(MENAFN- EIN Presswire) EINPresswire/ -- The global metal & metal manufactured products market is expanding steadily, driven by rapid growth in the building and construction sector and the inherent advantages of metals across industrial applications.

According to the report, the global market was valued at $11.2 trillion in 2020 and is projected to reach $18.5 trillion by 2030, registering a CAGR of 5.2% from 2021 to 2030.

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Market Drivers and Opportunities:

- The growth of the construction industry and the increasing adoption of metals for their durability, strength, and versatility are key factors propelling market growth. However, certain drawbacks associated with aluminum in construction applications pose challenges to the market.

Conversely, government initiatives promoting the use of aluminum across Asia-Pacific and advancements in waste management technologies are expected to create lucrative opportunities for market players.

Segment Highlights:-

By Metal Type:

- The iron segment held the largest share in 2020, contributing over one-fourth of the total market, driven by rapid industrialization and urbanization in developing economies.

- The lithium segment is projected to register the highest CAGR of 16.4%, fueled by growing electric vehicle production and lithium-ion battery demand.

By Product Type:

- The bars & rebars segment accounted for the largest share in 2020, representing nearly one-fifth of the market.

- The batteries segment is forecast to grow at the fastest CAGR of 12.0% through 2030, owing to rising demand for uninterrupted power supply and plug-in hybrid vehicles.

Regional Insights:

- Asia-Pacific dominated the global market in 2020, capturing nearly half of the total share, and is expected to grow at the highest CAGR of 5.3% through 2030. The region's growth is attributed to a surge in manufacturing activities and infrastructure development.

- North America is also anticipated to witness significant growth, registering a CAGR of 4.8% during the forecast period.

Key Market Players

- All Metal Sales, Inc.
- China Minmetals Corporation
- Broder Metals Group, Ltd.
- Hitachi Metals Ltd.
- China Molybdenum Co. Ltd.
- Newmont Corporation
- Karay Metals Inc.
- Steward Advanced Materials LLC
- Sierra Metals Inc.
- Talco Aluminium Company

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Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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