Automotive Shredded Residue (ASR) Market to Reach $1.8 Billion, Globally, by 2032 at 5.8% CAGR: Allied Market Research

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Aug 29, 2024, 00:50 ET

The Automotive Shredded Residue (ASR) market involves the recycling and disposal of non-metallic materials left after vehicle shredding, driven by increasing environmental regulations and the push for sustainable automotive practices.

WILMINGTON, Del., Aug. 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Shredded Residue (ASR) Market by Application (Landfill, Energy Recovery and Recycling), Composition (Metals, Plastics, Rubber, Textile and Others), and Technology (Air Classification, Optical Sorting, Magnetic Separation, Eddy Current Separation, Screening and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the automotive shredded residue (ASR) market was valued at $1.1 billion in 2023, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 5.8% from 2024 to 2032.

The global automotive shredded residue (ASR) market is growing due to continuous technological advancement in post shredding technologies, rise in resource scarcity, and surge in demand for recycled materials, regulatory pressures from governments and environmental agencies

Prime determinants of growth

The volume of end-of-life vehicles generated directly impacts automotive shredded residue (ASR) production. Higher vehicle sales and production rates contribute to increased ASR generation, driving market growth. Furthermore, innovations in shredding, sorting, and recycling technologies improve the efficiency of ASR recovery processes, driving market growth by increasing the volume and quality of materials recovered from end-of-life vehicles. Increase in consumer awareness of environmental issues and sustainability concerns is driving demand for recycled materials, including ASR. As consumers and businesses prioritize sustainable practices, the demand for ASR recycling services and recycled products increases, stimulating market growth.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2032
Base Year	2023
Market Size in 2023	$1.1 billion
Market Size in 2032	$1.8 billion
CAGR	5.8 %
No. of Pages in Report	234
Segments Covered	Application, Composition, Technology and Region.
Drivers	Circular Economy Initiatives
	Technological Advancement
	Regulatory Pressure
Opportunities	Development Of Eco-Friendly Product
Restraint	High Operational Cost
Restraint	Complex Material Composition

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By Application

The recycling segment is expected to grow faster throughout the forecast period.

The recycling segment is anticipated to experience growth in the Automotive Shredded Residue (ASR) market, due to innovations in shredding, sorting, and processing technologies have significantly improved the efficiency and effectiveness of ASR recycling processes. Advanced recycling technologies enable the recovery of a higher percentage of materials from end-of-life vehicles, driving market growth in the recycling segment. Furthermore, increase in consumer and industry demand for recycled materials, including metals and plastics recovered from ASR, is driving market growth in the recycling segment. Recycled materials offer cost savings, energy efficiency, and environmental benefits compared to virgin materials, further fueling the demand for ASR recycling services.

By Composition

The plastic segment is expected to grow faster throughout the forecast period.

The plastic segment is anticipated to experience growth in the automotive shredded residue (ASR) market, owing to modern vehicles contain a significant number of plastic components, including interior trim, bumpers, panels, and various other parts. As a result, plastic constitutes a substantial portion of the shredded residue generated from end-of-life vehicles, driving the market share of the plastic segment. Plastics recovered from end-of-life vehicles are highly recyclable, making them attractive for recycling and reuse. Advanced recycling technologies enable the efficient separation, sorting, and processing of plastic materials from ASR, contributing to the dominance of the plastic segment in the market.

By Technology

The magnetic separation segment is expected to grow faster throughout the forecast period.

The magnetic separation segment is anticipated to experience growth in the automotive shredded residue (ASR) market. Magnetic separation is highly effective in extracting ferrous metals from ASR due to their magnetic properties. Since ferrous metals, such as iron and steel, constitute a significant portion of ASR, magnetic separation is crucial for recovering these valuable materials, driving its market share. Magnetic separation processes are known for their high efficiency and throughput rates, enabling large volumes of ASR to be processed rapidly. This efficiency makes magnetic separation a preferred method for ASR processing, contributing to its dominance in the market.

By Region

Asia-Pacific to maintain its dominance by 2033.

The Asia-Pacific region, particularly countries like China and India, has experienced rapid industrialization and urbanization, leading to increased vehicle ownership and end-of-life vehicle generation. This high volume of vehicles contributes to a larger ASR market in the region. Asia-Pacific is home to some of the world's largest automotive manufacturers and markets. The region's booming automotive industry leads to higher vehicle production and sales, consequently generating more ASR. With increasing environmental awareness and concerns about pollution, governments in the Asia-Pacific region have implemented stringent regulations regarding waste management and recycling. This regulatory environment has spurred the growth of the ASR market as automotive recycling becomes more imperative.

Players: -

GFG Alliance
LKQ Corporation
Schnitzer Steel Industries, Inc.
Metso Outotec
Sims Limited
Kuusakoski Group
European Metal Recycling
Liberty Steel Group
Toyota Tsusho Corporation
Galloo Group

The report provides a detailed analysis of these key players in the global Automotive Shredded Residue (ASR) s market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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