PUBLISHER: The Business Research Company | PRODUCT CODE: 1435450
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435450
Metal and mineral refer to solid, naturally occurring inorganic materials that make up the crust of the earth and are smelted from ore, pigs, or scrap using electrometallurgical techniques and inorganic, solid, naturally occurring compounds with properties such as tenacity, cleavage, fracture, specific gravity, luster, color, and hardness.
The main types of metal and mining are mineral, metal, and metal products. Metal products refer to the finished products that are made out of metals. These are used for chemicals manufacturing, metallurgy, electrical grid infrastructure, electronics, glass products, vehicles, and other applications that are used By End Users such as construction, manufacturing, and Other End Users.
The metal and mineral market research report is one of a series of new reports from The Business Research Company that provides metal and mineral market statistics, including metal and mineral industry global market size, regional shares, competitors with a metal and mineral market share, detailed metal and mineral market segments, market trends and opportunities, and any further data you may need to thrive in the metal and mineral industry. This metal and mineral 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 metal and mineral market size has grown strongly in recent years. It will grow from $7917.21 billion in 2023 to $8377.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in industrialization and urbanization, global economic trends, trade and export policies, infrastructure projects, environmental regulations.
The metal and mineral market size is expected to see strong growth in the next few years. It will grow to $10197.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to circular economy practices, electric vehicle (ev) revolution, supply chain resilience, geopolitical factors, evolving consumer preferences. Major trends in the forecast period include green technologies, technological innovation in processing, technological advancements in mining, increased focus on recycling, digitalization and automation in mining.
Advancements in wireless technology and miniaturization, involving the design of smaller components for equipment, are anticipated to foster innovation in metal and mineral manufacturing, driving market growth in the forecast period. Technologies such as 3D printing, artificial intelligence, and big data analytics are being increasingly integrated into the manufacturing process, leading to heightened productivity, reduced operating costs, and increased profit margins. A report by Accenture predicts the manufacturing sector's highest annual gross value added (GVA) growth rate of 4.4% due to artificial intelligence by 2035, with the potential to boost profitability by an average of 38% by the same year. Lower operating costs resulting in higher margins enable companies to expand production and diversify their product portfolios, contributing to the growth of the metal and mineral manufacturing market.
The substantial expansion of the construction industry is poised to drive the growth of the metal and mineral market in the upcoming years. Covering various operations related to infrastructure development, repair, renovation, and maintenance, the construction industry relies on metals and minerals such as steel, limestone, dolomite, calcite, copper, aluminum, zInc., and manganese. Recent data from the U.S. Census Bureau indicates a positive trajectory, with construction expenditures expected to reach $1,983.5 billion in August 2023, reflecting a 0.5% increase over the revised July projection and a 7.4% rise compared to August 2022. This surge in construction activities underscores the growth potential for the metal and mineral market.
The outbreak of the COVID-19 disease in 2020 posed significant challenges for the metal and mineral manufacturing market. Disruptions in supply chains due to trade restrictions and a decline in consumption during global lockdowns hampered manufacturing operations. As governments imposed restrictions on the movement of goods both internationally and domestically, manufacturers faced production halts due to shortages in raw materials. While the impact of COVID-19 had a substantial negative effect on businesses in 2020 and 2021, it is anticipated that the metal and mineral manufacturing market will gradually recover over the forecast period, considering the pandemic as a 'black swan' event rather than indicative of ongoing weaknesses in the market or the global economy.
Many metal and mineral manufacturing firms are increasingly leveraging robotics and automation to enhance plant efficiency and productivity. Sensors integrated into various machines play a crucial role in acquiring valuable data, facilitating efficiency improvements, and minimizing potential breakdowns. Notably, a report by Boston Consulting Group (BCG) projects the deployment of 1.2 million industrial robots by 2025, indicating a significant uptick in the adoption of automation and robotics technology to enhance productivity and reduce production costs. According to a KPMG report, 16% of executives in global metals companies have already invested in robotics for metal manufacturing, 31% are considering potential investments in robotics for new technologies and opportunities, and 42% are willing to invest in robotics shortly. Furthermore, the report highlights that 63% of executives in metal manufacturing are contemplating investments in automation. Key players offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
In March 2023, ArcelorMittal S.A., a prominent Luxembourg-based company in the metals and mining sector, successfully acquired Companhia Siderurgica do Pecem ('CSP') for an approximate sum of $2.2 billion. This strategic acquisition is expected to bring substantial operational and financial advantages to ArcelorMittal S.A., along with opportunities for further expansions. These expansions include the augmentation of primary steelmaking process capacity, encompassing direct reduction iron, as well as increased rolling and polishing capacity. Additionally, the acquisition positions ArcelorMittal S.A. to potentially establish a new low-carbon steelmaking center, capitalizing on CSP's strategic location and aligning with Ceara's initiative to develop a low-cost sustainable hydrogen hub in Pecem. Companhia Siderurgica do Pecem ('CSP'), based in Brazil, is recognized for its manufacturing and export of steel.
Major companies operating in the metal and mineral market report are Glencore PLC, ArcelorMittal S.A., Pohang Iron and Steel Company, BHP Group, Nippon Steel & Sumitomo Metal Corporation, Baoshan Iron & Steel Company Limited, Rio Tinto, China Shenhua Energy Co. Ltd., Vale S.A., China National Building Material Group Co. Ltd., Hindalco Industries Limited, Freeport-McMoRan Inc., Norsk Hydro ASA, Vedanta Limited, Teck Resources Limited, Newmont Corporation, Barrick Gold Corporation, Alcoa Corporation, Southern Copper Corporation, Anglo American Platinum Limited, Sibanye Stillwater Limited, First Quantum Minerals, Agnico Eagle Mines Limited, Gold Fields Limited, Kinross Gold Corporation, Yamana Gold Inc., Wheaton Precious Metals Corp., Pan American Silver Corp., First Majestic Silver Corp., PJSC ALROSA, Polymetal International PLC, Turquoise Hill Resources Ltd., Lundin Mining Corporation, OZ Minerals Limited, Hochschild Mining PLC, SSR Mining Inc., Fortescue Metals Group Limited, Kaz Minerals PLC, Mineral Resources Limited, Iamgold Corporation, Centamin PLC, Sierra Metals Inc., Osisko Gold Royalties Ltd., Sandstorm Gold Ltd.
The Asia-Pacific was the largest region in the metal and mineral market in 2023. Western Europe was the second-largest region in the metal and mineral market. The regions covered in the metal and mineral market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the metal and mineral 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 and mineral market consists of sales of metallic minerals and non-metallic minerals. 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.
Metal And Mineral Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on metal and mineral market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for metal and mineral ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The metal and mineral market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.