Metal Recycling Market Forecast 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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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.
Competitive Dashboard:
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.
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.
Regional Insights:
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.
Industry Updates:
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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