Global Analysis of Metal and Metal Manufactured Products Market
Metal is a reusable and crucial resource with density, luster, high electrical conductivity, high thermal conductivity, and can be deformed under pressure without the need for splitting. It is broadly categorized into two segments, ferrous and nonferrous metals:
- Ferrous Metals: These largely consist of iron and different kinds of steel mainly employed in automobile industries and construction.
- Nonferrous Metals: These include tin, nickel, lead, zinc, copper, and aluminum that are generally used in the making of pipes, extrusions, cables, wires, forgings, alloys, and castings.
The metal and metal manufactured products market is a key sector for any economy since it serves an extensive range of industries that include ornaments, coinage, building and construction, personal care, power and energy, healthcare, electronics, aviation, and automotive.
Valued at $710,531 million in the year 2016, the sector that deals in metals and the products manufactured from metals, is anticipated to reach an estimate of $866,605 million by 2023, developing at a CAGR (Compound Annual Growth Rate) of 2.8% from 2017 to 2023.
The boost in demand from different sectors like healthcare and aviation drives the global metal and metal manufactured products market. Moreover, the increasing demand for metals and such products in ongoing technological advancements and the automotive industry also enhance the expansion of the market.
Divisions of Metal and Metal Manufactured Market:
The market is divided into the following based on metal type:
On the basis of metal manufactured types, the following represent the markets division:
- Molded components
- Pipe fixtures and fittings
- Electronics and electrical
- Ornaments and jewelry
- Cables and wires
The geographical analysis is across LAMEA, Asia-Pacific, Europe, and North America. Therefore, the market of the metal and metal manufactured products is classified on the basis of geography in the following manner:
- Latin America
- Middle East
- South Korea
- Remaining Asia-Pacific
- Remaining Europe
- The U.S.
The demand for metals in many industries in conjunction with infrastructural development taking place in both developing and developed countries will enforce its position in the global market.
The Future of Metal Industries
The need for metal manufactured products has been experiencing a rise since 2008. Before that, the demand was not as much. Therefore, one may have an optimistic view of the metal industries.
The economic analyst for the Fabricators & Manufacturers Association Intl. and the managing director/co-founder of Armada Corporate Intelligence, Chris Kuehl, estimates that the growth in metal fabrication must maintain a constant pace at the nation’s level for 2019’s U.S. GDP – from 2.7% to 3.4%. This augmentation can be seen across the manufacturing industry a whole and means that metal markets will flourish this year.
Production in the U.S. is predicted to increase by 2.8% between the years 2018 and 2021. With this general increase in manufacturing throughout the whole country, there is now a higher demand for skilled workers in the formation, fabrication, finishing, and welding of metals. The U.S. will require approximately 90,000 welders by the year 2024 according to the analysis of Lincoln Tech.
There is a shift in production and manufacturing as well as in the mining and metals industry.
The Bottom Line
Metals constitute a major part in everyone’s lives – from the cans we drink from, to the military that protects us. And over time, the demand for the metal will keep increasing. Therefore, the demand for skilled workers by various metal industries is also expanding.
The metal manufactured products’ market is flourishing and will keep thriving due to the rising demands.