Major companies in the metal products market include Stanley Black & Decker Inc, Ball Corporation, Berkshire Hathaway Inc, Techtronic Industries Co. Ltd, Parker-Hannifin Corporation, ArcelorMittal S. A, Assa Abloy AB, China International Marine Containers Group) Ltd, General Electric Company, and Procter & Gamble.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Products Global Market Report 2022" - https://www.reportlinker.com/p06282155/?utm_source=GNW
The global metal products market is expected to grow from $2,365.87 billion in 2021 to $2,599.09 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The market is expected to grow to $3,628.26 billion in 2026 at a CAGR of 8.7%.
The metal products market consists of sales of metal products by entities (organizations, sole traders and partnerships) that are engaged in manufacturing metal products.
The main types of metal products are forged and stamped goods, cutlery and hand tools, architectural and structural metals, boiler, tank, and shipping container, hardware, spring and wire products, machine shops, turned product, and screw, nut, and bolt, coated, engraved, and heat-treated metal products, metal valves, and other fabricated metal products.The spring and wire refer to the metal products that are used in home bedding and seating.
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 products market in 2021.Western Europe was the second-largest region in the metal products market.
The regions covered in the metal products report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The metal products market has benefitted from the rapid growth in the automotive industry during the historic period.For instance, steel, aluminium and magnesium are some of the metals commonly used in the automotive industry for manufacturing body panels, engines, transmissions and numerous other parts.
For instance, according to the India brand equity foundation, automobiles production increased at 2.36% CAGR between FY20 with 26.36 million vehicles being manufactured in the country. The net domestic automobiles sales increased at 1.29% CAGR in FY20 with 21.55 million vehicles that have been sold. Therefore, the rise in demand for automobiles during this period positively impacted the metal products manufacturing market.
Many developed and developing economies are considering imposing restrictions on free trade.Post-Brexit, trade restrictions between the UK and other European countries are likely to increase.
The US government has repealed the North American Free Trade Agreement (NAFTA) that created a trilateral trade bloc in North America.These changes can widen the trade competition between countries and reverse the trend towards global free trade.
This will affect the demand for metal products, restricting the growth of the market.
Many metal products 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 products 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.
Read the full report: https://www.reportlinker.com/p06282155/?utm_source=GNW
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