October 30, 2018
WELLESLEY, Mass., Oct 30, 2018 –Being one of the most sought-after commodities in the world, the industrial metals industry is expected to see rapid growth. According to the BCC Research report Industrial Metals, Precious Metals and Alloys: Global Markets to 2022, copper is the most popular metal. Copper is used extensively in telecommunications and computer chips, leading to a healthy rise in the metal and mining industry. In the global metal and mining market, gold, copper, nickel and iron ore are the most prime investment targets for mining organizations.
In 2016 the demand for industrial metals, precious metals and alloys was 4.6 million kilotons and is projected to reach 5.6 million kilotons by 2022, growing at a compound annual growth rate (CAGR) of 3.5% during the forecast period. In terms of revenue, demand for industrial metals, precious metals and alloys was valued at $1.5 trillion in 2016 and is projected to reach $2.1 trillion by 2022, growing at a CAGR of 4.1% during the forecast period.
“The metal and mining industry has been rising at a healthy pace during the past five years,” the report notes. “Increasing economic growth of the developing nations across the globe further fuels the manufacturing sector, thereby driving the growth of the metal and mining industry. In addition, the global metal and mining market is highly based on the economic growth of countries. As a country’s economy grows, there is an increase in the investment in the infrastructure sector and due to this, demand for base metal rises.”
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Industrial Metals, Precious Metals and Alloys: Global Markets to 2022( AVM068B )
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