Longer term recovery expected as business and recreation travel resume

Faster gains restrained by market maturity, substitution of legacy communication services

Ferrous metals expected to outperform nonferrous

Demand set to rebound 13% in 2021 following pandemic lows

Recovery from depressed pandemic levels in 2020 to account for majority of gains

Revenue growth expected to return to longer term trend as pandemic travel restrictions are lifted

Suppliers investing in reformulations, healthier varieties to support demand

Rising output of building products and appliances will underlie gains

Increases in motor vehicle production and number in use will drive gains for lead-acid batteries

US production also expected to jump over forecast period with opening of new mine