Metal Recycling Market Overview to 2023: —
Market Research Future (MRFR) asserts that the global metal recycling market is predicted to garner USD 434,551 million, grabbing a healthy CAGR of 8.04% during the forecast period (2018-2023). The surging demand for energy conservation is favoring the market growth across the globe. Metal recycling can be referred to as a process to recycle the used metals. The recycled metal is largely used in the production of green energy. Metal recycling incorporates the reprocessing of the metal waste into reusable metal. The market has rapidly established itself as a lucrative avenue for a number of stakeholders comprising recycling companies, scrap traders, and forging companies.
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The prominent players operating in the global metal recycling market comprises DOWA HOLDINGS Co. Ltd., REAL ALLOY, Commercial Metals Company, Novelis Inc., European Metal Recycling, Norton Aluminium Ltd., Nucor Corporation, Kuusakoski Recycling, Sims Metal Management, Tom Martin & Co. Ltd., Aurubis AG, and ArcelorMittal S.A.
Market Potential and Pitfalls
The surging demand for energy consumption and increased awareness associated with the depletion of natural resources are highly favoring the market growth. Beverage cans are highly in demand in the recent days. The increased demand has intensified the metal recycling market growth in the recent past. Metal recycling plays a major role in reducing greenhouse gas emissions. The need to reduce such emissions have spurred the demand for metal recycling. The market’s course is chiefly directed by the presence of scrap vehicles, rapid urbanization and industrialization in the developing countries, increased energy savings with reduced emission of greenhouse gases, and increased consumer awareness. With the construction-related activities and infrastructure development in the developing countries, the demand for metal recycling has triggered over the years. Moreover, the increased demand from end-use industries like electronics, metal fabrication, automotive, and medical & healthcare equipment, actively involving in the recovery of metal from scrap is highly influencing the market. The market also experiences a colossal growth owing to the presence of major players playing a crucial role in generating revenues for the market.
On the contrary, fluctuation in steel prices is estimated to slowdown the market growth in the long run. Metal recycling process is time consuming in nature which further vitiates the market growth across the globe. Despite such hiccups, partnerships, R&D activities, and collaborations by the prominent manufacturers are attracting huge customer base.
Global Metal Recycling Market: Segmental Analysis
The global metal recycling market has been segmented on the basis of scrap type, metal type, and end-user.
By mode of metal type, the global metal recycling market has been segmented into ferrous and non-ferrous. Among these, the ferrous segment is estimated to occupy the largest share, exhibiting the highest CAGR of 8.26%. the growth can be ascribed to the increased recycling rate along with the high scrap consumption globally.
By mode of scrap type, the global metal recycling market has been segmented into old scrap and new scrap. Among these, the old scrap segment is predicted to command the largest market share, exhibiting the highest CAGR of 8.43% in the coming years.
By mode of end-users, the global metal recycling market has been segmented into construction, packaging, automotive, shipbuilding, and others. Among these, the construction segment is estimated to command the largest market share and is likely to retain its pole position. The growth can be credited to the rapid urbanization, surging funding by the government, and the ever-increasing population.
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Geographically, the metal recycling market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region commands the top position. With ever-increasing population, rapid economic development, and several regulations and policies supporting environmental conservation, the metal recycling market in this region is estimated to flourish. The surging labor force is also estimated to influence the market growth to a large extent. Moreover, emerging economies in this region such as India, China, and Indonesia are massively contributing to the growth of the market.
The American region is estimated to gain noteworthy strides owing to the advancements made in the recycling technology. The market is likely to experience a sturdy growth due to the increased focus among the public and private sector companies in order to provide environmental services, aimed at sustainable utilization of the natural resources. Moreover, the immense support from the government with regard to initiatives and policies associated with the benefits of recycling methods have further contributed to the market growth.
The European region is estimated to expand at a significant rate an occupies 29% of the share. With the presence of economies like the U.K, Germany, Belgium, France, and the Netherlands being the major importers and exporters of ferrous and non-ferrous scrap metals, the market is likely to evolve.
April 1, 2018: Metso has presented its extensive metal recycling product offering at the ISRI Convention and Exposition 2018. Experts at Metso advised on choosing the most suitable equipment for several types of metal recycling needs in order to secure optimal process sustainability, efficiency, and reliability.
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