Major companies in the processed nonferrous metal market include Aluminum Corp. of China Ltd; Vale S. A. ; Rio Tinto plc; Anglo American plc and BHP Billiton plc. The global processed nonferrous metal market is expected to grow from $1216.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Processed Nonferrous Metal Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009801/?utm_source=GNW
94 billion in 2020 to $1263.62 billion in 2021 at a compound annual growth rate (CAGR) of 3.8%. 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 $1611.83 billion in 2025 at a CAGR of 6%.
The processed nonferrous metal market consists of sales of processed nonferrous metals by entities (organizations, sole traders and partnerships) primarily engaged in smelting ores into nonferrous metals and/or the primary refining of nonferrous metals (except aluminum) by electrolytic methods or other processes. The processed nonferrous metal market is segmented into smelted and refined nonferrous metal (except aluminum); rolled, extruded and alloyed copper; rolled and extruded nonferrous metal (except copper and aluminum); and secondary smelted, refined and alloyed nonferrous metal (except copper and aluminum).
Asia Pacific was the largest region in the global processed nonferrous metal market, accounting for 73% of the market in 2020. Western Europe was the second largest region accounting for 10% of the global processed nonferrous metal market. Africa was the smallest region in the global processed nonferrous metal market.
Additive manufacturing (AM) is being widely used for manufacturing a wide range of metal products. The transition of additive manufacturing from a product development tool to production tool has been quick. Increased investment in metal AM technology is further leading to process improvements, lower productions costs in allied manufacturing industries. For instance, SmartTech in 2015, estimated 89% growth in additive metal manufacturing, thus indicating growth in additive metal manufacturing. For instance, the global metal additive manufacturing market is expected to grow at a CAGR of over 24% by 2020.
The launch of new products and market growth is expected to affect the supply chain operations of the nonferrous metal production and processing market, during the forecast period. A major limitation is the uncertainty over raw material suppliers’ ability to meet market demand. Going forward, long delays and unproductive downtime in manufacturing facilities due to lack of supply chain visibility will continue to be a key challenge for metal and mineral manufacturers. According to a KPMG survey, only 17% companies have ‘complete visibility’ of their suppliers. Poor supply will result in inability to meet market demand and will restrain the industry’s growth.
Rapidly growing urban populations are expected to drive the demand for non ferrous metal products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam and the Philippines. According to the 2018 World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas in 2018, and the rate is expected to rise to 68% by 2050. According to the World Bank, urban population in South Asia grew by 130 million between 2001 and 2011 and is expected to grow to 250 million by 2030.
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