Global Metal & Metal Manufactured Products Market to Reach US$ 20.4 Trillion by 2032, Propelled by the Widespread Product Utilization in the Automotive Industry

According to the latest report by IMARC Group, titled “Metal & Metal Manufactured Products Market by Product Type (Wires and Cables, Jewelry and Ornaments, Bars and Rebars, Sheets, Rolls, Pipe Fixtures and Fittings, Pipes, Molded Components, Batteries, Paints and Coatings, and Others), Metal Type (Lithium, Magnesium, Aluminum, Chromium, Manganese, Iron, Cobalt, Copper, Zinc, Molybdenum, Silver, and Others), End Use Industry (Automotive and Transportation, Aerospace and Defense, Marine, Consumer Goods, Electrical and Electronics, Manufacturing, Energy and Power, Construction, Packaging, Pharmaceuticals, and Others), and Region 2024-2032," the global metal & metal manufactured products market size reached US$ 13.3 Trillion in 2023. Metal refers to opaque, lustrous, and naturally occurring chemical substances that are found in metamorphic rocks, volcanic environments, and ore deposits. It includes iron, chromium, cobalt, aluminum, mercury, zinc, silver, gold, manganese, copper, platinum, nickel, and titanium. Metal-manufactured products are items and goods that are produced by shaping, forming, and manipulating metal to achieve specific designs, dimensions, and functionalities. They are widely used in machines, equipment, tools, automobiles, aircraft, ships, satellites, electronic devices, structural components, home appliances, packaging materials, and medical instruments. Metal and metal-manufactured products offer high strength, durability, electrical and thermal conductivity, and corrosion resistance. They are also cost-effective, versatile, and readily available materials that are easy to recycle, require low maintenance, and offer long service life. 

Global Metal & Metal Manufactured Products Market Trends:

The increasing product utilization in the automotive industry is one of the primary factors propelling the market growth. Metal & metal manufactured products are widely used in automotive body panels, suspension systems, tires, chassis components, exhaust systems, and various engine parts, such as cylinder blocks, pistons, cylinder heads, and crankshafts. Furthermore, the widespread product application in construction activities to produce beams, columns, trusses, frames, roofing, electrical wiring, plumbing, and heating, ventilation, and air conditioning (HVAC) systems is providing an impetus to the market growth. Additionally, the recent development of advanced alloys using metals that are lightweight, cost-effective, and offer a higher strength-to-weight ratio is positively influencing the market growth. Besides this, the utilization of additive manufacturing to create complex and customized designs using metals, reduce material waste, and enhance production efficiency is contributing to the market growth. Moreover, the rising product adoption in the electrical and electronics industry to manufacture switches, connectors, cables, batteries, printed circuit boards (PCBs), heat sinks, cooling systems, motors, and transformers is providing a thrust to the market growth. Other factors, including rapid industrialization activities, increasing investments in research and development (R&D) projects, and growing emphasis on metal recycling to save resources, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 20.4 Trillion by 2032, exhibiting a CAGR of 4.73% during 2024-2032.

Market Summary:

• On the basis of the product type, the market has been divided into wires and cables, jewelry and ornaments, bars and rebars, sheets, rolls, pipe fixtures and fittings, pipes, molded components, batteries, paints and coatings, and others. Among these, bars and rebars represents the largest segment.
• Based on the metal type, the market has been classified into lithium, magnesium, aluminum, chromium, manganese, iron, cobalt, copper, zinc, molybdenum, silver, and others. At present, iron accounts for the largest market share.
• On the basis of end use industry, the market has been divided into automotive and transportation, aerospace and defense, marine, consumer goods, electrical and electronics, manufacturing, energy and power, construction, packaging, pharmaceuticals, and others. Among these, construction accounts for the largest market share.
• On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa. At present, Asia Pacific holds the largest market share.
• The competitive landscape of the industry has also been examined, with some of the key players being All Metal Sales Inc., Anglo American plc, Asarco LLC (Americas Mining Corporation), Broder Metals Group Ltd., CMOC Group Limited, Hochschild Mining plc, Indium Corporation, Interstate Metal Inc., Newmont Corporation, Proterial Ltd., Rio Tinto Group (Rio Tinto International Holdings Limited), Sierra Metals Inc., Talco Aluminium Company, etc.

Report Scope:

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