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Market Overview
Metal Industry Forecast
- The global metal market grew from $3,638.17 billion in 2021 to $3,895.43 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%
- The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe
- The metal market is expected to grow to $4,814.15 billion in 2026 at a CAGR of 5.4%.
- The global demand for copper is expected to increase during the forecast period, driving the metal manufacturing market. According to a report by Fitch Solutions, global copper demand is expected to increase to 29 .8 million tons by 2027, with an annual growth rate of 2.6%
- Geopolitical tensions are expected to hurt the metal manufacturing market during the forecast period. Repercussions of geopolitical tensions include sanctions on Russia, trade protectionism and heightened military tensions in the Middle East.
Metal Market Opportunities
Increasing demand for infrastructure projects: The construction industry often uses metal products, such as steel, for infrastructure projects like bridges, roads, and buildings. As urbanization and population growth continue, there may be increased demand for these types of projects, which could drive demand for metal products.
Renewable energy: The use of renewable energy sources, such as wind and solar power, is increasing. These energy sources often rely on metal components, such as aluminum in solar panels and steel in wind turbines, which could drive demand for metal products
Electric vehicles: The demand for electric vehicles (EVs) is increasing, and many EVs use metal components, such as lithium-ion batteries and aluminum body panels. As the market for EVs grows, it could drive demand for metal products.
Increased global demand: The metal industry is driven by demand from various sectors such as construction, transportation, and energy. As the global economy continues to grow, demand for metals is likely to increase, providing growth opportunities for metal companies.
Expanding global market: The global market for metal products is expanding, with increasing demand from emerging economies such as China and India.
Metal Market Threats
Increasing awareness about the environmental impacts of mining and extraction may lead to greater scrutiny of metal production and trade, which could impact the market.
The development of new technologies that substitute for or make metal production more efficient can impact demand for certain metals, leading to changes in the metal market.
Competition from substitute materials such as plastics or composites may reduce demand for certain metals.
Economic downturns can lead to reduced demand for metals, which can in turn lead to lower prices
Political instability in countries that produce or consume large amounts of metals can disrupt the market
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