Pune, India, June 20, 2019 (GLOBE NEWSWIRE) -- According to a report found on Wise Guy Reports (WGR), the global metal recycling market is expected to reach a valuation of USD 434.55 Bn by 2023. The assessment reveals that the market is poised to expand at a CAGR of 8.04% during the projection period. Metal waste accounts for over 30% of the total solid waste every year. Favorable laws and regulations are being introduced for promoting and executing waste management initiatives. This, in turn, is projected to boost the revenue creation of the metal recycling market over the next few years.
Metal recycling facilitates the use of metals such as copper, aluminum, steel, brass, and iron which has already been used and discarded before. It lessens the burden on the earth as industry leaders are already facing the challenge of depleting natural resources. In addition, other adverse effects on the ecological balance have prompted the growth of the metal recycling market. A similar growth pattern is expected to be seen in the market over the next few years.
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Market Segmentation:
This report offers an exhaustive segmental assessment of the global metal recycling market based on metal type, scrap metal, and end-user. The market, based on metal type, has been bifurcated into ferrous and non-ferrous. The ferrous segment held 59.2% share of the market in 2017 and was valued at USD 1,62,667.4 Mn. The segment is anticipated to exhibit substantial growth over the next couple of years.
On the basis of scrap metal, the global market has been divided into old scrap and new scrap. The old scarp segment held the maximum share of the market in 2017 which accounted for 66.8% share. The value of the segment reached USD 1,85,793.5 Mn in 2017. It is anticipated to scale at a considerable value by the end of the assessment period.
Based on end-user, the metal recycling market has been segmented into construction, automotive, shipbuilding, packaging, and others. Among these, the construction segment is poised to exhibit a steep rise in the growth curve. It surpassed a valuation of USD 90,000 Mn in 2017.
Favorable laws in Asia Pacific Expected to support the growth of the regional market
The regional assessment of the global metal recycling market spans across Asia Pacific, the Middle East & Africa (MEA), Europe, and North America. Asia Pacific is leading the growth of the global market currently. The regional segment signifies immense potential for growth and is expected to strike a relatively higher CAGR of 8.29% over the review period. It is anticipated to retain its forefront position in the foreseeable future. The favorable laws implemented in the region for supporting and promoting the recycling of metals is likely to drive the proliferation of the market in the region over the next couple of years. China and India are poised to contribute most significantly to the development of the metal recycling market in the region in the forthcoming years.
Europe is the second-largest regional market for the recycling of metals. The regulations imposed by the European Union for waste management are projected to favor the market growth in the region in the nearby future. The primary country-level markets in the region are the U.K, Germany, Belgium, France, and the Netherlands.
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Key Players:
The prominent players participating in the global metal recycling market are Nucor Corporation (US), ArcelorMittal S.A. (US), Commercial Metals Company (US), Real Alloy (USA), Norton Aluminium Ltd. (UK), Kuusakoski(Finland), Novelis Inc (US), European Metal Recycling (UK), Aurubis (US), DOWA Holdings Co., Ltd. (Japan), Sims Metal Management (Australia), and Tom Martin & Co Ltd. (UK).
Latest Industry News:
Commercial Metals Company, a steel company, has opened 63,000-square-foot plant addition to its steel recycling plant in Mesa, Arizona.
Hindustan Platinum, a manufacturer, and refiner of metal products, has announced the acquisition of ABB’s Humacao electrical contacts manufacturing plant based out of Puerto Rico. The transaction is expected to be completed by August 2019.
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