LONDON, Dec. 5, 2022 /PRNewswire/ -- Companies in the metal products market are focusing on the launch of net zero carbon products to limit the scope of carbon emissions generated during manufacturing process through a carbon offset and renewable energy credit purchase program. For example, in March 2022, Schnitzer Steel Industries, Inc., US-based manufacturers and exporters of recycled metal products, announced the launch of GRN SteelTM, a line of net zero carbon products from its Cascade Steel manufacturing operations located in McMinnville, Oregon. The launch of GRN SteelTM also represents an important step towards achieving Schnitzer's sustainability goal of Net Zero Emissions by 2050.
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The global metal products market size is expected to grow from $2.36 trillion in 2021 to $2,599.09 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The fabricated metal products market demand is expected to grow to $3.62 trillion in 2026 at a CAGR of 8.7%.
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Metal Products Market Driver - Rising Metal Consumption By The Aerospace Sector
As per the metal products market outlook, metal consumption by the aerospace sector will contribute towards driving the metal products market during the forecast period. This is mostly due to more people are flying, which is driving up demand for commercial aircraft. According to the International Air Transport Association (IATA), trade association of the world's airlines which supports the development of international standards for airline sustainability, efficiency, and safety, the 3.8 billion air travelers' number is projected to rise to 7.2 billion by 2035.
Asia-Pacific Was The Largest Region In The Metal Products Market In 2021
Asia Pacific was the largest region in the metal products market and was worth $877.8 billion in 2021. The metal products market in Asia Pacific is supported by increasing investments, increasing demand for stainless steel, and by increasing metal consumption by the aerospace sector. For instance, in June 2021, Welspun Corp Ltd., a manufacturer of pipes, planned to invest $211.8 million to set up a Greenfield facility at Anjar, India, to enter the ductile iron pipe business.
Metal Products Market Segmentation
The global metal products market is segmented -
- By Type: Forged and Stamped Goods, Cutlery and Hand Tools, Architectural and Structural Metals, Boiler, Tank, and Shipping Container, Hardware, Spring and Wire Products, Machine Shops, Turned Product, and Screw, Nut, and Bolt, Coated, Engraved, and Heat Treated Metal Products, Metal Valves, Other Fabricated Metal Products
- By Metal Type: Aluminum, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Other Metal Types
- By End User: Construction, Manufacturing, Other End Users
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