The Transition Metals Market Size was valued at USD 952.72 billion in 2023, and is expected to reach USD 1313.93 billion by 2031, and grow at a CAGR of 4.1% over the forecast period 2024-2031.
The market for Transition Metal Dichalcogenides (TMDCs) is rising due to their exceptional properties and vast potential. Their unique structure allows for applications in electronics, energy storage, and catalysis. This growth is driven by sustainability. TMDCs hold promise for eco-friendly solutions like next-generation solar cells and biodegradable electronics, reducing e-waste. This focus on sustainability fuels research into improved synthesis methods for environment-friendly TMDC products. Advancements in fabrication techniques allow for precise control over TMDC properties, creating materials with functionalities for diverse uses. Beyond electronics, TMDCs are explored for energy storage (batteries and supercapacitors), optoelectronics, and sensors. Investments from governments and private entities accelerate commercialization through research funding and pilot projects. Strategic partnerships between research institutions, material suppliers, and device manufacturers further propel innovation by fostering knowledge sharing and speeding up development cycles. This collaborative approach is crucial to overcome technological hurdles and bring TMDC-powered products to market effectively.
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DRIVERS:
Increase the need for steel and other construction-related transition metals.
The Investments in global infrastructure projects are a major driver for the transition metals market, particularly for steel and other construction-related metals. It has the strength, durability, and affordability making it the go-to material. Steel is used in reinforcing concrete for roads and bridges and in railway tracks and infrastructure. In Manganese and chromium are alloyed with iron to create stronger, corrosion-resistant steel variants for demanding applications. Steel mills rise production to meet infrastructure demands, leading to job creation and economic growth in steel-producing regions.
RESTRAINT:
Environmental regulations on mining and processing can limit production and raise costs.
Stringent environmental regulations on mining and processing transition metals present a complex situation for the market. While they undeniably raise costs and potentially limit production, they also play a vital role in protecting the environment and public health. Regulations governing air and water emissions, waste disposal, and land reclamation during mining and processing can significantly increase operational costs for companies. Regulations encourage the adoption of cleaner technologies for processing and waste management, promoting long-term environmental sustainability.
OPPORTUNITIES
Technological advancements in the transition metals market.
Suitable substitutes for scarce metals in transition market.
Traditional smelting processes for extracting transition metals are often energy-intensive and generate significant air and water pollution. Hydrometallurgy, however, offers a refreshing alternative. This process utilizes aqueous solutions and chemical reactions to dissolve target metals from their ores. Hydrometallurgy requires less energy compared to smelting, leading to lower greenhouse gas emissions. it allows for better control and treatment of wastewater, minimizing environmental contamination. Advanced hydrometallurgical processes can handle low-grade and complex ores that are often uneconomical or impractical to treat with traditional methods.
CHALLENGES
Impact of environmental significant for mining and processing of transition metals.
Mining activities can release dust particles containing heavy metals, contributing to respiratory problems and harming ecosystems. Studies suggest a single ton of copper ore can generate up to 15 kg of dust containing harmful metals. Acid mine drainage (AMD) is a major concern. When exposed to air and water, sulfide minerals in rocks can release sulfuric acid, contaminating waterways with heavy metals. Estimates suggest AMD from abandoned mines alone pollutes over 20,000 km of rivers and streams globally.
The impact of Russia-Ukraine has slowed down the transition metals market This leads to prices of many transition metals, particularly those with a high dependence on Russia and Ukraine for supply. Nickel prices saw the most dramatic increase, with trading even being halted on the London Metal Exchange (LME) due to extreme volatility. Russia is a major producer of transition metals like nickel, palladium, and platinum. Sanctions and disruptions to production and transportation have led to supply shortages, and increased prices. war has highlighted the importance of securing reliable supplies of critical materials for clean energy technologies. This could accelerate investment in domestic mining and recycling of transition metals within Europe and other regions.
The impact of an economic downturn has impacted the overall transition metals market, due to which businesses are more conscious about investing in new projects. This led to a slowdown in investments in clean energy technologies, which are major drivers of demand for transition metals. Economic downturns can make it more difficult for companies to secure financing for new mining and processing projects for transition metals. This could affect the supply chain disruptions and price volatility in the long period. The governments use economic downturns as an opportunity to invest in infrastructure projects. If these projects prioritize clean energy or energy efficiency, they could create a boost in demand for transition metals.
