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 88.5 billion by the end of 2023 at a CAGR of 8.1% 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.
The remarkable players in the global metal recycling market include Kuusakoski Recycling, Norton Aluminium Ltd., Commercial Metals Company, Nucor Corporation, ArcelorMittal S.A., Novelis Inc., Tom Martin & Co. Ltd., European Metal Recycling, Sims Metal Management, Aurubis AG, REAL ALLOY, and DOWA HOLDINGS Co., Ltd.
The global largest scrap metal recycling companies 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.
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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
+1 646 845 9312