Metal and Fabricated Metal Products Market Market to Reach US$17.5 Trillion by 2027 at a Growth Rate of 6.2%-IndustryARC
The metal and fabricated metal products market size is expected to reach US$17.5 trillion by 2027, after growing at a CAGR of 6.2% during the forecast period 2022-2027
HYDERABAD, TELANGANA, INDIA, Sept. 19, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the metal and fabricated metal products market size is expected to reach $17.5 trillion by 2027, after to have increased at a CAGR of 6.2% during the forecast period 2022-2027. Metals are among the most useful materials that are used in a wide range of applications. These are mainly used because of their beneficial properties such as superior malleability, high thermal and electrical conductivity, greater light reflectivity and ductility. Common metals used in several industries are aluminum, bismuth, cadmium, cobalt, iron, lithium, and magnesium, among others. These are used in several applications such as bars, strips, wires and cables, sheets, castings and tubes. Downstream activities in fabricated metal products include the manufacture of structural metal products such as steam generators, boilers, metal containers, rolled metal and forged products. According to the Indian Ministry of Statistics and Program Implementation, in the fourth quarter of 2020, the construction industry in India grew by 6.2%. Thus, the growth of end-use industries is driving the growth of the Fabricated Metal and Metal Goods Market. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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Key points to remember:
This IndustryARC Metal and Metal Fabrication Market report highlights the following areas –
1. Significant increase in the demand for metal and metal fabricated products, especially aluminum, bismuth, cadmium, cobalt, and iron, is expected to provide significant growth opportunity to increase the market size of manufactured metal and metal products in the years to come.
2. Rising production of automobiles is driving the growth of metal and metal fabricated products market. For example, according to the International Organization of Motor Vehicles, the global production volume of vehicles has increased from 52 million in 2020 to 57 million in 2021.
3. Rising adoption of metals in several applications due to their beneficial properties such as superior strength, non-toxicity, excellent thermal conductivity and ability to flow easily provide many growth opportunities for metals. industry players in the near future in the metal and fabricated metal products industry.
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1. The aluminum segment is expected to grow at the fastest CAGR of 7.1% during the forecast period in the metal and metal fabricated products market.
2. The automotive segment held the largest metal and metal manufactured goods market share in 2021, with a share of over 22%. Metal and fabricated metal products are the essential components used in cars, trucks, boats, buses, trains and planes.
3. Asia-Pacific held the largest metal and metal manufactured products market share in 2021, with a share of 44%.
Top 5 Players in Metal and Metal Manufactured Goods Industry are –
1.Hitachi Metals Ltd.
2. Newmont Corporation
3. Sierra Metals Inc.
4.Talco Aluminum Company
5. Steward Advanced Materials
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