Global Metal and Minerals Market Outlook: $7,844.1 Billion Market Set to Grow with Rising Aluminum Use and Copper Demand
Metal and Minerals Market Size and Growth Forecast
In 2023, the global metal and minerals market was valued at $7,844.1 billion. It is expected to expand at a compound annual growth rate (CAGR) of 5% from 2023 to 2033. This growth is largely driven by the increasing use of aluminum for its lightweight and cost-effective properties, as well as the rising demand for copper across various industries.
Market Composition and Metal and Minerals Market Segments
The metal and minerals market includes metals, which are lustrous and conductive elements, and minerals, which are naturally occurring inorganic substances. In 2023, the market represented 7.5% of global GDP. Metals constituted the largest segment, accounting for 52.1% of the total market. China led the market, contributing 26.7% of the global total in 2023.
Leading Markets and Metal and Minerals Sector Trends
The market benefits from strong demand for metal products such as screws, nuts, bolts, and springs, driven by industries like precision machinery, automotive, electrical, construction, and aerospace. The large and growing populations in both developed and developing nations further support market expansion.
Stability for the Metal and Minerals industry Forecast
The forecast remains stable from February 2024, despite challenges such as high inflation, economic uncertainties, and supply chain disruptions affecting raw material prices. These factors were considered in the previous update, and the long-term outlook remains stable with anticipated price stabilization as supply chain pressures ease.
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