New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Metal Recycling Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Metal Recycling Market Information by Metal Type, Scrap Metal, End User, and Region - Forecast till 2030”, the market is estimated to grow at a 8.1% CAGR to reach USD 88.5 Billion by 2030.
Market Synopsis
Recycling metal is the process of turning scrap metal into useful items. The procedure regulates energy usage, lowers greenhouse gas emissions, and protects natural resources. Recycling involves collecting discarded metal, processing it, and turning it into new material. Bars, ropes, and poles can all be made from this repurposed metal. The building and construction, packing, automotive, industrial equipment, and shipbuilding industries are just a few of the industries that employ metals. Metal recycling uses used metal to create new materials by processing it. Ropes, poles, and bars can then be made using recycled metal. Recycling used metals is a preferable option to landfills, which are mostly to blame for the environment's deterioration. In order to grow their enterprises, they adopt this process, which uses less energy and less money to produce metal.
Metals are used in a wide range of industry sectors, including packaging, shipbuilding, industrial machinery, and building buildings. Future growth in the metal recycling business will be fueled by a rise in construction activity across all areas. Although a wide variety of metals are recycled in the metals sector, the most popular ones are stainless steel, lead, copper, iron, aluminum, and zinc. Their ferrous content serves as the primary basis for classification. The market is anticipated to grow as metal usage increases across various end-use sectors. The industry is anticipated to grow due to growing awareness about diminishing metal deposits. Additionally, the qualities of the original metals are not altered or changed by recycling. Government restrictions on metal mining are anticipated to affect market expansion positively.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 88.5 Billion |
| CAGR | 8.1% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Metal Type, Scrap Metal, End User, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Recycling metal waste is a better alternative to landfills which is majorly responsible for the degradation of the environment. |
| The increasing focus to reduce greenhouse emissions and conservation of natural resources |
Market Competitive Landscape:
The capable companies in the metal recycling market are:
- Arce Aurubis Ag
- Real Alloy
- Commercial Metal Company
- Novelis Inc.
- Norton Aluminium Ltd.
- Kuusakosi
- European Metal Recycling
- Arcelor Mittal S.A.
- Lor Mittal S.A
- Nucor Corporation
- Dowa Holdings Co. Ltd.
- Sims Metal Management
- Tom Martin & Co. Ltd.
Market U.S.P. Covered:
Market Drivers:
The primary driver of market expansion is the rising demand for metals, accompanied by a growing emphasis on resource conservation and greenhouse gas emission reduction. Recycling metal enables businesses to obtain raw materials without compromising the quality of the products they produce. In addition, it is less expensive than producing metal from scratch. The need to protect the environment also significantly contributes to industry growth. The expansion of the worldwide metal recycling market is predicted to be fueled by an increase in construction activity across several continents, including Europe and Asia-Pacific.
Increased urbanization and industrialization lead to swift economic growth, which raises demand for the world's metal recycling market. As a result, rapid urbanization leads to more government and customer spending on infrastructure and housing, which greatly impacts the expansion of the metal recycling business. The industry is anticipated to grow due to growing awareness about diminishing metal deposits. Additionally, the qualities of the original metals are not altered or changed by recycling. Government restrictions on metal mining are anticipated to affect market expansion positively.
Market Restraints:
Iron and zinc are two ferrous metals that are exceedingly challenging to recover from metal waste. Therefore, recycling ferrous metal is typically unsuccessful, a significant barrier to developing the metal recycling mind. The inefficiency of recycling ferrous metal can be attributed to two things: either inadequate technology or improper recycling methods utilized to separate ferrous metal scrap from waste produced. However, replacement materials like plastics, polymers, composites, and others are chosen because they are less expensive. The market expansion is anticipated to be hampered by this.
Browse In-depth Market Research Report (111 Pages) on Metal Recycling: https://www.marketresearchfuture.com/reports/metal-recycling-market-2201
COVID 19 Analysis
A supply chain breakdown brought on by the COVID-19 epidemic led to a major drop in metal production. Additionally, there was a significant decline in demand due to the downturn in well-known end-use industries like construction and automotive. The recycling sector is likely to be impacted by this. As manufacturing operations are permitted to continue from the latter half, a rapid rebound is anticipated.
Market Segmentation
By scrap metal, the market includes old scrap and new scrap. The market includes packaging, shipbuilding, automotive, and construction by end-user. By metal type, the market includes ferrous and non-ferrous.
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Regional Insights
The Asia-Pacific region will hold the highest market share throughout the projected period due to increased economic development, population growth, and the labor force. Additionally, the expanding automotive sector and infrastructure in developing nations like China and India will drive significant market expansion. The second-largest market will be found in North America. Recycled technological developments are the cause. Growing public and commercial sector interest in environmental services and compliance with government policies promoting a sustainable environment further contribute to the market's explosive expansion.
Because of its rapidly expanding economy, Asia-Pacific is expected to be the market with the largest and fastest growth. The need for metal is likely to rise in developing countries like China and India, which is anticipated to enhance the regional market. Europe is predicted to experience significant growth due to a sizable metal recycling industry. Due to government officials' strict regulations to prevent the unlawful exploitation of mines and metal reserves, North America is predicted to experience significant growth. The mining industry will cause a moderate rise in Latin America. By the end of the predicted period, Middle East & Africa will show slow development.
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