Metal Recycling Market to Reach USD 88.18 Billion by 2028; Rising Awareness of Resource Conservation and Waste Reduction to Propel Growth, Says The Brainy Insights
NEWARK, N.J., Feb. 24, 2022 /PRNewswire/ -- According to the new report published by The Brainy Insights., the global metal recycling market is expected to grow from USD 40.40 billion in 2020 to USD 88.18 billion by 2028 at a CAGR of 10.72% during the forecast period 2021-2028.
Production of new metals for construction firms is a complicated and traditional process. These industries have adopted the transformation of large quantities of old scrap metals into reusable and comparatively new metals to increase the exponential turnover and satisfy the increasingly rising demand of the global population. This factor is anticipated to drive the global metal recycling market growth over the forecast period. Moreover, the growing demand from the aluminium industry is anticipated to drive the global metal recycling market growth.
The Asia Pacific region emerged as the largest market for metal recycling, with a 30.4% share of market revenue in 2020, and will continue its dominance during the forecast period.
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Metals are valuable materials and can continuously be recycled without destroying their properties. Recycling of metals helps address the energy crisis as it can be used for green energy production. Metal recycling is an effective solution for the management of metal scraps. Metal recycling includes the use of scrap or waste metal items and transforming them into useful goods. Numerous uses of recycled metal in industries have indirectly impacted the global market in a positive way.
The advances in scrap metal purification are one of the latest market developments in scrap metal recycling that is likely to boost the metal recycling market. Moreover, the growth of this market is due to rising steel demand and urbanization & industrialization in developing countries. Increasing concern over the rapid depletion of natural resources has also prompted governments in many countries to make favourable rules for the metal recycling sector, which is further expected to propel the metal recycling market growth. Similarly, the high cost of metal transport is also one of the main factors that may limit the global metal recycling market.
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Key players operating in the global metal recycling market include ArcelorMittal, Aurubis AG, Commercial Metals Company, Gerdau S.A., Industrial Services of America, Inc., Nucor Corporation, Schnitzer Steel Industries, Inc., Sims Metal Management Limited, and Steel Dynamics, Inc. among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint ventures, alliances, and partnerships to improve their market position in the global metal recycling industry.
- For instance, in May 2019, to continue actively implementing its multi-metal and recycling strategy, Aurubis AG acquired the Belgian-Spanish Metallo Group. With its attractive growth prospects, the acquisition strengthens the multi-metal portfolio of the group, particularly in key metals such as copper, nickel, tin, zinc, and lead.
- In November 2019, to secure responsible steel site certification for all its ArcelorMittal Europe – Flat Products sites, ArcelorMittal had invested in a modern sustainability program in Europe.
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The ferrous segment held a larger market share of around 58.5% and a market value of about USD 23.63 billion in 2020
The type segment is divided into non-ferrous and ferrous. Iron and steel scraps are perhaps the world's most commonly recycled ferrous metals. This scrap comes from end-of-life items and the scrap generated by manufacturing processes. Also, the use of scrap in steel production has become an essential part of steelmaking. Therefore, the ferrous segment held a larger market share of around 58.5% and a market value of about USD 23.63 billion in 2020.
The shredders segment held the largest market share of around 27.6% and a market value of around USD 11.15 billion in 2020
The equipment type segment includes shredders, shears, granulating machines, and briquetting machines. Because of their ease of handling, the lower requirement of manpower, and improved remelting efficiency, the shredders segment held the largest market share of around 27.6% and a market value of about USD 11.15 billion in 2020.
The building & construction segment is anticipated to grow at the highest CAGR of around 11.5% over the forecast period
The end-user segment includes building & construction, automotive, equipment manufacturing, shipbuilding, packaging, consumer appliances, and others. The high metal waste produced by the building & construction segment owing to an increased demolition rate, is anticipated to propel its demand.
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Regional Segment Analysis of the Metal Recycling Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
Due to growing awareness of the importance of waste management and resource utilization, the Asia Pacific region emerged as the largest market for the metal recycling, with a market share of around 30.4% and a market value of around USD 12.28 billion in 2020.
About the report:
The global metal recycling market is analysed on the basis of value (USD billion). All the segments have been analysed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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