Table of Contents
The metal manufacturing industry adds value to the global economy by serving multiple metal-consuming industries including heavy machinery, automotive, pipes and tubes, construction, packaging, tools, railway tracks, appliances and aerospace products. The international trade in metals is a significant part of the industry. This sector also provides high-wage jobs in strong economies including the USA
The total value of the metal manufacturing sector globally in 2014 was $3,821 billion. Related to a world population of more than 7 billion in 2014 this equates to about $546 per person globally. Given that World Domestic Product was approximately $78 trillion in 2014 , the market makes up about 4.9% of the global economy.
Global oversupply has challenged the usual trade flows. Exports from low-cost countries increased the supply in international market. Increased supply resulted in downward pricing pressure causing margins to drop. The imbalance between capacity and demand will continue to create challenges for the short to medium-term.
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