According to a new report published by Allied Market Research, “Metal & Metal Manufactured Products Market by Metal Type and Metal Manufactured Products: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global metal and metal manufactured products market was valued at $710.5 billion in 2016 and is projected to reach $866.6 billion by 2023, growing at a CAGR of 2.8 percent from 2017 to 2023. The iron metal segment occupied a significant share of the global market in 2016.
Increase in demand from various end-use sectors, such as aviation, healthcare, electrical and electronics, energy and power, infrastructure, and personal care, drives the growth of the market. Technological advancement and a rise in demand for metals in the automotive industry also support market expansion. A flourishing metal market in developing economies and surge in usage of recycled metal and products also are expected to contribute to market growth, although fluctuation in raw material prices and replacement by substitutes could limit expansion.
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