Austin, Jan. 15, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Transition Metals Market was valued at USD 1126.00 billion in 2023 and is expected to reach USD 1714.45 billion by 2032, growing at a CAGR of 4.78% over the forecast period from 2024 to 2032.”
Growth and Trends in the Transition Metals Market: Key Drivers and Emerging Applications
Transition metals, being in the middle block of the periodic table, have special properties like malleability, ductile, conductive, and factors that rely on them to survive industry. These metals (iron, copper, titanium, nickel, and cobalt) are important for making alloys, electronics, and much more.
Transition metal has seen an exponential growth in its market that is propelled by its needs in industries such as automotive, construction, electronics, etc. Iron, the most widely used metal, is naturally used in steel production and copper for electrical wiring. There is titanium alloy manufactured by it, which can resist corrosion, so titanium is also used in aerospace and medical applications. Trends show that the production process is determined more by factors such as sustainability and efficiency than ever before. This is due to, among other factors, substantial demands for recycling technologies, as well as the introduction of alternative materials. Additionally, increased focus on renewable energy has seen demand for battery metals such as cobalt and nickel grow.
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Key Players:
- Metallurgical Products India Ltd (India) (Transition metal powders, oxides, and chemical compounds)
- KGHM Polska Miedź S.A. (Poland) (Copper, silver, and other non-ferrous metals)
- Rhenium Alloys (US) (Rhenium-based alloys, molybdenum-rhenium products)
- Reliance Steel & Aluminum Co (US) (Steel and aluminum alloys, specialty metals)
- Transition Metals Corp (Canada) (Exploration and development of nickel, copper, and platinum group elements)
- Fortescue Metals Group Limited (Australia) (Iron ore, nickel, and copper products)
- Rio Tinto Group (UK) (Iron ore, copper, aluminum, and other transition metals)
- Tshingshan Group (China) (Stainless steel, nickel, and cobalt products)
- Norilsk Nickel (Russia) (Nickel, palladium, and platinum group metals)
- Samancor Chrome (South Africa) (Chrome ores, ferrochrome alloys)
- Vedanta Resources plc (Canada) (Zinc, lead, silver, copper, and other metals)
- Vale S.A. (Brazil) (Nickel, cobalt, iron ore, and other metals)
- Anglo American plc (UK) (Platinum, palladium, nickel, and copper)
- Freeport-McMoRan Inc. (US) (Copper, molybdenum, and gold products)
- Glencore plc (Switzerland) (Cobalt, nickel, copper, and ferroalloys)
- Jinchuan Group International Resources Co. Ltd (China) (Nickel, cobalt, and copper products)
- Southern Copper Corporation (Mexico) (Copper, molybdenum, and silver products)
- Outokumpu Oyj (Finland) (Stainless steel, chromium, and ferrochrome alloys)
- Sumitomo Metal Mining Co., Ltd. (Japan) (Nickel, copper, and gold products)
- Eurasian Resources Group (Luxembourg) (Cobalt, nickel, copper, and ferroalloys)
Transition Metals Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1126 Billion |
| Market Size by 2032 | USD 1714.45 Billion |
| CAGR | CAGR of 4.78% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Iron, Copper, Cobalt, Titanium, Nickel, Others) • By End-Use Industry (Building & Construction, Automotive, Electronics, Paints & Coatings, Others) |
| Key Drivers | • The Transition Metals Market is growing due to rising demand from construction, automotive, electronics, and renewable energy sectors, driven by industrialization, EV adoption, and sustainable energy trends. |
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The rising popularity of electric vehicles is driving increased demand for transition metals like cobalt, lithium, and nickel, essential for battery production, thus expanding the Transition Metals Market.
The rise of electric vehicles (EVs) is creating a huge demand for transition metals such cobalt, lithium and nickel. The last metal are vital parts for the excellent batteries which are used to power such vehicles, making them actually indispensable in the improvement of the electric vehicle enterprise. And as the EVs that bring those advantages become more adopted, the demand for these metals only grows. The Transition Metals Market is impacted by this trend as the manufacturers ramp up production to serve towards the electric vehicle sector which is developing at a rapid rate. The transition to electric vehicles is one of the main drivers behind the demand for such metals.
Market Dynamics of Transition Metals: Iron and Copper in Construction and Automotive Industries
By Type: The iron segment dominated with the market share over 35% in 2023. Iron’s widespread availability and its critical role in steel production make it a vital component in construction and infrastructure projects. Steel, derived from iron, is fundamental for building structures, roads, and bridges. Meanwhile, copper, known for its superior electrical conductivity and resistance to corrosion, is seeing significant demand. It plays a crucial role in electrical wiring, power transmission, and water pipes, where its durability and efficiency are highly valued, contributing to its strong growth in various industries.
By End-User: The building and construction segment dominated with the market share over 32% in 2023. This demand is largely fueled by the widespread use of transition metals such as iron, steel, and manganese in infrastructure projects like roads, bridges, and buildings. Additionally, the automotive industry, particularly the growing electric vehicle sector, plays a key role in driving market growth. This sector relies on lightweight, high-strength metals such as aluminum and titanium to improve fuel efficiency and vehicle performance. The combination of these two industries contributes significantly to the demand for these essential materials.
Asia Pacific Leads Transition Metals Market with 55% Share in 2023; North America Sees Fastest Growth Driven by Green Technologies
Asia Pacific region dominated with the market share over 55% in 2023, driven by its vast industrial activities and robust manufacturing capabilities. China, as the world's largest producer and consumer of metals, significantly influences the market, with high demand from industries such as electronics, automotive, and construction. India, ranked as the second-largest steel producer globally, also contributes to the market’s growth, especially in steel production. The region’s well-established industrial base and manufacturing infrastructure continue to play a central role in driving the demand for transition metals across various sectors.
North America is experiencing the fastest growth in the Transition Metals Market, primarily driven by advancements in renewable energy, electric vehicles (EVs), and electronics. As industries shift toward sustainable energy solutions, the demand for transition metals, particularly cobalt and nickel, has surged. These metals are essential for the production of EV batteries and energy storage systems, which are central to the region's green technology initiatives.
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Recent Developments
In May 2024: Vale S.A. completed a USD 2.5 billion investment deal with Manara Minerals, a joint venture between the Saudi Arabian Mining Company (Ma'aden) and the Public Investment Fund of the Kingdom of Saudi Arabia (PIF). Manara Minerals acquired a 10% stake in Vale Base Metals Limited (VBM), which holds Vale’s energy transition metals business.
In August 2023: H2 Green Steel, based in Sweden, entered into agreements with Rio Tinto and Vale for the supply of DRI pellets for green steel production. Rio Tinto will also purchase and sell surplus low-carbon hot briquetted iron from H2 Green Steel during its capacity expansion.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- Production and Consumption Data
- Trade and Export/Import Data
- Recycling Rates
- Energy and Emissions Data
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Transition Metals Market Segmentation, By Type
8. Transition Metals Market Segmentation, By End-Use Industry
9. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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