Metal Market Growth Outlook Through 2024-2033

Overview and Scope
Metal refers to any of a group of materials that generate positive ions quickly and form metallic bonds with other anions, distinguished by a high melting point, high density and tensile strength, high light reflectivity, malleability, and ductility, as well as strong electrical and thermal conductivity and widely used in various areas such as heating for homes and offices, electricity, transportation fuel, and the production of plastics.

Sizing and Forecast
The metal market size has grown strongly in recent years. It will grow from $4146.16 billion in 2023 to $4380.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to construction and infrastructure development, manufacturing and industrialization, automotive industry, war and defense needs, mining and exploration activities.

The metal market size is expected to see steady growth in the next few years. It will grow to $5267.42 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to infrastructure investments, circular economy initiatives, supply chain resilience, climate change mitigation, geopolitical factors. Major trends in the forecast period include technological innovation in metal recycling, green technologies and renewable energy, technological advancements in metal processing, smart manufacturing and industry 4.0, digital marketplaces and e-commerce.

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Segmentation & Regional Insights
The metal market covered in this report is segmented –

1) By Type: Iron and Steel Mills and Ferroalloy, Processed Nonferrous Metal, Processed Alumina and Aluminum, Foundries, Steel Products
2) By Metal Type: Aluminum, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Other Metal Types
3) By End User: Construction, Manufacturing, Other End Users

Subsegments Covered: Crude Steel, Pig Iron, Ferroalloys, Smelted and Refined Nonferrous Metal (except Aluminum), Rolled, Extruded and Alloyed Copper, Rolled and Extruded Nonferrous Metal (except Copper and Aluminum), Secondary Smelted, Refined and Alloyed Nonferrous Metal (except Copper and Aluminum), Aluminum Products From Purchased Aluminum, Secondary Smelted and Alloyed Aluminum, Refined Alumina and Primary Aluminum Production, Ferrous Metal Foundries, Nonferrous Metal Foundries, Iron and Steel Pipe and Tube, Rolled and Drawn Steel

The Asia-Pacific was the largest region in the metal market in 2023. Western Europe was the second-largest region in the metal market. The regions covered in the metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The global demand for copper is expected to increase during the forecast period, driving the metal manufacturing market. Copper refers to a reddish-brown, malleable, ductile, and metallic element with the symbol Cu and atomic number 29. Rising demand for copper encourages increased production of the metal. Copper mining companies and refineries expand their operations to meet the demand, leading to higher overall production levels in the metal industry. For instance, in May 2023, according to a report published by the International Wrought Copper Council (IWCC), a UK-based international association for the copper and copper alloy fabricating industry, the forecasted demand for refined copper in 2023 is 25.51 million tonnes, an increase of 2.2%. The demand for refined copper could rise by 2.5% to 26.15 million tonnes in 2024, thereby driving the market going forward.

Key Industry Players
Major companies operating in the metal market report are Glencore International plc, ArcelorMittal S.A., Jiangxi Copper Company Limited, POSCO, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Co. Ltd., Rio Tinto Group, Thyssenkrupp AG, Vale S.A., Nucor Corporation, JFE Holdings Inc., Anglo American plc, Anglo American, Tata Steel Group, Hindalco Industries Limited, Freeport-McMoRan Inc., Hyundai Steel Company, Kobe Steel Ltd., Grupo Mexico, Teck Resources Limited, Alcoa Corporation, Newmont Corporation, Barrick Gold Corporation, Southern Copper Corporation, Boliden AB, Vulcan Materials Company, Antofagasta plc, Vedanta Limited, First Majestic Silver Corp.

The metal market report table of contents includes:

1. Executive Summary
2. Metal Market Characteristics
3. Metal Product/Service Analysis -Product/Service Examples
4. Metal Market Trends And Strategies
5. Metal Market – Macro Economic Scenario
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68. Global Metal Market Competitive Benchmarking
69. Global Metal Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Metal Market
71. Metal Market Future Outlook and Potential Analysis
72. Appendix

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