The Business Research Company’s Metal Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, April 26, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Many metal products companies are using robotics and automation to improve plant efficiency and productivity, making key metal fabrication industry trends. 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), 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 a 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.
Major companies in the metal industry include Gibraltar Industries, Mueller Industries, The Timken Company, Jiangsu Guotai International, and Toyo Seikan.
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The global metal products market is expected to grow from $2.12 trillion in 2020 to $2.42 trillion in 2021 at a compound annual growth rate (CAGR) of 14.5%. 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 $3.14 trillion in 2025 at a CAGR of 7%.
Asia Pacific is the largest region in the global metal products market, accounting for 36% of the market in 2020. Western Europe is the second largest region accounting for 28% of the global market. Africa is the smallest region in the global metal manufacturing market.
The global metal products market is segmented by type into 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 and by end use into construction, manufacturing, others.
Subsegments covered are iron and steel forged goods, nonferrous forged goods, custom roll formed goods, powder metallurgy parts, metal crown, closure, and other metal stamped goods, metal kitchen cookware, utensil, cutlery, and flatware, saw blade and hand tool, plate work and fabricated structural products, ornamental and architectural metal products, power boiler and heat exchanger, metal tank (heavy gauge), metal can, box, and other metal container (light gauge), furniture hardware, motor vehicle hardware, builder's hardware, other hardware, springs, other fabricated wire products, machine shops, turned product and screw, nut, and bolt, heat treated metal products, coated, engraved metal products and allied services to manufacturers, electroplated, plated, polished, anodized, and colored metal products, industrial valves, fluid power valve and hose fitting, plumbing fixture fitting and trim, other metal valve and pipe fitting, ball and roller bearing, fabricated pipe and pipe fitting, all other miscellaneous fabricated metal products.
Metal Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides metal products market overview, forecast metal products market size and growth for the whole market, metal products market segments, and geographies, metal products market trends, metal products market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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