An investigation into the economic adjustments in metal markets throughout the transition to renewable energy

Abstract

Abstract The primary emphasis of this research is on the effect that renewable energy sources have on the profitability of the metal sector. By conducting semi-structured interviews with important persons in the metal industry, the purpose of the research was to get an understanding of the changes, problems, and possibilities that metal firms were experiencing during this transformation. This study's research methodology consisted of conducting in-depth interviews that were semi-structured. We were able to get a comprehensive understanding of the metal business from a variety of perspectives and get a sense of the individuals who work in the sector via these in-depth interviews. After arranging the interviews in accordance with the recurring topics, we gained a great deal of knowledge on the ways in which businesses are adjusting to the requirements of renewable energy. According to the conclusions of the research, the industry is paying greater attention to lithium and rare earth elements, both of which are crucial for applications that include renewable energy. In order to be able to swiftly adapt to changing needs, it is necessary to make significant expenditures in reorganising production lines and investigating alternate ways of material extraction. Significantly, the difficulties of building a reliable supply chain became obvious in a number of important areas. There are risks associated with the sector as a result of the unstable political climates and the ever-changing market circumstances. It is thus necessary for us to research alternate supply sources and stock kinds in order to make the supply chain more resilient and resistant to having problems. Because the research was conducted using a qualitative technique, it is difficult to make more general statistical findings. This is one of the limitations of the study. Furthermore, it is important to note that the scope of the research is restricted to a certain period of time during which changes occur. To put it another way, the study provides all of the participants with essential information that assists in the process of making strategic decisions, improving supply chain operations, and expanding market share. The transition towards green energy in the industry has the potential to promote sustainability and minimise environmental consequences, both of which would have good effects on society. The findings of this study contribute to our comprehension of the ways in which the switch to renewable energy has impacted the bottom line of the metal fabrication business. The article offers a detailed picture of the response of the industry as well as the possible repercussions. It is necessary to maintain a close watch on the firm over a period of time in order to identify patterns, and the qualitative approach may make it more challenging to draw broad generalisations.