Global Metal Products Market Demonstrates Impressive Growth, Projected to Reach $3807.64 Billion by 2027

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

LONDON, GREATER LONDON, UK, December 1, 2023 /EINPresswire.com/ — The global metal products market showcased robust growth, surging from $2632.6 billion in 2022 to $2851.45 billion in 2023, with a significant compound annual growth rate (CAGR) of 8.3%. Projections indicate a continued upward trajectory, with the metal products market anticipated to reach an estimated $3807.64 billion by 2027, maintaining a solid CAGR of 7.5%.

Automotive Industry Propels Metal Products Market

The metal products market has witnessed significant advantages from the rapid expansion of the automotive industry. Metals such as steel, aluminum, and magnesium play vital roles in manufacturing body panels, engines, transmissions, and various automotive components. For instance, in India, automobile production experienced a 2.36% CAGR between FY20, resulting in 26.36 million vehicles manufactured, and net domestic automobile sales increased at a 1.29% CAGR in FY20, with 21.55 million vehicles sold. The surge in automobile demand during this period has positively influenced the growth of the metal products manufacturing market.

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Key Players Shaping the Market Landscape

Major companies influencing the metal products market dynamics 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.

Technological Advancements: Robotics and Automation

In a bid to enhance plant efficiency and productivity, numerous metal products companies are incorporating robotics and automation. Sensors integrated into machines provide valuable data for improving efficiencies and preventing potential breakdowns. Reports suggest that by 2025, approximately 1.2 million industrial robots are expected to be deployed, indicating a significant rise in automation and robotics technology adoption to enhance productivity and reduce production costs. According to a KPMG report, 16% of global metals company executives have already invested in robotics for metal manufacturing, with 31% considering future investments, and 42% expressing a willingness to invest shortly. Furthermore, 63% of metal manufacturing executives are contemplating investments in automation. Key companies offering industrial robots to the metals industry include FANUC, KUKA, ABB, and Motoman.

Asia-Pacific Leads Metal Products Market

In 2022, Asia-Pacific emerged as the largest region in the metal products market, with Western Europe securing the second-largest position. A comprehensive market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation Details

The global metal products market is segmented –

• 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

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

• By End User: Construction, Manufacturing, Other End Users

Subsegments Covered:

Iron and Steel Forged Goods, Nonferrous Forged Goods, Custom Roll Formed Goods, Powder Metallurgy Parts, Metal Crown, Closure, and Other Metal Stamped Goods, Metal Kitchen Cookware, Utensil, Cutlery, and Flatware, Saw Blade and Hand tool, Plate Work and Fabricated Structural Products, Ornamental and Architectural Metal Products, Power Boiler and Heat Exchanger, Metal Tank (Heavy Gauge), Metal Can, Box, and Other Metal Container (Light Gauge), Furniture Hardware, Motor Vehicle Hardware, Builder’s Hardware, Other Hardware, Springs, Other Fabricated Wire Products, Machine Shops, Turned Product and Screw, Nut, and Bolt, Heat Treated Metal Products, Coated, Engraved Metal Products and Allied Services to Manufacturers, Electroplated, Plated, Polished, Anodized, and Colored Metal Products, Industrial Valves, Fluid Power Valve and Hose Fitting, Plumbing Fixture Fitting and Trim, Other Metal Valve and Pipe Fitting, Ball and Roller Bearing, Fabricated Pipe and Pipe Fitting, All Other Miscellaneous Fabricated Metal Products.

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Metal Products Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Metal Products Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on metal products market size, metal products market drivers and trends, metal products market major players, metal products market competitors’ revenues, metal products market positioning, and metal products market growth across geographies. The metal products market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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