The metal industry is one of the major industries that is encouraging the growth of the global manufacturing industry. The World Steel Association has estimated in April 2019 that the global steel demand will reach 1,735 million tons in 2019, which represents an increase of 1.3% from 2018. China has the largest share in the global production of crude steel with a rise from 50.3% in 2017 to 51.3% in 2018. The crude steel production in China was 928.3 million tons in 2018. India took the second-largest position in the major steel-producing countries globally. Key steel-producing companies comprise ArcelorMittal with 96.4 million tonnes, China Baowu Group with 67.4 million tonnes, and Nippon Steel Corp. with 49.2 million tons, respectively in 2018.
However, the sales of metal products are expected to decline due to the temporary shutdown of most of the industries, including automobile. In addition, the closing of construction sites and volatility in electronics production due to the supply chain disruptions amid COVID-19 outbreak will further affect the demand for metal in these sectors. The OMR report titled “Impact of COVID-19 Outbreak on the Global Manufacturing Industry” has provided the pre and post COVID-19 impact along with industry verticals and region-wise analysis. Multiple authentic sources are used to properly estimate the impact of the outbreak on the global manufacturing industry and values are derived accordingly.
Automobile manufacturing would be significantly affected by the COVID-19 outbreak
As the effect of coronavirus increases, the growth of the automobile sector will get contracted as the consumers’ footfalls in showrooms have sharply decreased since the COVID-19 outbreak. Due to the COVID-19 pandemic, the automobile companies were forced to shut down manufacturing units across the globe, which has disrupted the supply chain, and in turn, the growth of the sector. The United Auto Workers in Canada announced the temporary shutdown of automobile factories in North America on March 17, 2020. After this, Ford Motor Co., General Motor Co., and FCA Canada announced to shut down their plants till 30th March 2020 in the country. The expected growth rate will be hard to achieve for automobile manufacturers in 2020.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-global-manufacturing-industry
The Report Covers-
- Historical market growth estimation in the metal industry excluding COVID-19 pandemic effect
- Deviations in the metal industry growth rate due to COVID-19 pandemic
Market Segmentation
By Type
- Ferrous Metals
- Non-Ferrous Metals
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-global-manufacturing-industry
Company Profiled
- ArcelorMittal
- BHP Group Ltd.
- China Baowu Steel Group Corp., Ltd.
- China Hongqiao Group Ltd.
- Freeport-McMoRan Inc.
- Jindal Steel and Power Ltd.
- Nippon Steel Corp.
- Rio Tinto Ltd.
- Tata Steel Ltd.
- The National Copper Corp. (Codelco)
