New York, February 03, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Metal Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/ p06018839 /? utm_source = GNW
$ 97 billion in 2020 to $ 2,423.06 billion in 2021 at a compound annual growth rate (CAGR) of 14.5%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 3,139.63 billion in 2025 at a CAGR of 7%.
The metal products market comprises the sales of metal products by entities (organizations, sole proprietorships, and partnerships) that manufacture metal products such as screws, nuts, bolts, springs, wires, boilers, tanks, cutlery, and hand tools. . This industry also includes forging, stamping, coating, engraving, heat treatment and related activities. The metal products market is segmented into forged and stamped products; cutlery and hand tools; architectural and structural metals; boiler, tank and shipping container; Equipment; springs and wire products; machine shops, turned products and screws, nuts and bolts; coated, engraved and heat-treated metal products; valves of metal; and other fabricated metal products.
Asia-Pacific was the largest region in the global metal products market, accounting for 36% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global metal products market. Africa was the smallest region in the world metal products market.
Many metal product companies use robotics and automation to improve plant efficiency and productivity. Sensors are used in various machines to access invaluable data to improve efficiency and reduce potential breakdowns. For example, according to a report by the Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, indicating an increase in the adoption of automation and robotics technologies to improve productivity and reduce production costs. According to the KPMG report, 16% of executives of global metallurgical companies have already invested in robotics for metal fabrication, 31% of executives have plans to eventually invest in robotics for new technologies and opportunities, and 42 % are ready to invest in robotics in the near future. future. In addition, the report says, 63% of executives in metal fabrication companies are considering investing in automation. FANUC, KUKA, ABB and Motoman are examples of companies offering industrial robots to metallurgical companies.
Many developed and developing economies are considering imposing restrictions on free trade. After Brexit, trade restrictions between the UK and other European countries are expected to increase. The US government repealed the North American Free Trade Agreement (NAFTA) which created a trilateral trade bloc in North America. These changes can widen trade competition between countries and reverse the trend towards global free trade. This will affect the demand for metal products, limiting the growth of the market.
The metal products market has benefited from the rapid growth of the automotive industry during the historical period. For example, steel, aluminum and magnesium are some of the metals commonly used in the automotive industry for the manufacture of body panels, engines, transmissions and many other parts. The global motor vehicle market grew from $ 1,477.2 billion in 2014 to $ 2,085.1 billion in 2018, at a compound annual growth rate (CAGR) of 9%. According to Deloitte, in 2016, 25% of the domestic demand for steel in the United States came from the automotive industry, and car sales in the United States reached an all-time high of 17.6 million vehicles in 2016. By Therefore, the increase in demand for automobiles during this period, has had a positive impact on the metal products manufacturing market.
Read the full report: https://www.reportlinker.com/p06018839/?utm_source=GNW
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