Global Metal Products Market Report 2023: Trade Restrictions Pose Challenges, but Automation Offers Opportunities

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31 Jul, 2023, 18:30 ET

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DUBLIN, July 31, 2023 /PRNewswire/ -- The "Metal Products Global Market Report 2023" has been added to ResearchAndMarkets.com's offering.

The global metal products market with a CAGR of 8.3% from 2022 to 2023, is forecast to reach 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 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.

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.Report Scope

Companies Profiled

For more information about this report visit https://www.researchandmarkets.com/r/ytpcos

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SOURCE Research and Markets