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(MoneyNewsWire.Net, October 31, 2018 )
Metal manufacturing companies are increasing R&D expenditure to launch new product lines. They are launching advanced products such as ultra-light alloys as opposed to commodities. For instance, according to a report by KPMG in 2015, 32% of the metal manufacturing companies spend more than 6% of revenues on R&D and 70% of the companies are expected to invest on existing product lines. Thus, introduction of new product lines through increased R&D spend is a significant trend in the metal manufacturing industry.
THE BUSINESS RESEARCH COMPANY EXPECTS THE METAL AND MINERAL MANUFACTURING MARKET TO GROW TO $10.34 TRILLION BY 2021
Asia Pacific was the largest region in the metal and mineral manufacturing market in 2017, accounting for more than half of the market share. This can be attributed to the large automobile, construction, and cement industries in the region. China is the largest consumer of cement and the world’s leading producer of automobiles. Moreover, high prevalence of mineral ores in the region resulted in high mineral manufacturing activity.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, additive manufacturing (AM) is being widely used for manufacturing a wide range of metal products. The transition of additive manufacturing from a product development tool to production tool has been quick. Increased investment in metal AM technology is further leading to process improvements, lower productions costs in allied manufacturing industries. For instance, SmartTech in 2015, estimated 89% growth in additive metal manufacturing, thus indicating growth in additive metal manufacturing.
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Arcelor Mittal was the largest competitor in the metal and mineral manufacturing market, with revenues of $56 billion in 2016. Arcelor Mittal’s growth strategy is to leverage four distinctive attributes that will enable them to capture leading positions in the most attractive areas of the steel industry. They are: global scale and scope, unmatched technical capabilities, diverse portfolio of steel and related businesses, particularly mining and financial capability.
The metal and mineral manufacturing industry comprises organizations engaged in refining, smelting ferrous and nonferrous metals from ore, pig or scrap, using electrometallurgical techniques. This industry also includes the production of metal alloys, super alloys and minerals. The metal and mineral manufacturing industry includes Metal Manufacturing companies engaged in nonferrous metal (except aluminum) smelting and refining, copper rolling, drawing, extruding, alloying, secondary smelting, refining, and alloying of nonferrous metal.
Metal And Mineral Manufacturing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.
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