BY TYPE:
Iron
Copper
Cobalt
Nickel
Others
The iron sub-segment is dominated in the transition metal market, capturing over 35% of the share in 2023 by type, due to its abundance and role in steel production, a construction staple. This abundance, along with its critical role in steel production, the backbone of construction, fuels predictions of significant growth in the iron market. Meanwhile, copper also growing in electrical wiring due to its exceptional conductivity. Its flexibility and resistance to water corrosion further crown it as the material of choice for water pipes.
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BY END USER:
Construction & Building
Automotive
Electronics
Paints and Coatings
Others
The construction & Building sub-segment is dominating the transition metals market in 2023 by end-use, due to the extensive use of steel in infrastructure, buildings, and transportation. Iron and other metals like manganese are crucial components. Automotive is the second dominating segment in electric vehicles and increasing demand for lighter, stronger materials like aluminum and titanium are propelling this segment. Copper also plays a vital role in wiring and electrical components.
North America
Europe
Asia pacific
Middle East & Africa
Latin America
The Asia Pacific region dominates the transition metals market a capturing over 55% market share in 2023. This region boasts robust economic growth, particularly in China, which fuels demand for metals in construction, electronics, and clean energy. Additionally, abundant natural resources reduce dependence on imports, and government support actively promotes domestic production and consumption of these critical materials. Europe has the second dominating 25% share, capitalizing on its strong manufacturing base and established recycling infrastructure. North America, with an impressive 8% growth rate, is the fastest-growing region due to a surge in government investment in clean energy projects and research & development initiatives.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players in the transition metals market are Metallurgical Products India Ltd (India), KGHM Polska Miedź S.A.(Poland), Rhenium Alloys (US), Reliance Steel & Aluminum Co (US), Transition Metals Corp (Canada), Fortescue Metals Group Limited(Australia), Rio Tinto Group (UK), Tshingshan Group (China), Norilsk Nickel (Russia), Samancor Chrome (South Africa), Vedanta Resources plc (Canada), Vale S.A. (Brazil), and other players.
In March 2024, Adani Group, has introduced the first phase of world's biggest copper plant at Mundra, Gujarat. This significant development is expected to reduce India's reliance on copper imports and bolster the country's transition to cleaner energy sources.
In February 2024, Wall Street giant Elliott Investment Management is gearing up to launch a new venture. This billion-dollar war chest will target undervalued mining assets globally, capitalizing on the clean energy boom and depressed mining company valuations.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 952.72 Billion |
| Market Size by 2031 | US$ 1313.93 Billion |
| CAGR | CAGR of 4.1% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Iron, Copper, Cobalt, Nickel, Titanium, Others) • By End User (Construction & Building, Marine, Automotive, Electronics, Paints And Coatings, Consumer Products, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Metallurgical Products India Ltd (India), KGHM Polska Miedź S.A.(Poland), Rhenium Alloys (US), Reliance Steel & Aluminum Co (US), Transition Metals Corp (Canada), Fortescue Metals Group Limited(Australia), Rio Tinto Group (UK), Tshingshan Group (China), Norilsk Nickel (Russia), Samancor Chrome (South Africa), Vedanta Resources plc (Canada), Vale S.A. (Brazil) |
| Key Drivers | • Increase the need for steel and other construction-related transition metals. |
| Restraints | • Environmental regulations on mining and processing can limit production and raise costs. |
Ans. The Compound Annual Growth rate for the Transition Metals Market over the forecast period is 4.1%.
Ans. The projected market size for the Transition Metals Market is USD 1313.93 Billion by 2031.
Ans: Iron is the most commonly used metal in the transition metals market, accounting for over 35% of the share in 2023.
Ans: Transition metals are like the "workhorses" of the element world because of their unique properties. They have partially filled d-orbitals, allowing them to form strong and versatile materials.
