Major companies in the metals and minerals market are ArcelorMittal, POSCO, Baoshan Iron & Steel Co., Ltd., Nippon Steel Sumitomo Metals Co., Ltd., China National Building Materials Group Co., Ltd., and Saint-Gobain.
NEW YORK, May 31, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the 2022 Metals and Minerals Global Market Report — https://www.reportlinker.com/p06282152/?utm_source=GNW
A. Jiangxi Copper Company, Votorantim SA, JFE Holdings Inc and LafargeHolcim Ltd.
The global metals and minerals market is expected to grow from USD 6,877.41 billion in 2021 to USD 7,507.82 billion in 2022, at a compound annual growth rate (CAGR) of 9.2%. The market is expected to grow at a CAGR of 8.2% to USD 10,274.68 billion in 2026.
The metals and minerals market includes the sale of metals and minerals by entities (organizations, sole traders and partners) that extract and/or smelt ferrous and non-ferrous metals from ores, hogs or waste using electrometallurgical techniques.
The main types of metals and mining are minerals, metals and metal products. Metal products refer to finished products made of metal.
These are used in chemical manufacturing, metallurgy, grid infrastructure, electronics, glass products, vehicles, and other applications used by end users such as construction, manufacturing, and other end users.
Asia Pacific is the largest region for the metals and minerals market in 2021. Western Europe is the second largest region for the metals and minerals market.
The regions covered in the Metals and Minerals report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rapid advances in wireless technology and miniaturization, which refers to designing smaller components for devices, are expected to drive innovations in metal and mineral manufacturing, thereby propelling the market over the forecast period. In addition, technologies such as 3D printing, artificial intelligence and big data use analytics in the manufacturing process, thereby increasing productivity, reducing operating costs and increasing profits.
For example, according to an Accenture report, the manufacturing industry will see a 4.4% annual gross value added (GVA) growth rate by 2035 due to artificial intelligence. The report also states that AI has the potential to increase profitability to an average of 38% by 2035. Lower operating costs result in higher profit margins, which enables the company to expand production and increase its product portfolio, thereby driving the metals and minerals manufacturing market forward.
The coronavirus disease (COVID-19) outbreak has imposed huge constraints on the metals and minerals manufacturing market in 2020, as trade restrictions disrupted supply chains and global government-imposed lockdowns resulted in a drop in consumption. COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and difficulty breathing.
The virus was first identified in Wuhan, Hubei Province, the People’s Republic of China in 2019 and has spread globally, including in Western Europe, North America and Asia. Manufacturers rely heavily on the supply of raw materials from domestic and foreign suppliers.
With many governments restricting the movement of goods between countries and regions, manufacturers have had to stop production due to a lack of raw materials. The pandemic has hurt businesses throughout 2020 and 2021.
However, the metals and minerals manufacturing markets are expected to recover from the shock throughout the forecast period, as this is a “black swan” event unrelated to ongoing or fundamental weaknesses in the markets or the global economy.
Many metals and minerals manufacturing companies are using robotics and automation to increase factory efficiency and productivity. Sensors are used in a variety of machines to access valuable data to increase efficiency and reduce potential failures.
For example, according to a report by the Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, indicating that the adoption of automation and robotics is increasing to increase productivity and reduce production costs. KPMG report shows that 16% of global metals company executives have invested in robotics for metal fabrication, 31% have plans to potentially invest in robotics for new technologies and opportunities, and 42% are willing to invest Robotics not long ago. Additionally, the report states that 63 percent of metal fabrication company executives are considering investing in automation. Companies supplying industrial robots to metal companies include FANUC, KUKA, ABB and Motoman
Countries covered by metals and minerals market include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey , United Arab Emirates, United Kingdom, Ukraine, United States, Vietnam.
Read the full report: https://www.reportlinker.com/p06282152/?utm_source=GNW
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