Economic Impact of COVID-19 on the Global Metal Industry Size, Share, Analysis, Industry Report and Forecast 2019-2025


Metal is a group of elementary substances characterized by high strength and better electrical and thermal conductivity. There are mainly two types of metals which include ferrous and non-ferrous. Ferrous metals include steel and cast iron and non-ferrous metals include aluminum, zinc, copper, nickel, lead, tin, titanium and alloys, including brass. These substances have significant use in several industries, such as construction, automobile, chemical, oil & gas, electronics, and medical equipment. Owing to its potential applications in different industries, the demand for metal products has witnessed significant growth over the years. For instance, the World Steel Association forecasted on its release of Short Range Outlook on April 2019 that the global demand for steel will reach 1,735 million tonnes in 2019, a rise of 1.3% over 2018.

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The share of China in the global production of crude steel reached 51.3% in 2018 from 50.3% in 2017. The country produced 928.3 million tonnes of crude steel in 2018. In India, the production of crude steel in India was 106.5 million tonnes, increased by 4.9% over 2017. With this increased production, India has taken the position of Japan as the second major steel-producing country across the globe. The major crude steel production companies include ArcelorMittal, China Baowu Group, and Nippon Steel Corp. with 96.4 million tonnes, 67.4 million tonnes, and 49.2 million tonnes, respectively.

Currently, the global metal industry is facing challenges due to the COVID-19 outbreak. The demand for steel is expected to decline significantly due to lockdown effect within several countries, including Russia, India, Italy, and China. Several automobile companies have shutdown their manufacturing operations due to the government orders to suspend production. For instance, Daimler and Volkswagen declared recently that they will temporarily shut down production of vehicle and engine at its factories in Europe due to the coronavirus outbreak.

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Likewise, Fiat Chryslers and Ferrari have also shut down their operations across countries. As a result, the automobile production of these companies has been stopped or declined, which in turn, restricted the demand for metal products, including aluminum, iron, and steel. The important metal properties which make them ideal for use in vehicle manufacturing include lightweight, recyclability, and strength. Therefore, the automobile industry is one of the major consumers of metals and the decline in industrial production will thereby lead to a reduction in the prices of metals.
The global metal industry is classified based on types, including ferrous and non-ferrous metals. Ferrous metals are being significantly affected by the coronavirus epidemics as the production of steel in certain countries witnessing fall due to COVID-19 effect. For instance, in March 2020, Arcelor Mittal decided to temporarily shut down its production in Italy with effect due to the devastating impact of coronavirus in the country. In addition, stoppage or slowdown of mining operations has further increased the concerns regarding the availability of raw material for metal production. Supply chain disruptions are also a crucial factor affecting metals production capacity
Economic Impact of COVID-19 on the Global Metal Industry Segmentation
By Type
·         Ferrous Metals
·         Non-Ferrous Metals
Regional Analysis 
·         North America
·         United States
·         Canada
·         Europe
·         UK
·         Germany
·         Italy
·         Spain
·         France
·         Rest of Europe 
·         Asia-Pacific
·         China
·         India
·         Japan
·         Rest of Asia-Pacific 
·         Rest of the World
·         Middle East & Africa 
·         Latin America 
Company Profile
·         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.

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