The metal and mineral manufacturing market consists of sales of metals and minerals by different organisations. The rise in demand from different end use industries such as aviation, healthcare, electrical & electronics, energy & power, infrastructure, personal care and others supporting the metal market growth. Furthermore, rise in demand for metals products in the automotive industry and continuing technological advancements are some other factors that boosting the market expansion. The growth of Industry 4.0, or the Internet of Things (IoT), further supports the rise in use of metal products adding a profound influence on tooling and fabricating of the equipment. The metal market consists of establishments primarily engaged in manufacturing all types of metals such as iron and steel, aluminium, base metals, and precious metals.
According to study “Metal Manufacturing Global Market Report 2019” Some of the key players operating in the market include Arcelor Mittal, POSCO, Nippon Steel & Sumitomo Metal, JFE, and Lafarge Holcim. The limited players are adopting strategies such as mergers & Acquisition, and new technology development for metal manufacturing activities.
A combination of factors such as growth in related industries and governmental regulations, cyclical fluctuations in metal prices, general economic conditions, and end-use markets are witnessed to impact the industry dynamics significantly. Increase in usage of computer aided manufacturing technologies assisting the metal industry market with improved operational efficiency and enhance metal extraction & production activities. These advancements in the technologies are driving the metal demand market globally.
Fluctuation in raw material price and continuous rise of substitutes are further anticipated to restrain the market growth. Moreover, growth in metals markets in the emerging economies coupled with large-scale use of metal & related products are projected to provide great opportunities for the market. Moreover, the ongoing technological advancements associated with different types of metals & related products in different regions is another supportive factor leading to the market growth, and is expected to influence on the market in the upcoming period. In addition, rise in demand for metals & related products from the automotive industry is currently high coupled with growth in demand over the emerging economies represented lucrative opportunity for market
Government regulations, increasing cost of input materials, rise in operational efficiency for reducing the operating costs, and improve in the quality of output are some of the key challenges that are being faced by the industry. The increase in growth rate of activities such as construction, automobiles, heavy machinery, and equipment is expected to drive consumption of metals and products used in these industries. Rapid growth in additive metal manufacturing, robotics and automation and lightweight aluminium alloys for the automobile industry are further adding to major trends witnessed in the global metal and mineral manufacturing market.
The global metal manufacturing is segmented into Asia-Pacific, Eastern Europe, Western Europe, Middle East, North America, South America, and Africa. The global market growth is driven by growth in population followed by GDP growth. The precious metals are expected to witness the significant increase associated to the double-digit growth over the past few years, owing to increase in production and price of precious metal such as gold, silver, and platinum.
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Ankur Gupta, Head Marketing & Communications
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