Metal & Metal Manufactured Products Market is projected to reach $866,605 million by 2023, growing at a CAGR of 2.8% from 2017 to 2023. The iron metal segment occupied a significant share of the global market in 2016.
Metal is one of the most important components of several commercial and industrial applications. Metal products produce various types of metal mainly through bending, cutting and assembly processes, and also receive various finishing processes such as powder coating, pain and deburring. They are intended for direct market sales or are assembled to form more complex structures for various end-user industries.
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Increased demand from various end-use sectors, such as aviation, healthcare, electrical and electronics, energy and power, infrastructure and personal care, will drive market growth. Apart from that, technological advancements and increased demand for metals in the automotive industry are several other factors that support market expansion. However, fluctuations in raw material prices and replacement with alternatives are expected to limit market growth. The prosperity of the metal market in developing countries and the surge in the use of recycled metals and products are expected to provide many opportunities for the market.
The metals analyzed in the report are aluminum, beryllium, bismuth, cadmium, cerium, chromium, cobalt, gold, indium, iron, lead, lithium, magnesium, manganese, mercury, and molybdenum. Among these, aluminum, chromium, and iron, occupied major share of the market in 2016 and is projected to do so during the forecast period as well.
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The metal manufactured products considered in the report include wires & cables, jewelry & ornaments, electrical & electronics, bars, sheets, rolls, pipe fixture & fittings, pipes, molded components, rebar, and others. Wires & cables, electrical & electronics, and pipe fixtures & fittings were the prominent segments of the global market in 2016.
Key findings of the study
- Asia-Pacific was the dominant region occupying nearly 50% share of the market in 2016 in terms of value.
- Pipe fixtures & fittings is the fastest growing product segment with 3.3% CAGR in value terms during analysis period.
- LAMEA is one of the fastest growing region of the global market with CAGR of 2.9% in value terms in the forecast period.
- Aluminum metal was one of the major segment of the market in 2016 and is anticipated to grow at the significant CAGR of 4.5% in value terms during the analysis period.
- Jewelry & ornament is second fastest growing segment with a significant CAGR of 3.1% during the analysis period.
In 2016, Europe and Asia-Pacific collectively accounted for around three-fourths of the global metal & metal manufactured products market, and are expected to grow at the significant CAGRs during the forecast period. LAMEA & Asia-Pacific is expected to possess the highest CAGRs owing to the ongoing urbanization, rise in disposable income, and industrial developments in these regions.