Global Transition Metals Market Scope-
According to MRFR analysis, the global transition metals market is expected to register a CAGR of over 4.2% to reach around USD 1,369.46 billion by the end of the forecast period, 2021-2030.
A transition metal market is one that can produce one or more stable ions with unfilled d-orbitals. Transition metals are malleable, ductile, which conduct heat and electricity and have the ability to form positive ions. Among them, copper and aluminum are the best conductors of electricity. Transition metals are more electronegative than other metals and have a wide application in various industries such as electronics, building construction, automotive, and paints coating industry.
In terms of crustal abundance, iron is the most abundant transition metal, ranking fourth among all elements and second among metals (after aluminum). Transition metals are generally less reactive, harder, and denser as compared to alkali metals. They react with some non-metals like oxygen, nitrogen, sulfur, and halogens to form binary compounds.
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Transition Metals Market - Reputed Firms:
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), and others.
Market Boosters and Barriers
The increasing demand for Transition Metals in the automotive, mining, oil gas, transportation, and industrial sectors is expected to drive the market during the forecast period. Increasing understanding of the superior mechanical and chemical properties of the material is anticipated to be another significant factor driving the demand during the assessment period. Additionally, rapid urbanization and industrialization are expected to increase demand for the commodity, thereby increasing the market size for Transition Metals during the assessment period.
The ongoing technological progress in emerging economies is likely to create lucrative opportunities for the industry, which is likely to support the growth of the Transition Metals Market during the assessment era. Additionally, the increasing use of Transition Metals in marine, leisure, 3D printing, and sports gear are all potential growth sectors for the industry.
On the other hand, the price fluctuations in raw materials and concerns about output at elevated temperatures are likely to restrain demand growth during the forecast period. Transition Metals are likely to have a detrimental effect on human health and the environment, which will restrain market growth during the forecast period. Additionally, several stringent regulations have been enacted to mitigate the product's negative effect on the industry's development during the review era. The pandemic epidemic has had a detrimental effect on the market as a result of the lockdown enforced in different parts of the world. The lockdown resulted in the immediate closure of many production facilities, disrupting the supply and demand chain and wreaking havoc on the Transition Metals industry. Growth opportunities will emerge in the global market in the form of rising iron ore as well as taconite mining, which will in turn foster the need for Methylene Diphenyl Diisocyanate. It has major mining flotation applications and is used to separate metals and impurities. Basically, Methylene Diphenyl Diisocyanate acts as a modifier during the mining floatation procedure. Thus, the expanding mining applications worldwide is projected to enhance the market size for Methylene Diphenyl Diisocyanate in subsequent years.
It is also needed in the desulphurization of steel, which makes it an essential component for the construction industry. Its inclusion in the healthcare industry is also significant. A silvery-white metal, Silane Modified Polymers is one of the lightest metals available for structural applications. Silane Modified Polymers can be obtained from seawater, several mineral sources, and brines and is one of the most abundant elements in the world. Silane Modified Polymers is extensively used in the production of aluminum alloy and die casting.
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Segment Study of Transition Metals Market-
By Metal Type
- On the basis of type, the global transition metals market is divided into iron, titanium, copper, nickel, and others.
- The market for iron type is predicted to grow significantly, owing to its common uses in construction materials, tools, cars, and ammonia catalysts.
- Copper is an excellent conductor of electricity and is widely used in electrical cables. It is commonly used to create water pipes since it is easy to bend and does not react with water. As a result, it is expected to fuel market demand in the foreseeable term.
- As titaniumis used in various applications such as fighter aircraft, artificial organs, and pipes in nuclear power stations in the aerospace industry, the demand for titanium is expected to increaseduring the review period.
- The growing demand for nickel in the automotive industry is likely to present a profitable growth opportunity for the market. Nickel is widely used in hybrid automobiles, including nickel-metal hydride batteries and rechargeable nickel-cadmium batteries. Nickel is also used in the production of high-quality steel.
- The others segment includes cobalt, zinc, manganese, chromium, palladium and many more metals that belong to d- and f- block in the periodic table.
By End Use
- This segment is classified into building construction, automotive, electronics, paint coatings,etc.
- Increasing urbanization and population expansion across the globe results in increased infrastructure operations and housing projects, driving the growth of the construction industry. This has led to the market growth of transition metals, iron being one of the most prominent materials used in the construction industry.
- Transition metals are widely used in the automotive industry. Steel, made out of iron, consists of excellent properties such as rigidity, high thermal conductivity, and wear resistance, which is expected to increase market demand.
- The electronics industry is expected to grow by around 6% during the assessment period.The use of copper inthe electronics industry for electrical wiring,consistingof high tensile strength, malleability, ductility, and electrical conductivity, is a key driver for transition metals in the electronics industry.
- The transition metals ions produce a hard surface film to the paint by catalyzing the polymer chain. Hence, the paints coatings industry has shown steady growth during the period.
- The others segment includes agriculture, consumer goods, marine, and other industry. The transition metals have industrial uses such as cosmetics, paints, fertilizers, etc.
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Regional Analysis -
APAC or Asia Pacific, Europe, North America, MEA or Middle East Africa are the key markets for Methylene Diphenyl Diisocyanate.
The Transition Metals industry can be regionally categorized into Asia Pacific/APAC and North America along with Europe and MEA or Middle East Africa.
APAC is on track to procure the lead in the coming years, primarily on account of the fast urbanization and industrialization rates across numerous countries. Presence of cheap labor is prompting global manufacturers to invest considerably on the region, which is bound to create bright prospects for the market in the ensuing years. Apart from this, escalating number of manufacturers paired with the rising spending on oil gas exploration activities could further enhance the market size in the region. China is slated to secure the top position in the APAC market and capture a valuation of a whopping USD 260 million by 2030. The APAC market, on the other hand, is touted to reach USD 880 million by 2025, while soaring at a rate of 5.5% over the conjectured period.
The European market is likely to stand at the second position over the analysis period, thanks to the soaring demand for Transition Metals from several end-use sectors. The market’s progress in the near future is also backed by the surging investments and RD activities. All these factors will culminate into significant revenue generation for the European market, which should expand at a rate of 3% during the appraisal period.
Impact of Coronavirus Outbreak
The coronavirus has negatively impacted the global transition metals market. Due to is olated outbreaks and the enforcement of lockdowns in several nations, many manufacturing companies have been crippled. There has also been a notabledecrease indemand for numerous products. Only the gold market has been positively impacted during the pandemicbeca use it typically benefits from a higher level of uncertainty.
Distributors of transition metals market are struggling during the COVID-19 crisis may look to the previous recession for guidance, but the current scenario is different in many ways—and the stakes are much higher. For distributors and businesses of all kinds, the COVID-19 pandemic has made life immensely more difficult. Despite the efforts of governments, business, scientists, and healthcare professionals, some large markets are still closed in some form, many supply chains are experiencing severe disruptions, and most sectors continue to see low demand. Nobody knows when workers or customers will return. Many distribution executives are stuck in a bind. Keeping things as they could put staff in danger or give ground to suppliers who are increasingly using digital technologies to directly service customers. However, the most effective ways to improve remain unknown. Companies are still struggling to deliver value while protecting people's safety and livelihoods more than six months into the outbreak. As China recovers from the COVID 19 crisis, its industrial, metal, and mining industries are likely to resume operations.
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