Metal and Metal Manufactured Products Market was valued at $710,531 million in 2016, and is projected to reach at $866,605 million by 2023, growing at a CAGR of 2.8% from 2017 to 2023. Metal is an essential and reusable resource with luster, high thermal & electrical conductivity, density, and possesses the ability to be deformed under pressure without splitting. It is broadly classified into two major segments, ferrous metals and nonferrous metals.
Ferrous metals majorly consist of iron and various types of steel chiefly employed in the construction and automobile industries. Nonferrous metals include aluminum, copper, zinc, lead, nickel, and tin, which are usually employed in making of castings, alloys, forgings, wires, cables, extrusions, and pipes. The metal and metal manufactured products sector is a key market for any economy as it serve a wide range of industries including automotive, aviation, electrical & electronics, healthcare, energy & power, personal care, construction & building, coinage, ornaments, and others.
The increase in demand from various end-use sectors, such as aviation, healthcare, electrical & electronics, energy & power, infrastructure, personal care, and others majorly drives the global metal & metal manufactured products market. Furthermore, rise in demand for metals & metal manufactured products in the automotive industry and on-going technological advancements are some other factors that boost the market expansion. However, fluctuation in raw material prices and presence of substitutes are anticipated to restrain the market growth. Moreover, growth in market for metals in emerging economies coupled with large-scale use of recycled metal & related products are projected to provide great opportunities for the market.
The report segments the global metal & metal manufactured products market based on metal type, product, and geography. By metal type, the market is categorized into aluminum, beryllium, bismuth, cadmium, cerium, chromium, cobalt, gold, indium, iron, lead, lithium, magnesium, manganese, mercury, and molybdenum. On the basis of metal manufactured product type, it is fragmented into wires & cables, jewelry & ornaments, electrical & electronics, bars, sheets, rolls, pipe fixture & fittings, pipes, molded components, rebar, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Metal and Metal Manufactured Products Market by Metal Type
In the global metal & metal manufactured products market, pipe fixtures & fittings and electrical & electronics is the most lucrative metal manufactured products followed by bars, jewelry & ornaments, molded components, wires & cables, and others. Significant demand for pipe fixtures & fittings in various industries along with infrastructural development happening in emerging as well as developed economies will drive its demand in the global market. FDA, REACH, and other regulatory bodies have stated a ban on lead piping system for water supply resulting in the renewal of water systems in different regions, which is further increasing the demand for pipe fixtures & fittings.
Metal and Metal Manufactured Products Market, by Geography
Asia-Pacific occupied the major market with nearly half of the share in 2016 and is anticipated to register the significant CAGR of around 2.9% 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. Europe is another region with significant growth rate, which accounted for nearly one-fourth market share in 2016.
Global Metal and Metal Manufactured Products Market by Geography
Top impacting factors include various aspects, which directly or indirectly impact the overall market growth. Upsurge in demand for metals & metal manufactured products from different end-use sectors is currently driving the market growth. In 2023, the demand from the end-use sectors is anticipated to decline and have relatively lesser positive impact on the market. Moreover, the ongoing technological advancements associated with different types of metals & related products in different regions is another factor that boosts the market growth, and is expected to have a stronger influence on the market in the upcoming period. In addition, rise in demand for metals & related products from the automotive industry is currently high, however, it is projected to decline in the analysis period, thus retaining lesser impact on the market. Growth in demand from emerging economies represented lucrative opportunity for market expansion in 2016, however, the impact of the driver is expected to reduce in 2023. Increase in use of recycled metal products is another prospect supporting the market growth, and is calculated to become more dynamic in 2023.
Volatility in raw material prices was the main restraining factor of the market in 2016, but it is expected to be comparatively stable in 2023 and have less effect on the market. In addition, increase in competition from substitutes is another limiting aspect of the market, and its influence is projected to increase by 2023.
Comprehensive competitive analysis and profiles of major market players (manufacturers and key users of metal & related products) in each country is detailed thoroughly in the report.
This report provides an extensive analysis of the current trends and emerging estimations & dynamics in the global metal & metal manufactured products market from 2017 to 2023, in terms of value and volume.
Detailed analysis of the market by type helps to understand the various types of metals & related products that are currently in use, along with the variants that are expected to gain prominence in the future.
Porters Five Forces analysis highlights the potency of buyers and suppliers to offer a competitive advantage to stakeholders to make profit-oriented business decisions and help strengthen their supplier and buyer network.
Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
Metal and Metal Manufactured Products Market Key Segments:
By Metal Type
By Metal Manufactured Product Type
Wires & Cables
Jewelry & Ornaments
Electrical & Electronics
Pipe Fixture & Fittings
Rest of Europe
Rest of Asia-Pacific