The Business Research Company’s Metal And Mineral Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 29, 2021 /EINPresswire.com/ — 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.
The global metal and mineral market size is expected to grow from $6.32 trillion in 2020 to $6.94 trillion 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 metal and mineral market is expected to reach $9.02 trillion in 2025 at a CAGR of 7%.
TBRC’s global metal and mineral market report is segmented by type into mineral, metal, metal products.
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Major players covered in the global metal and mineral market are Arcelor Mittal, POSCO, Nippon Steel & Sumitomo Metal, LafargeHolcim, JFE.
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 market. Africa was the smallest region in the global metal and mineral market.
Metal And Mineral Global Market Report 2021 – By Type (Mineral, Metal, Metal Products), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides metal and mineral market overview, forecast metal and mineral market size and growth for the whole market, metal and mineral market segments, and geographies, metal and mineral market trends, metal and mineral market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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