Metal Global Market Report 2024

The metal market size has grown strongly in recent years. It will grow from $4146.16 billion in 2023 to $4380.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed in the historical period can be attributed to construction and infrastructure development, manufacturing and industrialization, the automotive industry, war and defense needs, as well as mining and exploration activities.


The metal market size is expected to see steady growth in the next few years. It will grow to $5267.42 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. Forecasted growth is driven by infrastructure investments, circular economy initiatives, supply chain resilience, climate change mitigation, and geopolitical factors. Key trends include technological advancements in metal recycling, green technologies, smart manufacturing, and the rise of digital marketplaces in the metal industry.

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 growth of the metal market is expected to be boosted by the expanding construction industry. The construction sector, encompassing planning, design, development, and maintenance of physical structures, relies significantly on metals such as steel, aluminum, and copper for structural integrity. These metals contribute to the strength, durability, and load-bearing capabilities of buildings, bridges, and other infrastructure. As per a February 2022 report from the UK Office for National Statistics, the construction sector witnessed a 12.7% annual increase in 2021. Monthly construction output saw a 2.0% rise in December 2021, driven by a 3.5% increase in new work. The quarterly production in Q4 2021 rose by 1.0%, further emphasizing the role of the construction industry in driving metal market growth.

Geopolitical tensions are anticipated to have adverse effects on the metal manufacturing market during the forecast period. These tensions include sanctions on Russia, trade protectionism, and heightened military tensions in the Middle East. Sanctions on Russia are attributed to violations of the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991. For instance, Brexit is expected to result in increased trade restrictions between the UK and other European countries. In February 2023, the US government imposed a 200% ad valorem tariff on aluminum articles related to the use of primary aluminum smelted in Russia. Continued global violence and terrorism, especially in the Middle East, are also foreseen as potential factors negatively impacting the market.

Automated manufacturing systems are witnessing increased adoption as they contribute to enhanced manufacturing productivity and reduced operating costs. These systems encompass various technologies such as robotics and artificial intelligence (AI) designed to minimize human intervention and enhance safety in metal manufacturing processes, including processing, assembling, and material handling. This automation enables metal manufacturing companies to achieve heightened efficiency, improved safety on the manufacturing floor, enhanced product quality, the execution of complex and diverse tasks, increased process stability, flexibility in production, and the elimination of routine manual tasks. A notable example is ABB Limited, a Switzerland-based manufacturing technology company, which launched a smart factory solution in November 2021. This innovative system offers real-time ladle tracking, automated crane scheduling, a predictive thermal modeling engine, and other features. Utilizing radar and laser positioning technologies, the ladle tracking engine ensures precise vision with minimal hardware and maintenance requirements, surpassing traditional radio-frequency identification (RFID) solutions. Automated crane scheduling involves job forecasting, route planning, and automatic job acknowledgment.

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 report are 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, Anglo American, 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, Vulcan Materials Company, Antofagasta PLC, Vedanta Limited, First Majestic Silver Corp.

The Asia-Pacific was the largest region in the metal market in 2023. 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.

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 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.

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.