Transition Metals Market – Overview
Transition metals play a vital role in human life as they are used in nutritional supplements, which is expected to boost the market demand in the nearer future. Various transition and market metals such as iron, cobalt, copper, and molybdenum are necessary to keep humans alive and healthy. Without enough iron in the bloodstream, the human body cannot transport oxygen through the body. Like copper and cobalt, other transition metals exist as trace elements in a body.
The Transition Metals Market is anticipated to exhibit a CAGR of over 4.2% to reach around USD 1,369.46 billion by 2028.
A transition metal is understood as an element having a partially filled d-subshell and can produce cations with an incomplete d-sub shell on its atom. Iron, titanium, copper, nickel, manganese, cobalt, silver, mercury, and gold are transitional metals having wide applications in various end-use industries such as automotive, electronic, building & construction, and paints& coatings, and others. Iron is the most abundant metal found in Earth’s solid crust, ranking fourth among all elements and second among metals in crystal abundance after elements like aluminum. Transition metals are generally harder, less reactive, and denser than alkali metals.
Transition metal oxides are utilized as catalysts to absorb other metals or substances onto their surface and activate the oxidation process.
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The transition metals market has been segmented based on the following:
By Metal Type
The North American region is projected to lead the Transition Metals Market due to significant construction, mining, and manufacturing growth. An increase in research & development activities and expenditure and mining activities by the major players operating in the US and Canada are expected to propel the demand for transition metals in this region.
The growth in the automotive and electronics industries in the European regions is expected to boost the Transition Metals Market Growth in the upcoming years. The European region is among the world’s biggest producers of motor vehicles, and the sector represents the most significant private investor in research.
The Asia-Pacific region is the largest producer of metals globally, led by China’s growing automotive and electronics industry. The rising global demand for elements like iron, titanium, silver, gold, and other transition metals and their growing prices play a crucial role in the region’s industrial growth.
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The prominent market players are as follows:
In January 2022, StrategX Elements Corp.’s first holdings, located on the East Arm of the Great Slave Lake in the Northwest Areas, were revealed. StrategX’s generative efforts in the region resulted in the grassroots discovery of the 939 Cobalt property in 2018. The Company is prioritizing sites to conduct a first-phase discovery drill program that will begin once permits are received. The Company’s primary emphasis is on discovering energy transition metals, which are essential for developing a “greener” economy.
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