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The mining and metallurgy industry plays a crucial role in meeting the day-to-day requirements of an average person. It contributes significantly towards the economic growth of a nation. The global mining industry is among the fastest-growing sectors in the world, majorly due to different subsectors that are collectively performing well.
Companies in the metal products market are developing at a rapid pace through innovative products to cater to the surging demand for complex forging operations. The demand for sputtering target, slit coils, nickel alloy wire, or galvalume coils are going up due to their quality, productivity, and efficiency. As per research, the metal products market will achieve a CAGR of 2.6% in terms of revenue while the global market size will cross $25,000 million by 2026.
Glass manufacturing is on the rise and is rated as one of the fastest-growing industries in the world. Major categories of this industry cover opal glass, frosted glass, laminated glass, and ceramic fritted glass. As per research, the market size for global glass manufacturing was valued at $127 billion in 2019. However, it is projected to grow at a CAGR of 4.1% from 2020 to 2027. Major industries sharing the market output include packaging, transportation, construction, and telecom.
COVID-19 has affected this particular section of the glass industry severely. The major impact was accounted for disruption in the supply chain. The restriction of export and import of automotive components and construction materials has negatively influenced the fiberglass market. However, the growth projection paints a positive picture. As per research, the global market size for fiberglass is expected to reach $25,526 million by 2028 at a CAGR of 4.9%. This shows a massive scope in the years of scope.
The global steel market is expected to witness massive growth owing to demand from the transportation and construction sector over the next few years. Rapid urbanization and industrialization, particularly in the emerging markets such as Central & South America and the Asia Pacific, are expected to ignite the overall steel and iron market. As per research, the global steel market was valued at $65350 million in 2019. However, the market size is projected to reach $91,690 million by 2026, growing at a CAGR of 4.9%.
The market for global wire mesh is expected to grow rapidly due to the rise in productivity and its applications across the globe. Major industries behind the growth of the wire mesh market are heat treating industries, baking industry foundry industries, and other industries like snack food, ceramics, automotive, and food processing industries.
As per research, the globally welded wire mesh panel market size is forecasted to touch $6406.5 million by 2026 at a CAGR of 2.5% during 2020-2026.
Aluminum is still a feasible option in terms of the cost of ownership than many other lightweight alternatives. Major industries igniting the growth of the aluminum market include tanks, missiles & missile batteries, aircraft structural parts, and armored vehicles. As per research, the global market size for aluminum was estimated at USD 150 billion in 2020 and is projected to surpass $210 billion by 2027 at a CAGR of 5%.
Metal recycling has become an imperative activity to meet global targets for the reduction of greenhouse gas emissions (GHG) and improve air quality (AQI) in urban areas. The way countries are taking the issue of global warming seriously and fighting with it on a war footing, the metal scrap industry has certainly become an important market. As per research, the metal recycling market was grown by $54.1 billion in 2019 and is projected to reach $88.5 billion by 2027, at a CAGR of 8.1%.
All the projections and estimates discussed here have been conducted with a conservative approach because of uncertainties imposed by COVID-19. Due to continual lockdowns, regions are unsure about their share of total production. However, one thing is for sure that companies offering minerals & metallurgical products would see a significant increase in their revenue once the world goes back to normal.
