PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485725
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485725
Metal & Metal Manufactured Products Market size was valued at USD 133,00000 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
Metal and metal-based products are objects that are predominantly composed of metal or metal alloys, either in their original form or after undergoing manufacturing processes. These products encompass a wide array of items across various industries and everyday applications. The Metal Industry primarily focuses on metallurgy and metalworking. Initially, metals are extracted from naturally occurring metal ores found deep within the earth. These ores then undergo a comprehensive purification process to obtain the metals in their purest form, a practice known as metallurgy. Metal and metal-based products play vital roles in numerous industries and aspects of contemporary life, including infrastructure, transportation, consumer goods, and healthcare.
Metal & Metal Manufactured Products Market- Market Dynamics
The Metal & Metal Manufactured Products market growth is expected to be driven by the rise in demand for industrial metals and metal products, as well as the expansion of urban and industrialization.
As the process of urbanization and industrialization continues to expand on a global scale, there is a growing need for metals and metal products to support the development of infrastructure, construction projects, and manufacturing activities. The International Yearbook of Industrial Statistics provides a comprehensive overview of the latest advancements in industrial sectors worldwide. The industrial sectors experienced a 2.3% growth globally. The economic growth and industrial activities in emerging markets also contribute to the increased demand for metals and metal products, as these regions undergo rapid development and expansion of their infrastructure. The market also presents opportunities due to continuous innovation in metallurgy and manufacturing processes. However, the market growth may be restricted by the volatility in raw material prices.
Metal & Metal Manufactured Products Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on product type segmentation, Pipe Fixtures, and Fittings was predicted to show maximum market share in the year 2023
Based on Metal Type segmentation, Aluminum was the leading type in 2023
Based on End-User segmentation, the Automotive and Transportation sector was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Metal & Metal Manufactured Products Market is segmented based on Product Type, Metal Type, End-User, and Region.
The market is segmented into three distinct categories according to the type of products they offer. These categories include Wires and Cables, Jewelry and Ornaments, Bars and Rebars, Sheets, Rolls, Pipe Fixtures and Fittings, Pipes, Molded Components, Batteries, Paints and Coatings, and Others. Among these categories, Pipe Fixtures and Fittings hold a dominant position in the market. Pipe fixtures and fittings play a crucial role in plumbing systems, HVAC systems, industrial piping, and various fluid handling applications. They enable the smooth transportation of liquids and gases in residential, commercial, and industrial environments.
The market is categorized into two groups according to the type of metal: Lithium, Magnesium, Aluminum, Chromium, Manganese, Iron, Cobalt, Copper, Zinc, Molybdenum, Silver, and Others. Among these, Aluminum holds the largest share in the market. Aluminum is highly valued for its lightweight nature, strength, resistance to corrosion, and versatility, which makes it suitable for a wide range of applications. In the automotive industry, aluminum is extensively used in vehicle bodies, engines, wheels, and other components to reduce weight and enhance fuel efficiency.
The market is categorized into two segments according to the end-users: Automotive and Transportation, Aerospace and Defense, Marine, Consumer Goods, Electrical and Electronics, Manufacturing, Energy and Power, Construction, Packaging, Pharmaceuticals, and Others. The dominance in the market lies with the Automotive and Transportation sector. This sector is adopting advanced manufacturing technologies like additive manufacturing (3D printing), laser cutting, and robotic welding to improve production efficiency, flexibility, and product quality. These technologies facilitate the creation of intricate metal components with higher accuracy and customization.
Metal & Metal Manufactured Products Market- Geographical Insights
Geographically, the market covers North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are divided into countries that contribute to business activities. The Asia Pacific region is at the forefront of the market, driven by the increasing adoption of products in the construction industry and advancements in metal production technology. Countries in Asia-Pacific have invested significantly in enhancing metal production processes, leading to a rise in demand for metal products in construction projects. Steel, aluminum, and other metals are extensively used in the construction of various structures such as buildings, bridges, railways, and infrastructure projects. According to the statistics bureau, China's crude steel output in June rose by 1.1% from May and 0.4% from the previous year, as steel mills were encouraged to boost production in response to higher steel prices. The world's largest steel producer manufactured 91.11 million metric tons of steel last month, exceeding the 90.12 million metric tons produced in May and the 90.73 million metric tons produced in the same month in 2022. Europe is the second-largest region for market growth, attributed to the expansion of the renewable energy sector.
The metal and metal manufactured products market is characterized by intense competition, primarily due to the wide range of industries and applications that these materials cater to. The market is dominated by major multinational companies that operate on a global scale. These companies possess diverse product portfolios, extensive manufacturing capabilities, and well-established distribution networks across the world. Technological innovation plays a crucial role in driving competition within the metal industry, with a focus on materials research, process enhancements, and product advancements. To gain a competitive edge, companies heavily invest in research and development to improve material properties, reduce production costs, and explore new applications.
In April 2024, Nucor Corporation made an official statement regarding its acquisition of Southwest Data Products, Inc. (SWDP) for a total of USD115 million. SWDP is a renowned manufacturer and installer of data center infrastructure. The company is headquartered in San Bernardino, California, and currently has around 147 employees. In addition to this acquisition, Nucor is excited to introduce Nucor Data Systems, a newly established business unit aimed at enhancing customer service within the data center infrastructure industry.
GLOBAL METAL & METAL MANUFACTURED PRODUCTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Hitachi Metals Ltd.
Newmont Corporation
Sierra Metals Inc.
Talco Aluminium Company
Steward Advanced Materials
Nucor Corporation
ArcelorMittal
Nippon Steel Corporation
Indium Corporation
Interstate Metal
Others