The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Metal Products Global Market Report 2023, the metal products market is expected to show significant growth in the forecast period.

Key insights from the metal products market forecast include:

1. Market Size

The worldwide metal products market will increase from $2,632.6 billion in 2022 to $2,851.45 billion in 2023, with an 8.3% CAGR. It’s projected to reach $3,807.64 billion in 2027, growing at a 7.5% CAGR.

2. Major Driver

The metal products market thrived due to the automotive industry’s rapid expansion. Steel, aluminum, and magnesium are commonly used in vehicle manufacturing. According to the India Brand Equity Foundation, car production increased by 2.36% CAGR, with 26.36 million vehicles made in FY20. Domestic auto sales rose by 1.29% CAGR in FY20, with 21.55 million vehicles sold. This increased auto demand positively influenced the metal products manufacturing market.

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3. Key Trend

Many metal product firms employ automation and robotics to boost efficiency. Sensors provide crucial data for improved performance and reduced breakdowns. A Boston Consulting Group (BCG) report predicts 1.2 million robots by 2025, signifying increased automation for productivity and cost reduction. According to KPMG, 16% of global metals executives already invest in robotics, 31% plan to explore it, and 42% intend to invest. Additionally, 63% of metal manufacturing executives consider automation. Industrial robot providers for metals companies include FANUC, KUKA, ABB, and Motoman.

4. Major Players

Major companies in the metal products market include Stanley Black & Decker Inc., Ball Corporation, Berkshire Hathaway Inc., Techtronic Industries Co. Ltd., Parker-Hannifin Corporation, ArcelorMittal S.A, Assa Abloy AB, China International Marine Containers Group) Ltd., General Electric Company, and Procter & Gamble.

5. Top Market Segments

The global metal products market is segmented –

1) By Type: Forged and Stamped Goods, Cutlery and Hand Tools, Architectural and Structural Metals, Boiler, Tank, and Shipping Container, Hardware, Spring and Wire Products, Machine Shops, Turned Product, and Screw, Nut, and Bolt, Coated, Engraved, and Heat Treated Metal Products, Metal Valves, Other Fabricated Metal Products

2) By Metal Type: Aluminum, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Other Metal Types

3) By End User: Construction, Manufacturing, Other End Users

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The Metal Products Global Market Report 2023  provides an in-depth analysis on the metal products market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the metal products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Stamped Metal Global Market Report 2023

Metal Global Market Report 2023

Sheet Metal Global Market Report 2023

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