Growth in end-use industries, including automobile, construction, oil and gas, chemical, and medical equipment, has primarily led the adoption of metal products including ferrous and non-ferrous metals. Ferrous metals comprise carbon steel, alloy steel, wrought iron, and cast iron. These metals have better durability and tensile strength. Carbon Steel is used in the construction industry for the development of longest bridges and tallest skyscrapers. These metals are also utilized in automobiles, shipping containers, railroad tracks, industrial piping, and several commercial and domestic tools. Non-ferrous metals comprise copper, aluminum, lead, zinc and tin, and precious metals, such as silver and gold. The major benefit of non-ferrous metals over ferrous metals is their malleability. It doesn’t contain iron content that provides major resistance to corrosion and rust. This feature makes non-ferrous metals ideal for roofing, liquid pipes, and outdoor signs. In addition, they are non-magnetic, which is an essential property for several electronic and wiring applications. Due to its potential properties, it has a crucial role in several end-use industries.
However, the demand for metal products has been declined as a result of the COVID-19 epidemic. This has led owing to the halted production of vehicles and suspension of construction activities. Supply chain disruptions have further led to a reduction in the demand for metal products in the electronics segment. The OMR report titled “Economic Impact of COVID-19 on the Global Metal Industry” has provided the pre and post COVID-19 industry size along with segments and region-wise analysis. Multiple authentic sources are used to properly estimate the effect of the outbreak on the global metal industry and values are derived accordingly.
Decline in the global crude steel production in the first quarter of 2020
As per the World Steel Association, in the first quarter of 2020, the global crude steel production was 443 million tons, declined by 1.4% than the same period in 2019. In the first quarter of 2020, Asia produced 315.2 million tons of crude steel, a decline of 0.3% than the first quarter of 2019. In the first quarter of 2020, EU produced 38.3 million tons of crude steel reduced by 10.0% than the same quarter of 2019, while crude steel production in North America in the first quarter of 2020 was 29.5 million tons, a decline of 4.0% than the first quarter of 2019. Increasing lockdown effect in several countries resulting in plant closure of textile, automobile, and electronics, which in turn, has affected the global crude steel production in the first quarter of 2020.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/economic-impact-of-covid-19-on-the-global-metal-industry
The Report Covers
- Comprehensive research methodology of the global metal Industry.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global metal Industry.
- Insights about market determinants that are stimulating the global metal industry.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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/economic-impact-of-covid-19-on-the-global-metal-industry
Company Profiles
- ArcelorMittal S.A.
- 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.
- National Copper and Smelting Co.
- Posco International Corp.
- Hesteel Group Co. Ltd.
- China Anshan Group Corp. Ltd.
- JFE Steel Corp.
