The global metal products market is expected to grow from $2,365.87 billion in 2021 to $2,599.09 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%.
The market is expected to grow to $3,628.26 billion in 2026 at a CAGR of 8.7%. The metal products market consists of sales of metal products by entities (organizations, sole traders and partnerships) that are engaged in manufacturing metal products.
Many metals and steel businesses in advanced market have benefited from strong pent-up-demand and high sales prices in 2021 and early 2022. This resulted in higher profit margins and increased financial resilience.
A longer-lasting war in Ukraine will negatively affect the sector performance in Europe into 2023, as high energy prices would continue to weigh on metals and steel production, while the weaker economic performance in many countries impacts demand from key buyer industries.
Mergers and acquisitions activity in the metals and mining sector has been robust to date in 2022, capitalizing on high commodities prices. The souring macroeconomic environment and resulting market volatility will likely make for cautious buyers in 2023, although these same factors may expand the pool of assets available for purchase
The global nickel market is projected to grow from $36.27 billion in 2021 to $59.14 billion in 2028 at a CAGR of 7.3%
Rising demand for stainless steel will drive Ni metal consumption
However fluctuating prices may restrict market growth
The global iron and steel market size was valued at USD 1,538.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. The market is anticipated to be driven by rising investments in the residential construction sector.
Second sector driving demand of steel is automotive
The global aluminum market size was $164.23 billion in 2019 & is projected to reach $242.44 billion by 2027, at a CAGR of 5.7%.
The metal is showcasing high demand from end-users including aerospace, electrical and packaging
The rising demand for electric vehicles and OEM manufacturers is also supporting the growth in the market