The iron, lithium and battery segments account for the majority of the global metal & metal manufactured products market.
The lithium segment is expected to register the highest CAGR of 16.4 per cent during the forecast period to 2030, owing to electrification of vehicles that attract significant volume of lithium-ion batteries, according to a new report from Allied Analytics.
The batteries segment will see the highest CAGR of 12.0 per cent from 2021 to 2030, due to surge in requirement for continuous power supply from critical infrastructures and rise in demand for plug-in vehicles. The bars & rebars segment held the largest share in 2020, contributing to nearly one-fifths of the global metal & metal manufactured products market.
The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
This makes it important to understand the practical implications of the metal & metal manufactured products market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
The global metal & metal manufactured products market across Asia-Pacific held the lion’s share in 2020, accounting for nearly half of the market. In addition, the region would showcase the highest CAGR of 5.3 per cent from 2021 to 2030, owing to rise in manufacturing of metal and metal products in the region. The market across North America is expected to register a CAGR of 4.8 per cent during the forecast period.
Growth in the building and construction industry and advantages of metal and metal manufactured products in the construction sector drive the growth of the global metal & metal manufactured products market. However, disadvantages of aluminium in the construction industry hinder the market growth. On the contrary, the utilisation of aluminium promoted by governments in Asia-Pacific and emergence of effective solutions for waste management open up new opportunities in the future.
As per the report, the global metal & metal manufactured products industry was pegged at $11.2 trillion in 2020, and is expected to reach $18.5 trillion by 2030, growing at a CAGR of 5.2 per cent from 2021 to 2030.