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.
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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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