Major companies in the metal and mineral market include Arcelor Mittal; POSCO; Nippon Steel & Sumitomo Metal; LafargeHolcim and JFE. The global metal and mineral market is expected to grow from $6320.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal And Mineral Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018861/?utm_source=GNW
71 billion in 2020 to $6937.72 billion in 2021 at a compound annual growth rate (CAGR) of 9.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9021.86 billion in 2025 at a CAGR of 7%.
The metal and mineral market consists of sales of metals and minerals by entities (organizations, sole traders and partnerships) that refine and/or smelt ferrous and nonferrous metals from ore, pig or scrap, using electrometallurgical techniques. The metal and mineral market is segmented into mineral; metal and metal products.
Asia Pacific was the largest region in the global metal and mineral market, accounting for 51% of the market in 2020. Western Europe was the second largest region accounting for 20% of the global metal and mineral market. Africa was the smallest region in the global metal and mineral market.
Many metal and mineral manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG) in 2015, 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the metal and mineral manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Manufacturers depend heavily on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the metal and mineral manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in metal and mineral manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. For instance, according to a report by Accenture, the manufacturing sector will witness the highest annual gross value added (GVA) growth rate of 4.4% due to artificial intelligence by 2035. The report also states that artificial intelligence has the potential to increase profitability by an average of 38% by 2035. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the metal and mineral manufacturing market going forward.
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