compound annual growth rate (CAGR) of 6.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4619.74 billion in 2025 at a CAGR of 7%.
The metal market consists of sales of metals by entities (organizations, sole traders and partnerships) that operate iron and steel foundries, iron and steel mills, and/or ferroalloy manufacturing businesses; and/or entities that undertake alumina and aluminum production and processing. The metal market is segmented into iron and steel mills and ferroalloy; processed nonferrous metal; processed alumina and aluminum; foundries; and steel products.
Asia Pacific was the largest region in the global metal market, accounting for 63% of the market in 2020. Western Europe was the second largest region accounting for 13% of the global metal market. Africa was the smallest region in the global metal market.
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refers to a machine, tool or technology such as robotic and AI technology that helps to reduce human intervention and improve safety in the metal manufacturing processes such as processing, assembling, material handling. This allows metal manufacturing companies to increase efficiency and production, improve safety on the manufacturing floor, enhance product quality, perform complex and varied tasks, enhance process stability, provide flexibility to produce products and eliminate routine manual tasks. According to a KPMG report, 63% of the executives say they are considering investing in automation. In 2018, according to an article in Production Machining, an online magazine, 56% of global companies consider automation in manufacturing processes and observed 30% of increase in their production. According to global robotics report 2016 by International Federation of Robotics (IFR), a robotic company, global industrial robots deployed in manufacturing processes are expected to increase to 2.6 million units by 2019.
Geopolitical tensions are expected to have a negative impact on the metal manufacturing market during the forecast period. Repercussions of geopolitical tensions include sanctions on Russia, trade protectionism and heightened military tensions in the Middle East. Sanction on Russia was related to the violation of Chemical and Biological Weapons Control and Warfare Elimination Act of 1991. In 2018, the US imposed a number of sanctions on Russia, including sales of defense articles and services and government credit or other financial assistance. Many countries placed trade restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe. The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US imposed tariffs on $550 billion worth of Chinese goods including metals and metal products as of January 2020. Continued violence and terrorism in the Middle East and other parts globally are also expected to have a negative impact on the market.
The global demand for copper is expected to increase during the forecast period, driving the driving the metal manufacturing market. According to a report by Fitch Solutions, global copper demand is expected to increase from 23.6 million tons in 2018 to 29 .8 million tons by 2027, with annual growth rate of 2.6%. Significant growth in demand for copper is expected to come from electric vehicles, appliances, air conditioners, refrigerators and other electrical and electronics products. For instance, electric vehicles require approximately 130 lb. of additional copper, compared to vehicles with internal combustion engine. An additional demand for 600,000 tons of copper by 2027 is expected to come from electric vehicles, thereby driving the market going forward.
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