Metal Products Global Market Report 2024

The metal products market size has grown strongly in recent years. It will grow from $2749.3 billion in 2023 to $2912.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historical period can be attributed to robust economic growth in emerging markets, rapid expansion in the automotive industry, swift technological advances, and the expansion of the steel sector.

The metal products market size is expected to see strong growth in the next few years. It will grow to $3594.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to improvements in plant efficiency, the increasing use of aluminum as a lightweight and cost-effective substitute, the growing metal consumption by the aerospace sector, and investments in infrastructure. Key trends in the forecast period include a focus on launching net-zero carbon products, introducing metal additive manufacturing products, adopting robotics and automation, utilizing the Internet of Things (IoT), embracing new welding technologies, and promoting the use of recycled metals.

The metal products market has experienced significant growth, thanks to the rapid expansion of the automotive industry in recent years. The automotive sector encompasses a wide range of activities, including the design, development, manufacturing, marketing, sales, repair, and modification of motor vehicles. With the continual growth of the automotive industry, there has been an increased demand for various metal products such as sheet metal, steel, aluminum, and specialty alloys. These metals play a crucial role in vehicle manufacturing, contributing to the production of body parts, chassis components, and engine parts. As an illustration, a January 2023 report from MarkLines Co, a Japanese automotive information platform, indicated that light vehicle sales in the United States reached 1,287,280 units in December 2022, marking a 5.4% increase compared to the same month in 2021. The uptick in truck and SUV sales by 5.3% to 1,020,952 units and passenger car sales by 5.7% to 266,328 units during the same period further underscores the positive impact of increased automobile demand on the metal products manufacturing market.

The consideration of trade restrictions by both developed and developing economies has become a notable trend. Following Brexit, increased trade restrictions between the UK and other European countries are likely. The US government has nullified the North American Free Trade Agreement (NAFTA), potentially altering the landscape of trade competition between nations and signaling a departure from the global trend of free trade. These changes in trade dynamics are expected to have an impact on the demand for metal products, potentially limiting market growth.

Major companies in the metal products market are investing in the development of innovative products. One such advancement is the introduction of wire-laser metal 3D printers, a type of 3D printer utilizing wire feedstock and laser technology to fabricate metal parts. Mitsubishi Electric Corporation, a Japan-based electronics company, launched the AZ600 in February 2022. This wire-laser metal 3D printer employs a laser beam to melt welding wire, enabling the creation of intricate 3D structures. The technology facilitates stable, high-quality 3D printing with simultaneous 5-axis spatial control and coordinated management of machining parameters. Additionally, it supports the development of maintenance repairs for specialized parts in automobiles, ships, and aircraft, enhancing efficiency through energy conservation and resource utilization while employing effective manufacturing methods such as 'near-net-shape.'

Major players in the metal products market are also investing in cutting-edge technologies, including software monitoring solutions, to cater to larger customer bases and enhance sales and revenue. Software monitoring involves a suite of software solutions designed to monitor and improve the quality of additive manufacturing processes. For instance, EOS Software, a US-based software company, introduced Smart Fusion software technology for laser powder bed fusion (LPBF) metal 3D printing in April 2023. This technology streamlines post-processing requirements, reduces material usage, eliminates most support structures, and lowers the cost-per-part (CPP) for metal additive manufacturing applications. Smart Fusion's real-time capabilities, achieved without significantly extending build time, offer a more efficient alternative to current methods, automatically adjusting laser power, detecting potential construction issues, and minimizing time and resources lost to 'trial and error' additive manufacturing.

Major companies operating in the metal products market report are Stanley Black & Decker, Inc., Ball Corporation, Techtronic Industries Co. Ltd., Illinois Tool Works Inc., Schaeffler Technologies AG & Co KG, Ajmal Steel Tubes & Pipes Industries LLC, AK Steel Holding, Akar Tools Ltd., Al Jarsh Metal Section Manufacturing, AL Khaleej Metal Coat LLC, AL Shafar Steel Engineering, Alam Steel, Alcoa Corp, Algoma Steel Inc., Aperam, Apex Tools Group, ArcelorMittal, ArcelorMittal Brasil S.A, Assa Abloy AB, Avocet Steel, Ball Corporation, Baoshan Iron & Steel Co. Ltd., Baowu steel, Bekaert SA, Bekaert SA, Berkshire Hathaway Inc., Bosco Group of Companies, Cape Town Iron and Steel Works, Channellock, Inc., China International Marine Containers (Group) Ltd., Colfax, Companhia Siderúrgica Nacional, Consolidated Steel Industries Ltd., Continental steel, Contitech Chile S.A, DBMSC Steel FZCO, Denholm YAM, Dofasco, Dynamic structures, Evraz, Fenster Aluminum Ltd., Flowserve, Freeport McMoranInc., Gerdau, Gibraltar Industries, Gutmann Industries LLC, Hulamin Ltd., Hyundai Steel Company, Inesa Argentina, Integrated metal products, JFE Steel Corporation, JM Enterprises, Kennametal Inc., Kobe Steel Limite, Leita Steel Ltd., Maanshan Iron and Steel Company Limited, Magnitogorsk Iron and Steel Works (MMK), Mechel, Melcast Iron and Steel Foundry, Metalloinvest, Metatrade Import and Export (Pty) Ltd., Moolaan Iron & Steel, Mueller Industries, Nanjing Hengjie Industrial Co., Ltd., Ningbo BST Metal Products Co., Ltd., Nippon Steel, Novolipetsk Steel (NLMK), Nucor, Nucor Corporation, Parana Metal, POSCO, Pramec SAS, Pretoria Schmiede Cc, Qatar Steel Company, S A Iron & Steel Institute (SAISI), Schaeffler, Severstal, Shanghai Electric Group Co Ltd., Sicamar Metals Mitsui and Co, Siderca, SKF Argentina S.A, Snap-on, Sovereign Steel Manufacturing, Summit Utility Structures LLC, Suzuki Garphyttan Ab, SWR Group, Tata Steel Limited, Ternium S.A. United States Steel Corporation, The Heico Companies, ThyssenKrupp, Thyssenkrupp AG, Timken, TMK (Pipe Metallurgical Co., OJSC), Toyo Seikan Group Holdings, Ltd., United states steel corp.

The Asia-Pacific was the largest region in the metal products market in 2023. Western Europe was the second-largest region in the metal products market. The regions covered in the metal products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the metal products 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 products market consists of sales of bars, rods, bolts, pipe fittings, and automotive parts. 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 primary types of metal products include forged and stamped goods, cutlery and hand tools, architectural and structural metals, boiler, tank, and shipping containers, hardware, spring and wire products, machine shops, turned products, screws, nuts, bolts, coated, engraved, and heat-treated metal products, metal valves, and other fabricated metal products. Spring and wire products, for instance, find application in home bedding and seating. Various metal types, such as aluminum, beryllium, bismuth, cadmium, cerium, chromium, cobalt, and others, are utilized in construction, manufacturing, and other end-user industries.

The metal products market research report is one of a series of new reports that provides metal products market statistics, including metal products industry global market size, regional shares, competitors with a metal products market share, detailed metal products market segments, market trends and opportunities, and any further data you may need to thrive in the metal products industry. This metal products 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.