The $11.2 trillion global metal and fabricated metal products market is projected to reach $18.5 trillion by 2030.
The U.S. economy continues to rely on a supply of metals and critical minerals that are substantially imported from China.
The U.S. is the world’s largest importer of steel.
The U.S. imports more than 50% of its aluminum requirements.
China controls more than 71% of the global extraction and 87% of processing of rare earth minerals.
Kentucky Metals Economy:
Kentucky is home to 185 aluminum-related production facilities and 43 steel and iron production facilities.
The metals industry employs over 35,000 Kentuckians
KY metals industry currently contribute $4.8B to Kentucky’s economy
Black and Hispanic Kentuckians’ representation in Kentucky’s manufacturing workforce (11.4% and 5.0%, respectively) exceeds their demographic representation (7.9% and 3.9% of the population).
Kentucky is ranked in the top 10 nationally in Aluminum, Iron and Steel exports
Over the past 5 years (2017-2022), Kentucky generated the third highest growth rate among states that have primary metals manufacturing (LQ>1).
Kentucky generated the 6th highest growth rate in fabricated metals production over the past 5 years.
The Hub region and Spokes make up the crux of metals employment and growth.
Kentucky has a history of investment in related innovation capacities, including over $40M through two Track-1 EPSCoR projects on energy, materials and advanced manufacturing.
In March 2022, Kentucky launched the Metals Innovation Initiative (MI2) to attract and promote advanced research, sustainability, commercialization, and talent development for Kentucky’s metals industry.