Metal Market Report 2025

The metal market size has grown strongly in recent years. It will grow from $4.39 trillion in 2024 to $4.65 trillion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to construction and infrastructure development, manufacturing and industrialization, automotive industry, war and defense needs, mining and exploration activities.

The metal market size is expected to see steady growth in the next few years. It will grow to $5.49 trillion in 2029 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to infrastructure investments, circular economy initiatives, supply chain resilience, climate change mitigation, geopolitical factors. Major trends in the forecast period include technological innovation in metal recycling, green technologies and renewable energy, technological advancements in metal processing, smart manufacturing and industry 4.0, digital marketplaces and e-commerce.

The metal manufacturing market is expected to witness increased global demand for copper during the forecast period, driving overall industry growth. Copper, a reddish-brown, malleable, and ductile metallic element (Cu), experiences rising demand, prompting copper mining companies and refineries to expand operations. This expansion is aimed at meeting the growing demand for copper, leading to higher production levels in the metal industry. As an illustration, a May 2023 report from the International Wrought Copper Council (IWCC) forecasts a 2.2% increase in refined copper demand to 25.51 million tons in 2023. Anticipated further growth by 2.5% to 26.15 million tons in 2024 is expected to propel the market forward.

The expanding construction industry is anticipated to drive the growth of the metal market in the coming years. The construction sector encompasses the planning, design, development, construction, renovation, and maintenance of physical structures, infrastructure, and built environments. Metals like steel, aluminum, and copper are crucial in constructing buildings, bridges, and other infrastructure due to their strength, durability, and load-bearing capabilities, making them essential structural materials. For example, the US Census Bureau, a government agency, reported that the value of construction operations in the United States increased from $2.05 trillion in August 2023 to $2.13 trillion in August 2024. Thus, the growth of the construction industry is fueling the expansion of the metal market.

Major companies in the metal market are concentrating on developing technologically advanced products, such as low-carbon steel, to enhance sustainability, lower carbon emissions, and address the growing regulatory and consumer demand for eco-friendly products. Carbon steel technology includes the methods and processes used to produce steel with different carbon content, impacting its strength, hardness, and flexibility. For example, in October 2023, U.S. Steel, a US-based steel manufacturer, introduced a new non-grain-oriented (NGO) electrical steel. This specialized type of electrical steel is primarily used in applications where the direction of the magnetic flux changes, such as in electric motors, transformers, and generators.

Leading companies in the metal market are actively developing new products, such as generative AI solutions for additive manufacturing, to cater to expanding customer bases, boost sales, and increase revenue. Generative AI solutions involve artificial intelligence systems and algorithms capable of generating original content, data, or information without explicit programming. A notable example is Desktop Metal, a US-based manufacturing company, which launched Live Suite in March 2023. This comprehensive software hub provides solutions for generative AI in additive manufacturing 2.0. Live Suite users can efficiently create 3D-printed metal, polymer, and ceramic items from their digital design data. Live Sinter, part of the suite, simulates the entire printing and sintering process, generating new design shapes that produce the desired final product with precise tolerances. Leveraging advanced GPU technology and innovative machine learning, Live Sinter calibrates the simulation process to match real-world outcomes for the largest binder jet system install base globally.

Major companies operating in the metal market include Glencore International plc, ArcelorMittal S.A., Jiangxi Copper Company Limited, POSCO, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Co. Ltd., Rio Tinto Group, Thyssenkrupp AG, Vale S.A., Nucor Corporation, JFE Holdings Inc., Anglo American plc, Tata Steel Group, Hindalco Industries Limited, Freeport-McMoRan Inc., Hyundai Steel Company, Kobe Steel Ltd., Grupo Mexico, Teck Resources Limited, Alcoa Corporation, Newmont Corporation, Barrick Gold Corporation, Southern Copper Corporation, Boliden AB, Antofagasta plc, Vedanta Limited, First Majestic Silver Corp.

The Asia-Pacific was the largest region in the metal market in 2024. Western Europe was the second-largest region in the metal market. The regions covered in the metal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metal market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The metal market consists of sales of ferrous, non-ferrous, and alloys of metals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Metals are materials forming metallic bonds, known for high melting points, density, tensile strength, light reflectivity, malleability, ductility, and excellent electrical and thermal conductivity. They're extensively used in heating, electricity, transportation, and plastics production.

Main types include iron and steel mills, ferroalloy, processed nonferrous metals, processed alumina and aluminum, foundries, and steel products. Processed alumina and aluminum refer to aluminum processed via metal casting. Metal types encompass aluminum, beryllium, bismuth, cadmium, cerium, chromium, cobalt, and others, employed across construction, manufacturing, and various industries.

The metal market research report is one of a series of new reports that provides metal market statistics, including metal industry global market size, regional shares, competitors with a metal market share, detailed metal market segments, market trends and opportunities, and any further data you may need to thrive in the metal industry. This metal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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