WELLESLEY, Mass, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Being one of the most sought-after commodities in the world, the industrial metals industry is expected to see rapid growth. According to the BCC Research report Industrial Metals, Precious Metals and Alloys: Global Markets to 2022, copper is the most popular metal. Copper is used extensively in telecommunications and computer chips, leading to a healthy rise in the metal and mining industry. In the global metal and mining market, gold, copper, nickel and iron ore are the most prime investment targets for mining organizations.
In 2016 the demand for industrial metals, precious metals and alloys was 4.6 million kilotons and is projected to reach 5.6 million kilotons by 2022, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period. In terms of revenue, demand for industrial metals, precious metals and alloys was valued at $1.5 trillion in 2016 and is projected to reach $2.1 trillion by 2022, growing at a CAGR of 4.1% during the forecast period.
Research Highlights
- The precious metal segment is driven by a high demand in the jewelry sector and a strong demand of platinum in the automobile sector.
- The market is driven by an increased need for lightweight metals such as magnesium, titanium, aluminum and beryllium alloys for use in aircraft, marine equipment, jet engine super-alloy components, medical devices, valves, piping, pumps and multi-billion-dollar infrastructure rebuilding programs.
- An increase in gold and silver commodities are anticipated to present excellent trading opportunities for long-term investments.
“The metal and mining industry has been rising at a healthy pace during the past five years,” the report notes. “Increasing economic growth of the developing nations across the globe further fuels the manufacturing sector, thereby driving the growth of the metal and mining industry. In addition, the global metal and mining market is highly based on the economic growth of countries. As a country’s economy grows, there is an increase in the investment in the infrastructure sector and due to this, demand for base metal rises.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.