Metals are the basic raw materials used in numerous forms and compositions across various industries like manufacturing, construction, transportation, aerospace, construction, biomedical applications, electrical and electronic devices, food packaging, farming, etc. By applications, metals are generally categorised as ferrous and non-ferrous. Magnetic nature of ferrous metals like cast iron, wrought iron, mild steel, carbon steel and stainless steel makes them useful for electrical and motor applications. High resistance to rust & corrosion and malleability of non-ferrous metals makes them ideal for electronic and wiring applications. Non-ferrous metals include brass, aluminum, tin, copper, lead, nickel, and zinc also precious metals like gold and silver.
Metals are also used extensively in the packaging industry, especially in the pharmaceutical and food & beverage sectors. Metal packaging helps to retaining nutrition properties of food and beverage products and in addition they prevent contamination of food from bacteria, oxygen and moisture. Global metal packaging market is expected to witness growth in near future owing to growing health awareness among consumers.
Metals are also used to create alloys which provide higher level of durability and strength. Demand for superalloys is increasing in high performance sectors like aerospace, automotive and industrial components. Superalloys are low maintenance metals which exhibit properties like lightweight, corrosion and chemical resistance. Superalloys are either nickel, cobalt or iron based and of these three types nickel-based superalloys accounts for more than 80% of the market share. Asia’s quickly growing industrial sector is expected to drive growth in the high-performance alloys market.
In addition, market for recycled metals is also picking up, owing primarily to growing concerns pertaining to environment sustainability. In addition, stringent regulations related to waste management & recycling and rising awareness pertaining to efficient use of natural resources are some other factors which will drive metal recycling market.
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