Ans: The Asia Pacific region is the current leader in the transition metals market, capturing over 55% of the share in 2023.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact Of Russia Ukraine War
5.2 Impact of Economic Slowdown
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 Middle East & Africa
10. Transition Metals Market Segmentation, By Type
10.1 Introduction
10.2 Trend Analysis
10.3 Iron
10.4 Copper
10.5 Cobalt
10.6 Nickel
10.7 Titanium
10.8 Others
11. Transition Metals Market Segmentation, By End-use
11.1 Introduction
11.2 Trend Analysis
11.3 Construction & Building
11.4 Automotive
11.5 Electronics
11.6 Paints and Coatings
11.7 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Transition Metals Market by Country
12.2.3 North America Transition Metals Market By Type
12.2.4 North America Transition Metals Market By End-use
12.2.5 USA
12.2.5.1 USA Transition Metals Market By Type
12.2.5.2 USA Transition Metals Market By End-use
12.2.6 Canada
12.2.6.1 Canada Transition Metals Market By Type
12.2.6.2 Canada Transition Metals Market By End-use
12.2.7 Mexico
12.2.7.1 Mexico Transition Metals Market By Type
12.2.7.2 Mexico Transition Metals Market By End-use
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Transition Metals Market by Country
12.3.2.2 Eastern Europe Transition Metals Market By Type
12.3.2.3 Eastern Europe Transition Metals Market By End-use
12.3.2.4 Poland
12.3.2.4.1 Poland Transition Metals Market By Type
12.3.2.4.2 Poland Transition Metals Market By End-use
12.3.2.5 Romania
12.3.2.5.1 Romania Transition Metals Market By Type
12.3.2.5.2 Romania Transition Metals Market By End-use
12.3.2.6 Hungary
12.3.2.6.1 Hungary Transition Metals Market By Type
12.3.2.6.2 Hungary Transition Metals Market By End-use
12.3.2.7 Turkey
12.3.2.7.1 Turkey Transition Metals Market By Type
12.3.2.7.2 Turkey Transition Metals Market By End-use
12.3.2.8 Rest of Eastern Europe
12.3.2.8.1 Rest of Eastern Europe Transition Metals Market By Type
12.3.2.8.2 Rest of Eastern Europe Transition Metals Market By End-use
12.3.3 Western Europe
12.3.3.1 Western Europe Transition Metals Market by Country
12.3.3.2 Western Europe Transition Metals Market By Type
12.3.3.3 Western Europe Transition Metals Market By End-use
12.3.3.4 Germany
12.3.3.4.1 Germany Transition Metals Market By Type
12.3.3.4.2 Germany Transition Metals Market By End-use
12.3.3.5 France
12.3.3.5.1 France Transition Metals Market By Type
12.3.3.5.2 France Transition Metals Market By End-use
12.3.3.6 UK
12.3.3.6.1 UK Transition Metals Market By Type
12.3.3.6.2 UK Transition Metals Market By End-use
12.3.3.7 Italy
12.3.3.7.1 Italy Transition Metals Market By Type
12.3.3.7.2 Italy Transition Metals Market By End-use
12.3.3.8 Spain
12.3.3.8.1 Spain Transition Metals Market By Type
12.3.3.8.2 Spain Transition Metals Market By End-use
12.3.3.9 Netherlands
12.3.3.9.1 Netherlands Transition Metals Market By Type
12.3.3.9.2 Netherlands Transition Metals Market By End-use
12.3.3.10 Switzerland
12.3.3.10.1 Switzerland Transition Metals Market By Type
12.3.3.10.2 Switzerland Transition Metals Market By End-use
12.3.3.11 Austria
12.3.3.11.1 Austria Transition Metals Market By Type
12.3.3.11.2 Austria Transition Metals Market By End-use
12.3.3.12 Rest of Western Europe
12.3.3.12.1 Rest of Western Europe Transition Metals Market By Type
12.3.2.12.2 Rest of Western Europe Transition Metals Market By End-use
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia Pacific Transition Metals Market by Country
12.4.3 Asia Pacific Transition Metals Market By Type
12.4.4 Asia Pacific Transition Metals Market By End-use
12.4.5 China
12.4.5.1 China Transition Metals Market By Type
12.4.5.2 China Transition Metals Market By End-use
12.4.6 India
12.4.6.1 India Transition Metals Market By Type
12.4.6.2 India Transition Metals Market By End-use
