Metal Recycling Market Overview to 2023:
Metal
recycling is the utilization of scrap material and converting them into
reusable metal. It does not alter the properties of the metal. Steel, iron,
lead, copper, zinc are the generally recycled metals. The global metal
recycling market is due to reach USD 434,551 Mn by the end of 2023 at a CAGR of
8.04% over the forecast period of 2018-2023, reveals Market Research Future
(MRFR) in a detailed study.
The
pressing need for energy conservation and surging awareness regarding the
depletion of natural resources is the prime drive for the growth of the global
metal recycling market. Recently, there has been mass awareness regarding the
conservation of natural resources. Moreover, recycling of metals requires less
energy consumption than procurement of metals from virgin ores.
Heightened
demand for beverage cans is a significant growth driver. High consumption of
beverages generates considerable demand for metal cans which boosts the growth
of the global metal recycling market since they serve as an excellent solution
to gratify the market need for cans.
On the
downside, the growth of the market might be hindered by a lengthy process of
metal selection which involves sorting of looked-for-metals from a huge pile of
wastes. In addition, developing countries such as India doesn’t have strict
regulations on metal recycling which can restrict the growth of the market in
such regions.
Competitive Landscape
Ø Kuusakoski Recycling
Ø Norton Aluminium Ltd.
Ø Commercial Metals Company
Ø Nucor Corporation
Ø ArcelorMittal S.A.
Ø Novelis Inc.
Ø Tom Martin & Co. Ltd.
Ø European Metal Recycling
Ø Sims Metal Management
Ø Aurubis AG
Ø REAL ALLOY
Ø DOWA HOLDINGS Co., Ltd.
Market Segmentation:
The global
Metal
Recycling Market has been segmented based on type, scrap type,
and end-users.
By type,
the global metal recycling market has been segmented into ferrous and non-ferrous.
The ferrous segment is expected to account for the larger share of the market
over the forecast period. Ferrous metals contain iron in vast quantities and
can be ideally used for the production of large motors and electrical
equipment.
By scrap type,
the global metal recycling market has been segmented into old and new scrap
owing to its easy availability; the old scrap metal segment is expected to hold
the larger market share.
By
end-user, the global metal recycling market has been segmented into packaging,
shipbuilding, construction, automotive, and others. The construction segment is
expected to account for a larger share of the market due to the expansion of
the construction industry. Renovation and remodeling of old homes generate
considerable demand for steel which drives the growth of the market.
Regional Analysis
The
Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA)
are the key markets for metal recycling.
APAC
dominated the global metal recycling market with a market share of 35.6% in
2017. Rapid economic progress, booming population, rigorous waste management in
the region contribute to the growth of the APAC metal recycling market. In
addition, various regulations implemented to support environmental protection
also spurs the growth of the market. China and India are the leading traders of
metal scrap on the international level while Japan is a leading consumer of
ferrous and aluminum scrap. China stood at USD 45,209.7 Mn in 2017.
Europe
accounts for the second largest share of 29% of the global metal recycling
market. Countries such as Germany, the UK, France, Belgium, and the Netherlands
are the leading importers and exporters of ferrous and non-ferrous scrap. The
European Union has laid down waste management policies to reduce the negative
impact on human as well as environmental health which has impacted the market
growth positively.
The
Americas hold 19% share of the global market but can capture a larger share in
the forthcoming years due to strict regulations pertaining to waste management
and recycling in the region.
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