Transition Metals Market Size, Share, and Industry Analysis, By Type (Iron, Copper, Titanium, Nickel, and Others), By End-Use Industry (Building & Construction, Automotive, Electronics, Paints & Coatings, and Others), and Regional Forecast, 2024-2032

Transition metals are crucial in the automotive industry due to their unique properties, such as high strength, excellent electrical conductivity, resistance to corrosion, and the ability to withstand high temperatures.

The automotive industry continuously seeks innovative methods to utilize transition metals more efficiently to reduce costs, improve vehicle performance, and minimize environmental impact. Ongoing research aims to discover new applications and improve existing ones to meet the evolving demands of the industry.

• India is ambitiously aiming to double its automobile industry's size to INR 15 lakh crores by the end of 2024. The market is predominantly led by two-wheelers and passenger cars, which hold 76% and 17.4% of the market share, respectively, with a notable preference for small and midsize cars in the passenger car segment. To support this growth trajectory, the Indian government has significantly increased the budget allocation for the FAME II scheme by 78% in the Union Budget 2023, underlining its commitment to promoting electric vehicles and sustainable transportation solutions.

Copper is a transition metal characterized by its reddish-brown color. It's known for its high thermal and electrical conductivity. Transition metals, such as copper, are distinguished by their ability to form compounds in different oxidation states. Copper, specifically, commonly exists in the +1 and +2 oxidation states, known as cuprous and cupric, respectively. This metal is widely used in electrical wiring, plumbing, and the manufacturing of alloys such as bronze (copper and tin) and brass (copper and zinc) due to its excellent conductive properties and malleability. Additionally, copper plays a critical role in biological systems, being a key component in the respiratory enzyme complex cytochrome c oxidase.

• In 2023, Chile emerged as the most significant copper exporter, valued at USD 40.16 billion, followed by Germany and Japan, with USD 29.03 billion and USD 24.72 billion, respectively.

The major transition metals market consumers by region are China, Japan, and India in Asia Pacific; the U.S. and Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

• China holds a dominant share of the Asia Pacific Transition Metals market demand in the year 2023.


• According to BloombergNEF, due to the rising demand for energy transition minerals, the market value of copper was USD 44 billion in 2022 and is expected to reach USD 123 billion by 2050.

Segmentation

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, and Partnerships


• Latest Technological Advancements


• Insights on Sustainability


• Porter’s Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis by Type

By type, the market is segmented into iron, copper, titanium, nickel, and others. The iron segment holds a significant share of the global Transition Metals market.

• Iron's importance as a transition metal is evident in its crucial role in steel production, where it is combined with carbon and other elements. By adding different metals and non-metals to iron, its properties can be significantly changed, making it more durable, more rigid, or resistant to corrosion.


• Iron's magnetic properties also showcase its characteristics as a transition metal. In its pure form, iron is ferromagnetic, which implies it is strongly attracted to magnets and can be magnetized. This is due to the electron spin and orbital movements within the orbitals, which are unique to transition metals.

Analysis by End-Use Industry

By end-use industry, the market is segmented into building & construction, automotive, electronics, paints & coatings, and others. The building & construction segment holds a dominant share of the global Transition Metals market.

• Transition metals play a crucial role in the building and construction industry due to their remarkable properties, which include iron, copper, aluminum, zinc, and nickel, among others, that have applications in a wide range of construction processes and materials. Here are some of the ways transition metals are used in the building and construction sector.


• The use of transition metals in building and construction is indispensable. Their diverse properties enable the creation of structures that are strong, durable, and can withstand environmental challenges while also providing opportunities for innovative design and aesthetics.

Regional Analysis

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The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific holds a considerable share of the transition metals market. The transportation sector in the Asia Pacific region is expanding rapidly, driven by rising income, urbanization, and increased trade activity. Transition metals-derived products, such as iron, copper, nickel, and titanium, are essential for powering vehicles, ships, and airplanes, driving the demand for transition metals.

Global Iron Ore Production Capacity by Country, 2022

• Australia – 880 Mt


• China - 810 Mt


• Brazil - 310 Mt


• India - 250 Mt


• Russia - 100 Mt

Key Players Covered

The report includes the profiles of key players, such as Vale S.A., Rio Tinto Group, Vedanta Resource Plc, Reliance Steel & Aluminum Co, Glencore, Norilsk Nickel, Metallurgical Products India Ltd., Rhenium Alloys, H Cross Company, and Samancor Chrome.

Key Industry Developments

• In May 2024, Vale S.A. (Vale) closed an approximately USD 2.5 billion investment deal with Manara Minerals, a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund of the Kingdom of Saudi Arabia (PIF). As part of the deal, Manara Minerals will acquire 10% of Vale Base Metals Limited (VBM), which is the holding entity for Vale’s energy transition metals business.

• In August 2023, H2 Green Steel from Sweden signed agreements with Rio Tinto and Vale for the supply of DRI pellets for green steel production. Rio Tinto will also purchase and sell surplus low-carbon hot briquetted iron from H2 Green Steel during its capacity expansion.