12.4.7 Japan
12.4.7.1 Japan Transition Metals Market By Type
12.4.7.2 Japan Transition Metals Market By End-use
12.4.8 South Korea
12.4.8.1 South Korea Transition Metals Market By Type
12.4.8.2 South Korea Transition Metals Market By End-use
12.4.9 Vietnam
12.4.9.1 Vietnam Transition Metals Market By Type
12.4.9.2 Vietnam Transition Metals Market By End-use
12.4.10 Singapore
12.4.10.1 Singapore Transition Metals Market By Type
12.4.10.2 Singapore Transition Metals Market By End-use
12.4.11 Australia
12.4.11.1 Australia Transition Metals Market By Type
12.4.11.2 Australia Transition Metals Market By End-use
12.4.12 Rest of Asia-Pacific
12.4.12.1 Rest of Asia-Pacific Transition Metals Market By Type
12.4.12.2 Rest of Asia-Pacific Transition Metals Market By End-use
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Transition Metals Market by Country
12.5.2.2 Middle East Transition Metals Market By Type
12.5.2.3 Middle East Transition Metals Market By End-use
12.5.2.4 UAE
12.5.2.4.1 UAE Transition Metals Market By Type
12.5.2.4.2 UAE Transition Metals Market By End-use
12.5.2.5 Egypt
12.5.2.5.1 Egypt Transition Metals Market By Type
12.5.2.5.2 Egypt Transition Metals Market By End-use
12.5.2.6 Saudi Arabia
12.5.2.6.1 Saudi Arabia Transition Metals Market By Type
12.5.2.6.2 Saudi Arabia Transition Metals Market By End-use
12.5.2.7 Qatar
12.5.2.7.1 Qatar Transition Metals Market By Type
12.5.2.7.2 Qatar Transition Metals Market By End-use
12.5.2.8 Rest of Middle East
12.5.2.8.1 Rest of Middle East Transition Metals Market By Type
12.5.2.8.2 Rest of Middle East Transition Metals Market By End-use
12.5.3 Africa
12.5.3.1 Africa Transition Metals Market by Country
12.5.3.2 Africa Transition Metals Market By Type
12.5.3.3 Africa Transition Metals Market By End-use
12.5.3.4 Nigeria
12.5.3.4.1 Nigeria Transition Metals Market By Type
12.5.3.4.2 Nigeria Transition Metals Market By End-use
12.5.3.5 South Africa
12.5.3.5.1 South Africa Transition Metals Market By Type
12.5.3.5.2 South Africa Transition Metals Market By End-use
12.5.3.6 Rest of Africa
12.5.3.6.1 Rest of Africa Transition Metals Market By Type
12.5.3.6.2 Rest of Africa Transition Metals Market By End-use
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Transition Metals Market by Country
12.6.3 Latin America Transition Metals Market By Type
12.6.4 Latin America Transition Metals Market By End-use
12.6.5 Brazil
12.6.5.1 Brazil Transition Metals Market By Type
12.6.5.2 Brazil Transition Metals Market By End-use
12.6.6 Argentina
12.6.6.1 Argentina Transition Metals Market By Type
12.6.6.2 Argentina Transition Metals Market By End-use
12.6.7 Colombia
12.6.7.1 Colombia Transition Metals Market By Type
12.6.7.2 Colombia Transition Metals Market By End-use
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Transition Metals Market By Type
12.6.8.2 Rest of Latin America Transition Metals Market By End-use
13. Company Profiles
13.1 Metallurgical Products India Ltd (India)
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 KGHM Polska Miedź S.A.(Poland)
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Rhenium Alloys (US)
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Fortescue Metals Group Limited(Australia)
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Transition Metals Corp (Canada)
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Rio Tinto Group (UK)
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Tshingshan Group (China)
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Norilsk Nickel (Russia)
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Samancor Chrome (South Africa)
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Vedanta Resources plc (Canada)
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases And Best Practices
16. Conclusion
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