Global metals companies are adopting and implementing the IoT technology to improve their efficiencies and drive productivity. IoT connects people, machines, and services enabling the flow of information and real-time decisions. IoT technology offers benefits such as increased asset uptime, efficient predictive maintenance and faster processing and delivery time. According to KPMG, 72% executives of global metals companies are willing to invest in IoT technologies. Growing adoption of IoT technology by global metals companies is expected to drive productivity and growth of this industry.
THE BUSINESS RESEARCH COMPANY EXPECTS THE METAL MANUFACTURING MARKET TO GROW TO $5 TRILLION BY 2021
Asia Pacific was the largest region in the metal manufacturing market in 2017, accounting for three-fifth of the market share. This was mainly due to a large manufacturing industry in the region, especially for automobiles, telecom, machinery, and transportation.
The chart below shows the year-on-year growth of the global metal manufacturing market during 2017 – 2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, the demand for metal additive manufacturing is growing worldwide, especially in countries such as Germany, Japan, China, and India. This is primarily due to increasing consumer demand for lightweight, faster, and fuel-efficient automobiles, which drive the demand for metal additive manufacturing. Metal additive manufacturing is a 3D printing technology used to manufacture the final product by stacking layers of material, and then polishing for a seamless appearance. For instance, the global metal additive manufacturing market is expected to grow at a CAGR of over 24% by 2020. Increased investment in metal additive manufacturing technology is further leading to process improvements, lower productions costs in allied manufacturing industries.
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ArcelorMittal was the largest competitor in the metal manufacturing market, with revenues of $56 billion in 2015. ArcelorMittal’s growth strategy aims at manufacturing lighter steel to keep pace with the increasing demand for lighter vehicles from automobile manufacturers.
The metals manufacturing industry comprises iron and steel foundries, alumina and aluminium production and processing establishments, iron and steel products manufacturing and iron and steel mills and ferroalloy manufacturing companies.
Metal Manufacturing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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