Transition Metals Market worth USD 1,369.46 Billion by 2028, registering a CAGR of 4.2% – Report by Market Research Future (MRFR)
New York, Aug. 12, 2021 (GLOBE NEWSWIRE) — Transition Metals Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Transition Metals Market Research Report: Information By Type, By Application, By Region – Forecast till 2028.”, the market to expand at a decent rate of more than 4.2% from 2021 to 2028. Additionally, the global market shall touch close to USD 1,369.46 billion by 2028-end.
Market Scope:
Iron, copper, titanium, manganese, nickel, silver, cobalt, gold, and mercury are some of the major transitional metals with expansive application ranges in diverse end-use sectors including automotive, building & construction, paints& coatings, electronic, and more. Iron happens to be the most commonly found metal in Earth’s solid crust, coming fourth out of all the elements and second out of the metals in crystal abundance. Transition metals are significantly harder, denser, and less reactive than alkali metals. Transition metal oxides act as catalysts and help absorb other types of metals onto their surface, activating the oxidation process.
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The well-known vendors active in the Transition Metals Market industry profiled are
- Reliance Steel & Aluminum Co (US)
- Transition Metals Corp (Canada)
- Fortescue Metals Group Limited(Australia)
- Samancor Chrome (South Africa)
- Vedanta Resources plc (Canada)
- Vale S.A. (Brazil)
- Teck Resources Limited (Canada)
- Rio Tinto Group (UK)
- Tshingshan Group (China)
- Norilsk Nickel (Russia)
- Metallurgical Products India Ltd (India)
- KGHM Polska Miedź S.A.(Poland)
- Rhenium Alloys (US)
The transition metal industry is intensely competitive with many companies boasting of large-scale production facilities while there are several vendors trying to gain entry. Partnerships, new launches, acquisition, and mergers are the prime strategies that vendors adopt to elevate their rankings. For instance, in August 2021, Desktop Metal purchased Ti-6AI-4V titanium alloy or Ti64 for use in its metal 3D printing platform, Studio System 2. Renowned for its impressive corrosion resistance, tensile strength, strength-to-weight ratio, and biocompatibility, Ti64 finds use in diverse sectors, such as defence, aerospace, oil and gas, healthcare, and automotive.
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Market USP exclusively encompassed:
Top Growth Boosters:
The transition metals industry could attain substantial traction in the next few years, mostly due to the rapidly escalating demand from transportation and construction sectors. The significant rise in the industrialization rate in line with the strong government support, especially in developing regions like Central & South America and Asia Pacific have fostered the growth of the automotive and construction industries. This should ultimately work in favor of the transition metal market.
With respect to versatility, transition metals are ductile and malleable, making them the perfect materials to be used in the manufacturing of metal-based products. This has raised the market demand in the marine as well as automotive industries to a large extent. Transition metals also find use in cables and wires, since these are excellent conductors of electricity and heat, and therefore cover an extensive range of applications in several industries. Soaring demand for adaptable and versatile metals in sectors like medical, construction, automotive, and electrical should also benefit the transition metals industry in subsequent years.
Transition metals also have a deep impact on human life, used extensively in nutritional supplements. Transition metals like cobalt, iron, molybdenum, and copper are important for maintaining a good health and wellbeing. Iron deficiency reduces body’s ability to transport enough oxygen, which results in urgent need for iron supplements. Other major transition metals, such as cobalt and copper are present as trace elements within the body. Nickel is an alloying metal that helps develop heat-resistant and stainless steel and could be blended with chromium and various metals to bolster the toughness, elastic limit, and tensile strength. As a result, nickel is experiencing a huge demand from the stainless-steel industry and could create growth avenues for the transition metals market in the ensuing years.
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Market Restraints:
Environmental concerns as well as strict regulations banning excessive mining can be unfavorable for the transition metals market in the future.
COVID 19 Analysis
The Covid-19 outbreak has posed a number of challenges to the transition metals industry, as cases continue to rise. Financial losses faced by different industries like construction, healthcare, electronics and more also restrain the market growth.
However, with the steady demand for various transition metal in the healthcare and medical devices industry, the global market should continue to grow moderately in the next couple of years.
Market Segmentation
Various types of transition metals in the market are titanium, iron, nickel, copper, and others. The iron market could attain the highest growth in the coming years, given the metal’s escalating use in construction materials, cars, ammonia catalysts, and tools. On the other hand, copper, being an impressive conductor of electricity, finds use in electrical cables and also help develop water pipes as it is easily bendable and not reactive to water.
Paints & coatings, building & construction, electronics, automotive are some of the major applications of transition metals.
Transition Metals Market Regional Status
MRFR presumes that the highest gainer in the global market shall be Asia Pacific over the given period, owing to China’s flourishing electronics and automotive industries. The massive demand for titanium, iron, gold, silver, and other types of transition metals worldwide and countries in Asia being prominent suppliers could play an integral role in the market growth.
North America is a strong market for transition metals, thanks to the stunning growth of various industries like mining, manufacturing, and construction. The surge in research & development spending as well as mining activities carried out by renowned companies in the United States and Canada will also foster the use of transition metals in the next several years.
Segmentation of Market covered in the research:
Transition Metals Market Research Report: Information By Type (Iron, Copper, Titanium, Nickel, Others), By Application (Building & Construction, Automotive, Electronics, Paints & Coatings, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) Forecast till 2028.
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