Metal & Metal Manufactured Products Market Expected to Reach $18.5 Trillion by 2030

According to a new report published by Allied Market Research, titled, " Metal & Metal Manufactured Products Market by Metal Type, Product Type, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030," The global metal & metal manufactured products market size was valued at $11.2 trillion in 2020, and is projected to reach $18.5 trillion by 2030, at a CAGR of 5.2% from 2021 to 2030.

Metal is a valuable and reusable resource that has a lustrous appearance, strong thermal and electrical conductivity, density, and ability to deform under pressure without splitting. It can be divided into two categories, namely ferrous metals and nonferrous metals. Iron and other varieties of steel are the most common ferrous metals, which are used mostly in the building and automobile industries. Aluminum, copper, zinc, lead, nickel, and tin are nonferrous metals that are commonly used in castings, alloys, forgings, wires, cables, extrusions, and pipes. Metal and metal-made items serve a wide number of industries, including automotive, aviation, electrical & electronics, healthcare, energy & power, personal care, construction & building, coinage, ornaments, and others, making it a crucial market for any economy.

The metal & metal manufactured products market benefitted from the rapid growth in automotive industry during the historic period. For instance, steel, aluminum and magnesium are some of most commonly used metals in the automotive industry for manufacturing body panels, engines, transmissions, and numerous other parts. Therefore, rise in demand for automobiles during this period positively impacted the metal & metal manufactured products market.

The metal & metal manufactured products market analysis has been done on the basis of metal type, product type, end-use industry, and region. By metal type, the iron segment holds the 27.2% share of the market. Iron is generally used in its alloy form, which is used in countless application. Aluminum is anticipated as the fastest growing segment in metal manufactured products due to its increased demand from the automotive sector for lightweight vehicle.

By metal manufactured product type, the others segment is the fastest growing segment in the metal & metal manufactured products market.

By end-use industry, the others segment is the fastest growing segment in the metal & metal manufactured products market.

By region, Asia-Pacific occupied the major market with nearly half of the share in 2020 and is anticipated to register the significant CAGR of around 5.3% during the forecast period. This is due to the rapid industrialization and urbanization in several developing countries of the region, resulting in substantial investments in transport and infrastructure industries.

The major companies profiled in this metal & metal manufactured products market report include, All Metal Sales, Inc., Broder Metals Group, Ltd., China Minmetals Corporation, China Molybdenum Co. Ltd, Hitachi Metals Ltd., Karay Metals Inc., Newmont Corporation, Sierra Metals Inc., Steward Advanced Materials LLC, and Talco Aluminium Company. The metal & metal manufactured products market market report provides in-depth competitive analysis as well as profiles of these major players.

Key Findings of Study

• By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 5.3%, in terms of revenue, during the forecast period.
• By metal type, the iron segment accounted for the largest metal & metal manufactured products market share in 2020.
• By product type, the others segment garnered the largest market share in 2020.
• By end-use industry, the others segment accounted for the largest metal & metal manufactured products market share in 2020.

Impact of COVID-19 on Global Metal & Metal Manufactured Products Market

• Some of the major economies suffering from the COVID-19 crisis include, Germany, France, Italy, Spain, the UK, and Norway. Many industries shut down due to lack of raw material availability and disruptions in the supply chain, owing to the COVID-19 outbreak. The global lockdown suspended the marine and industrial activities, which resulted in decline in demand for metal & metal manufactured products.
• Increase in demand–supply gap, price volatility, and change in government policy are expected to affect the growth of various end-use industries. In terms of its immediate and long-term effect on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered. The global economy of metal & metal manufactured products industries has been experiencing a significant slowdown due to constraints of the COVID-19 pandemic on economic activity.
• The market growth is mainly due to companies rearranging their operations and recovering from the COVID-19 impact, which earlier led to restrictive containment measures involving social distancing, remote working, and closure of commercial activities that resulted in operational challenges.