Metals

The global metals market, covering both ferrous and non-ferrous metals, is projected at USD 1.06 trillion in 2024, expanding at a CAGR of 5.1% through the forecast period. Growth in the metals market is driven by rising global metals demand across infrastructure, automotive, electronics, renewable energy, and construction sectors. Asia-Pacific continues to dominate with nearly 73.8% of global crude output, reflecting economies of scale, cost competitiveness, and industrial policy support. At the same time, electric arc furnace (EAF) routes now account for close to 30% of global crude metal production, underscoring a structural shift toward sustainability, circular steelmaking, and low-carbon technologies that are reshaping metals consumption and supply dynamics.

Tier-1 enterprises, including ArcelorMittal, China Baowu Steel Group, Rio Tinto, BHP, and Vale, maintain global leadership through vertical integration, resource security, and technological investments. These producers anchor upstream mining and large-scale processing, while shaping international trade flows. In contrast, Tier-2 and regional players such as Nucor, JSW Steel, Hindalco Industries, Norsk Hydro, and Korea Zinc are gaining ground by focusing on recycled metals, advanced alloys, and specialized regional supply. Demand from OEMs in automotive, energy, and construction is reinforcing consumption of lightweight aluminum, rare earth metals, and battery-grade copper, with strong tailwinds from EV infrastructure and renewable grids. While commodity ferrous metals face volatility from metals price trends and cyclical overcapacity, non-ferrous specialties continue to outperform, supported by higher margins and targeted market growth.

Shifting regulatory frameworks, from EU carbon pricing to Asia-Pacific industrial incentives, are steering investment flows and production strategies. Looking ahead to 2033, opportunities lie in recycled feedstock, sustainable alloys, and emerging market expansion, aligned with electrification and infrastructure renewal. Although pricing cycles, trade frictions, and compliance costs remain structural risks, the metals industry is positioned for sustained value creation. With green production, digital supply chains, and innovation at the forefront, the metals industry is evolving into a more resilient and competitive ecosystem.

A metal is traded more than gold on global markets
Copper
Percentage of all mined metals are used in construction
50%
Metal is important for renewable energy and EV batteries
Lithium, often called “white gold.

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Targets
Global targets industry encompassing sputtering targets, shooting range targets and specialty industrial targets is valued at USD 4.6 billion in 2024, supported by applications in semiconductors, displays, defense, law enforcement and sports shooting. Asia Pacific leads with 46% share, driven by strong demand for sputtering targets in electronics and solar panel manufacturing, while North America and Europe dominate the defense and law enforcement training segments. Pricing is highly differentiated: semiconductor grade sputtering targets command premiums due to material purity and complex manufacturing processes, while commodity training targets remain cost sensitive and volume driven.The competitive landscape features Tier-1 suppliers such as Honeywell, Praxair, JX Nippon Mining & Metals and Plansee, which dominate high value sputtering and specialty alloy targets. Tier-2 firms focus on regional production for defense training and sports shooting markets, while OEMs supply integrated target systems for automated ranges. Investment activity in 2024–2025 is concentrated in rare metal-based sputtering targets (tantalum, indium, titanium) for electronics and smart training targets with digital scoring and AR/VR integration for defense and law enforcement. According to the U.S. International Trade Commission, imports of sputtering targets into the U.S. rose 18% in 2023, highlighting rising dependence on Asia based supply chains.Trade dynamics and regulatory frameworks significantly shape market access. Semiconductor and display industry demand is impacted by export restrictions on critical rare metals, while defense targets are subject to strict procurement and arms control regulations. Over 2025–2032, growth opportunities include scaling indium tin oxide (ITO) targets for displays, expanding rare metal recycling for sputtering applications and digitalizing defense training systems, while risks stem from geopolitical supply constraints, raw material price volatility and compliance with tightening ESG frameworks. Long term competitiveness will depend on localizing rare metal supply, investing in recycling technologies and integrating digital features into traditional target systems.

Industry definition

The Metals industry involves the extraction, refining, processing and fabrication of ferrous and non-ferrous metals that form the backbone of global manufacturing and infrastructure. It covers steel, aluminum, copper, zinc and specialty alloys, transformed into sheets, bars, wires and components that serve automotive, construction, aerospace, energy, electronics and packaging markets. Competition in the industry is driven by integrated steelmakers, non-ferrous producers, regional mills and recyclers, with differentiation based on production efficiency, cost competitiveness, product innovation and sustainability practices. Companies in the sector provide a wide range of products and services, from raw and semi finished metals to advanced alloys, recycling solutions and technical expertise. Increasingly, the industry emphasizes green steel, circular economy models, lightweight material innovation and digitalized supply chains to stay competitive in a resource conscious and rapidly evolving global economy.

Mining and Metals