Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "Metal Products Global Market Report 2023" has been added to ResearchAndMarkets.com's offering.
The report unveils the rapid growth of the global metal products market, with a CAGR of 8.3% from 2022 to 2023, reaching a value of $2851.45 billion. Furthermore, the market is projected to continue its upward trajectory, poised to reach $3807.64 billion by 2027, with an estimated CAGR of 7.5%.
Metal Products: Powerhouse of High-Performance Materials
Metal products are renowned for their exceptional properties, including high melting points, density, tensile strength, light reflectivity, malleability, ductility, and excellent electrical and thermal conductivity. They are formed using various processes, such as turning, drilling, milling, shaping, planing, broaching, and sawing. The market encompasses an array of products, including 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 and engraved metal products, metal valves, and other fabricated metal products.
Trade Restrictions Pose Challenges, but Automation Offers Opportunities
Many developed and developing economies are contemplating imposing restrictions on free trade, potentially reversing the trend towards global free trade and affecting the demand for metal products. However, metal products companies are embracing automation and robotics to enhance plant efficiency and productivity. The adoption of sensors and robotics technology to gather data for improved efficiency and reduced breakdowns is on the rise. An estimated 1.2 million industrial robots are expected to be deployed by 2025, indicating a surge in automation adoption. Leading companies like FANUC, KUKA, ABB, and Motoman offer industrial robots to the metal manufacturing industry, streamlining processes and reducing production costs.
Asia-Pacific Leads the Way
In 2022, Asia-Pacific dominated the metal products market, with Western Europe following as the second-largest region. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The report also analyzes the metal products market in various countries, such as Argentina, Australia, Austria, China, Germany, India, Japan, South Korea, USA, UK, and many more.
Automotive Industry Drives Metal Products Demand
The metal products market has benefited significantly from the thriving automotive industry during the historic period. Steel, aluminum, and magnesium are commonly used metals in automobile manufacturing for body panels, engines, transmissions, and other components. The rise in demand for automobiles, with 26.36 million vehicles being manufactured in India during FY20 and 21.55 million vehicles sold domestically, has positively impacted the metal products market.
Key Players and Market Outlook
The metal products market boasts several major players, including Stanley Black & Decker Inc., Ball Corporation, Berkshire Hathaway Inc., Techtronic Industries Co. Ltd., Parker-Hannifin Corporation, ArcelorMittal S.A., Assa Abloy AB, China International Marine Containers Group Ltd., General Electric Company, and Procter & Gamble.
Unleashing the Potential of Metal Products:
The "Metal Products Global Market Report 2023" provides comprehensive insights into the metal products market, guiding businesses to seize growth opportunities and navigate market trends for the next decade and beyond.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 400 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2851.45 billion |
| Forecasted Market Value (USD) by 2027 | $3807.64 billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
To access the complete report and understand the future of metal products, please visit https://www.researchandmarkets.com/r/hv3j54
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