Major companies in the metal and mineral market are ArcelorMittal S. A, POSCO, Baoshan Iron & Steel Co. Ltd, Nippon Steel & Sumitomo Metal Corporation, China National Building Material Group Co. Ltd, Compagnie de Saint-Gobain S.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal And Mineral Global Market Report 2022" - https://www.reportlinker.com/p06282152/?utm_source=GNW
A, Jiangxi Copper Company, Votorantim S.A, JFE Holdings Inc, and LafargeHolcim Ltd.
The global metal and mineral market is expected to grow from $6,877.41 billion in 2021 to $7,507.82 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The market is expected to grow to $10,274.68 billion in 2026 at a CAGR of 8.2%.
The metal and mineral market consists of sales of metals and minerals by entities (organizations, sole traders and partnerships) that refine and/or smelt ferrous and nonferrous metals from ore, pig or scrap, using electrometallurgical techniques.
The main types of metal and mining are mineral, metal, and metal products.Metal products refer to the finished products that are made out of metals.
These are used for chemicals manufacturing, metallurgy, electrical grid infrastructure, electronics, glass products, vehicles, and other applications that are used By End Users such as construction, manufacturing, and Other End Users.
The Asia Pacific was the largest region in the metal and mineral market in 2021.Western Europe was the second-largest region in the metal and mineral market.
The regions covered in the metal and mineral report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in metal and mineral manufacturing, thus driving the market during the forecast period.Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins.
For instance, according to a report by Accenture, the manufacturing sector will witness the highest annual gross value added (GVA) growth rate of 4.4% due to artificial intelligence by 2035. The report also states that artificial intelligence has the potential to increase profitability by an average of 38% by 2035. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the metal and mineral manufacturing market going forward.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the metal and mineral manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, the Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Manufacturers depend heavily on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.The outbreak has hurt businesses throughout 2020 and into 2021.
However, it is expected that the metal and mineral manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Many metal and mineral manufacturing companies are using robotics and automation to improve plant efficiency and productivity.Sensors are being used in various machines to access invaluable data for improving efficiencies and reducing potential breakdowns.
For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to the KPMG report, 16% of executives of global metals companies have already invested in robotics for metal manufacturing, 31% of executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest in robotics shortly. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman
The countries covered in the metal and mineral 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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