Metal And Mineral Market To Reach $10 Trillion In 2026 By Utilizing Automation For Plant Efficienncy

The Business Research Company’s Metal And Mineral Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON, UK, April 25, 2022 /EINPresswire.com/ -- Many metal and mineral manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reducing potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to the KPMG report, 16% of executives of global metals companies have already invested in robotics for metal manufacturing, 31% of executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest in robotics shortly. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.

The global metal and mineral market size is expected to grow from $6.88 trillion in 2021 to $7.51 trillion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The global metal and mineral market share is expected to grow to $10.27 trillion in 2026 at a CAGR of 8.2%.

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Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in metal and mineral manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. For instance, according to a report by Accenture, the manufacturing sector will witness the highest annual gross value added (GVA) growth rate of 4.4% due to artificial intelligence by 2035. The report also states that artificial intelligence has the potential to increase profitability by an average of 38% by 2035. According to the metal and mineral market analysis, lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the market going forward.

Major players covered in the global metal and mineral market are ArcelorMittal S.A, POSCO, Baoshan Iron & Steel Co. Ltd, Nippon Steel & Sumitomo Metal Corporation, China National Building Material Group Co. Ltd, Compagnie de Saint-Gobain S.A, Jiangxi Copper Company, Votorantim S.A, JFE Holdings Inc, and LafargeHolcim Ltd.

TBRC’s global metal and mineral market research report is segmented by type into mineral, metal, metal products, by application into chemicals manufacturing, metallurgy, electrical grid infrastructure, electronics, glass products, vehicles, others, by end-user into construction, manufacturing, others.

Metal And Mineral Global Market Report 2022 – By Type (Mineral, Metal, Metal Products), By Application (Chemicals Manufacturing, Metallurgy, Electrical Grid Infrastructure, Electronics, Glass Products, Vehicles, Other Applications), By End-User (Construction, Manufacturing, Other End-Users) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a metal and mineral market overview, forecast metal and mineral market size and growth for the whole market, metal and mineral market segments, geographies, metal and mineral market trends, metal and mineral market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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