India, 12th Aug 2024 – The global Specialty Metals and Minerals Market reached US$ 7.9 billion in 2023 and is projected to grow to US$ 12.2 billion by 2031, at a compound annual growth rate CAGR of 7.4% from 2024 to 2031.
Specialty metals and minerals are integral in sectors such as aerospace and military due to their unique properties and reliability under extreme conditions. The expansion of this market is driven by advancements in technology, a shift towards sustainable energy sources, and increasing demand for electric vehicles (EVs) and renewable energy technologies
Key Industry Insights & Findings from the Report:
- Market Growth: The Specialty Metals and Minerals Market is projected to grow with a CAGR of 7.4% from 2024 to 2031.
- Rising Demand: The aerospace and military sectors are key drivers, with increasing needs for metals like titanium and aluminum. Additionally, the shift towards electric vehicles and renewable energy technologies is boosting demand for materials such as lithium and cobalt.
- Geographical Expansion: Asia-Pacific is the largest and fastest-growing region, driven by industrial growth and high demand for specialty metals in electric vehicle batteries and other applications.
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Specialty Metals and Minerals Market Trends
The demand for specialty metals is surging, largely influenced by technological innovations in aerospace and military applications. Essential metals like titanium, aluminum, and high-strength alloys are crucial for these sectors. Additionally, the global shift towards sustainable energy has heightened the need for metals such as lithium, cobalt, and rare earth elements used in EV batteries and energy storage solutions. This trend is fostering overall market growth and driving investment in specialized materials.
Segment Analysis based on Types, Application
By Type:
- Metals
- Minerals
- Others
By Application:
- Electronics
- Constrcution
- Aerospace
- Manufacturing
- Medical
- Mining
- Automotive
- Others
Regional Analysis:
Asia-Pacific dominates the global market, accounting for over one-third of the market share. This region’s growth is driven by its expanding industrial sector, including construction, electronics, and aerospace industries. The rise in electric vehicle adoption and the increased need for rare earth elements are significant factors contributing to this growth. Notable developments include investments in manufacturing facilities and strategic acquisitions in countries like China, India, and Japan.
In 2023, mining giant BHP completed its acquisition of OZ Minerals through a scheme of arrangement. OZ Minerals is now under the ownership of BHP, its ultimate parent company. As part of the scheme, BHP paid US$26.50 for each OZ Minerals share held as of the scheme record date of 7 p.m. on April 24, 2023. This payment was distributed to OZ Minerals shareholders today, totaling a cash consideration of US$28.25 per share. Reports indicate that the transaction values OZ Minerals at US$9.6 billion, marking it the most significant merger and acquisition (M&A) in Australia in the last 18 months.
Some of the Major Key Players Studied in this Report are
- Alcoa Corporation
- BHP Group
- Rio Tinto
- Vale S.A.
- Anglo American plc
- Norsk Hydro
- Glencore
- Freeport-McMoRan Inc.
- Sumitomo Metal Mining Co., Ltd.
- Lynas Rare Earths Limited.
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