Global Non-Ferrous Metals Market to Reach US$ 1,692.8 Billion by 2032, Stimulated by Rising Sales of Electric Vehicles (EVs)

September 15, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Non-Ferrous Metals Market Report by Type (Aluminum, Copper, Lead, Tin, Nickel, Titanium, Zinc, and Others), Application (Automobile Industry, Electronic Power Industry, Construction Industry, and Others), and Region 2024-2032,” the global non-ferrous metals market size reached US$ 1,133.8 Billion in 2023. Non-ferrous metals are elements and alloys that do not contain iron as a principal component. They involve copper, zinc, lead, aluminum, tin, nickel, magnesium, silver, platinum, titanium, and gold. They are naturally corrosion-resistant, which makes them suitable for outdoor and marine applications. They have relatively low melting points and can be easily shaped, formed, and molded into various configurations. They are highly recyclable, which reduces the need for mining and conserves natural resources. They are widely used in electrical wiring and electronic components due to their excellent conductivity. They are also utilized in architectural applications, including doors, windows, and decorative elements.

Global Non-Ferrous Metals Market Trends:

Rapid urbanization and increasing construction of residential and commercial buildings worldwide represent one of the key factors catalyzing the demand for non-ferrous metals. Additionally, the rising shift towards electric vehicles (EVs) is driving the demand for non-ferrous metals like lithium, cobalt, and nickel to reduce harmful vehicular emissions. Along with this, governments of various countries are emphasizing sustainability and green initiatives and promoting the utilization of energy-efficient appliances. Apart from this, the increasing use of non-ferrous metals like aluminum and titanium in aerospace manufacturing is strengthening the growth of the market. Furthermore, the escalating demand for non-ferrous metals, especially aluminum and copper in renewable energy technologies, such as wind turbines, solar panels, and electric vehicle batteries is creating a positive market outlook. Moreover, the increasing use of non-ferrous metals in the healthcare sector for manufacturing medical implants, devices, and equipment is creating a positive outlook for the market. Besides this, the rising reliance of the 5G infrastructure on copper and aluminum components is driving the market. Looking forward, the market value is projected to reach US$ 1,692.8 Billion by 2032, expanding at a CAGR of 4.42% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented into aluminum, copper, lead, tin, nickel, titanium, zinc, and others. Aluminum currently dominates the global market.
  • On the basis of the application, the market has been classified into the automobile, electronic power, construction, and other industries. At present, the automotive industry holds the largest market share.
  • Region-wise, 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 the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Aditya Birla Group, Alcoa Corporation, Aluminum Corporation of China Limited, Anglo American plc, BHP, RUSAL (En+ Group MKPAO), Glencore Plc, Norilsk Nickel, Rio Tinto Group, Sumitomo Metal Mining Co. Ltd., and Vale S.A.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Aluminum, Copper, Lead, Tin, Nickel, Titanium, Zinc, Others
Applications Covered Automobile Industry, Electronic Power Industry, Construction Industry, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aditya Birla Group, Alcoa Corporation, Aluminum Corporation of China Limited, Anglo American plc, BHP, RUSAL (En+ Group MKPAO), Glencore Plc, Norilsk Nickel, Rio Tinto Group, Sumitomo Metal Mining Co. Ltd., Vale S.A, etc.
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Global Non-Ferrous Metals Market to Reach US$ 1,692.8 Billion by 2032, Stimulated by Rising Sales of Electric Vehicles (EVs)
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