Metal Market Report 2026

The metal market size has grown steadily in recent years. It will grow from $4.23 trillion in 2025 to $4.37 trillion in 2026 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to growth of construction and infrastructure projects, demand from automotive manufacturing, expansion of industrial machinery sector, development of integrated steel mills, increased production of copper and aluminum products.

The metal market size is expected to see steady growth in the next few years. It will grow to $5.19 trillion in 2030 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to rise in renewable energy projects, growth in electric vehicle production, adoption of high-performance specialty steels, increasing demand in aerospace and defense, expansion of local metal foundries and casting facilities. Major trends in the forecast period include rising demand for lightweight and high-strength metals, growth in recycled metal and circular economy initiatives, increased adoption of advanced metal processing technologies, expansion of specialty steel and nonferrous metal products, integration of precision foundry and casting techniques.

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.

In July 2024, Cleveland-Cliffs Inc., a U.S.-based integrated steel producer, acquired Stelco Holdings Inc. for approximately USD 2.5 billion (CAD 3.4 billion). Through this acquisition, Cleveland-Cliffs seeks to expand its steel production capacity in North America and strengthen its portfolio of flat-rolled and value-added steel products. Stelco Holdings Inc. is a Canada-based integrated steel manufacturer that produces flat-rolled steel, coated and cold-rolled steels, pig iron, and other steel products.

Major companies operating in the metal market report are ArcelorMittal S.A., POSCO, Nippon Steel Corporation, Baoshan Iron & Steel Co. Ltd., Tata Steel Limited, Nucor Corporation, Hyundai Steel Company, JFE Holdings Inc., Thyssenkrupp AG, Vale S.A., Rio Tinto Group, BHP Group, Glencore plc, Anglo American plc, Alcoa Corporation, Hindalco Industries Limited, Freeport-McMoRan Inc., Jiangxi Copper Company Limited, Southern Copper Corporation, Antofagasta plc, Boliden AB, Vedanta Limited.

Asia-Pacific was the largest region in the metal market in 2025. Western Europe was the second-largest region in the metal market. The regions covered in the metal market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metal market are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, 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.

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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