Major companies in 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.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Global Market Report 2022" - https://www.reportlinker.com/p06282154/?utm_source=GNW
The global metal market is expected to grow from $3,638.17 billion in 2021 to $3,949.41 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The market is expected to grow to $5,306.13 billion in 2026 at a CAGR of 7.7%.
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 aluminium production and processing.
The main types of metal are iron and steel mills and ferroalloy, processed nonferrous metal, processed alumina and aluminium, foundries, and steel products.The processed alumina and aluminium refer to the aluminium that is processed through metal casting.
The metal types are aluminium, beryllium, bismuth, cadmium, cerium, chromium, cobalt, and other metal types. These are used in construction, manufacturing, and other end users.
The Asia Pacific was the largest region in the metal market in 2021.Western Europe was the second-largest region in the metal market.
The regions covered in the metal report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global demand for copper is expected to increase during the forecast period, driving the metal manufacturing market. According to a report by Fitch Solutions, global copper demand is expected to increase to 29 .8 million tons by 2027, with an 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 an internal combustion engine. Additional demand for 600,000 tons of copper by 2027 is expected to come from electric vehicles, thereby driving the market going forward.
Geopolitical tensions are expected to hurt 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 the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991.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 hurt the market.
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs.Automation systems refer 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 global robotics report by the International Federation of Robotics (IFR), a robotic company, global industrial robots deployed in manufacturing processes increased to 2.6 million units in 2019.
The countries covered in the metal market include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, Vietnam.
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