The metal recycling market is estimated to observe extensive growth during the forecast period of 2018-2026. The expanding use of metal recycling due to the rising awareness about energy conservation is expected to bring considerable growth opportunities for the global market.
Energy efficiency may play a vital role in increasing the growth prospects of the metal recycling market. Extracting metals from ores consumes substantial energy. The statistics state that energy consumed in extracting and developing metals accounts for nearly 8.3% of the global energy consumption. Hence, these factors heighten the need for metal recycling on a large scale.
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Recycling more metals can prove to be beneficial for achieving the sustainable goals of many manufacturing companies. Furthermore, the adoption of advanced energy management systems to reduce the carbon footprint is also expected to bring considerable growth for the metal recycling market.
Metals developed through recycling are extensively used in various industries such as shipbuilding, home appliances, building and construction, automotive, industrial machinery, and others. These factors churn considerable growth prospects for the metal recycling market. One of the major benefits is that the properties of metals are not altered when they are recycled. This factor invites substantial growth for the metal recycling market.
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Research and development activities form the crux of the metal recycling market growth structure. These activities help in generating maximum revenues for the metal recycling market. The players invest in these activities for finding new insights and processes that can enhance the recycling process. These factors eventually increase the growth rate of the metal recycling market.
Strategic collaborations are important in adding value to the metal recycling market growth trajectory. The players indulge in activities like mergers, acquisitions, joint ventures, and partnerships for increasing their influence across various regions. These aspects ultimately contribute to the growth of the metal recycling market. Expansion of recycling process plants is also expected to bring new growth opportunities and also a good chance for the players to strengthen their influence.
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The COVID-19 impact had a short-term negative effect on the metal recycling market. The strict lockdown restrictions led to the closure of manufacturing facilities for a brief period. However, with the relaxation in lockdown restrictions, manufacturing facilities were allowed to operate and the demand for metal recycling gained traction. Hence, these factors will have a profound impact on the growth of the metal recycling market.
Transparency Market Research’s (TMR’s) report on the metal recycling market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on metal recycling by TMR suggests a stable growth period.
According to the TMR experts, the market for metal recycling is prognosticated to expand at 3.5% CAGR during the forecast period of 2018-2026. In the context of valuation, the metal recycling market is estimated to reach a valuation of US$ 979.02 Bn by 2026 and stood at US$ 713.44 Bn in 2017.
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Growing Awareness about Sustainability to Play Large Role in Growth of Metal Recycling Market
Metal recycling decreases the stress on mining resources and encourage circular economy. In addition, the use of reliable and effective recycling technologies has led to the retention of the quality of the metals. Thus, all these factors will bring considerable growth opportunities.
Automotive Industry to Bring Extensive Value for Metal Recycling Market
Among all the applications of metal recycling market, the automotive segment is expected to hold a larger share. The use of recycled metal in the automotive industry is expected to increase significantly due to less cost and low energy utilized in secondary metals production. Thus, these aspects will set the stage for the growth of the metal recycling market.
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