Metal products

Global Metal Products Market Report 2022

New York, May 31, 2022 (GLOBE NEWSWIRE) — announces the release of the “Metal Products Global Market Report 2022” –

The global metal products market is expected to grow from $2,365.87 billion in 2021 to $2,599.09 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The market is expected to reach $3,628.26 billion in 2026 at a CAGR of 8.7%.

The metal products market includes sales of metal products by entities (organizations, sole proprietorships, and partnerships) that are engaged in the manufacture of metal products.

Major types of metal products are forged and stamped products, cutlery and hand tools, architectural and construction metals, boilers, tanks and shipping containers, hardware, spring and wire products , machine shops, turned products and screws, nuts and bolts. , coated, etched and heat treated metal products, metal valves and other fabricated metal products. Spring and wire refer to metal products used in household bedding and seating.

The types of metals are aluminum, beryllium, bismuth, cadmium, cerium, chromium, cobalt and other types of metals. These are used in construction, manufacturing and other end users.

Asia Pacific was the largest metal products market region in 2021. Western Europe was the second largest metal products market region.

Regions covered in Metal Products report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The metal products market has benefited from the rapid growth of the automotive industry over the historical period. For example, steel, aluminum, and magnesium are some of the common metals used in the automotive industry to make body panels, engines, transmissions, and many other parts. .

For example, according to the India Brand Equity Foundation, automobile production grew by 2.36% CAGR in FY 2020, with 26.36 million vehicles manufactured in the country. Net domestic auto sales increased 1.29% CAGR in fiscal year 2020 with 21.55 million vehicles sold. Thus, the increase in demand for automobiles during this period had a positive effect on the metal product manufacturing market.

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 abrogated the North American Free Trade Agreement (NAFTA) which created a trilateral trading bloc in North America. These changes can expand trade competition between countries and reverse the trend of global free trade.

This will affect the demand for metal products, limiting the growth of the market.

Many metal products companies are using 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 Boston Consulting Group (BCG) report, 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 global metalworking executives 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. shortly. Additionally, according to the report, 63% of metal manufacturing executives plan to invest in automation. FANUC, KUKA, ABB and Motoman are examples of companies offering industrial robots to metalworking companies.

The countries covered in the metal products market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland. , Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, Ukraine, United States, Vietnam.

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