The metal industry in 2024 is expected to experience a mix of challenges and opportunities. Here’s an overview:
Global Trends:
- After a robust growth of 5.7% in 2023, the global basic metals output is projected to slow down to 2.2% in 2024. This is largely due to easing production in major markets like China and India.
- Sustainability and decarbonization remain key drivers, with increased demand for non-ferrous metals like aluminum and copper, especially in renewable energy and electric vehicle sectors.
Regional Insights:
- Advanced markets are expected to rebound in the latter half of 2024, driven by recovering demand from key industries.
- Emerging markets, however, may face weaker performance due to economic constraints.
