New York , Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global metal recycling market size is slated to expand at 6% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 143 billion by the end of 2036, up from a revenue of USD 70 billion in the year 2023. The multiplying number of uses of metal and lack of its availability is raising the demand for the market in the coming years. The escalating presence of various industries that utilize metal for the manufacturing of machines, instruments, and other products is projected to boost market growth. As per the reports in 2021 about 3 billion tonnes of metal is mined for usage.
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Further, the concern for greenhouse gas emissions across the world is also impacting the need for recycling of metals to promote a healthy environment. The greenhouse gas emissions were estimated to grow by 15% by the end of 2030 with China being the largest contributor followed by the United States and the European Union. The recycling of metal scrap to use for other purposes is expected to propel the market progression. Every year as per the estimations over 60 metric tons of ferrous scrap is consumed across the world by the foundry sector.
Metal Recycling Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Aluminium segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Rapid Industrialization and Urbanization Worldwide with Adoption of Technology is Predicted to Fuel the Growth of the Metal Recycling Industry
The rise in the construction and automotive sectors of the world is expanding the trends in the market. The demand for the recycling of metal is increasing rapidly owing to economic expansion in terms of industrialization and urbanization of the world. Industrial production in 2023 was raised by 2.5% in India according to a survey. Also, the consumer spending capacity on construction and infrastructure is likely to foster the growth of the market.
Metal Recycling Industry: Regional Overview
The global metal recycling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Government Involvement in Waste Management Projects and Presence of Metal Industries is Augmenting the Market Growth in the Asia Pacific Region
The Asia Pacific region is intended to hold a lion's share of 32% during the forecast period owing to the presence of aluminum and other metal industries. The growing interest of the government in recycling metal to manage waste disposal is outlined to flourish the market growth. The support of the government to enlarge the steel industries and the products produced from waste management may extend the progress of the market in the coming years. The amount of steel exported from China to Southeast Asia reached 27 million metric tons and 16 million metric tons of steel was exported from China to West Asia during 2023.
High Investment in Recycling Programs is Envisaged to Accelerate the Market Expansion in the European Region
The Europe region market in the year 2036 protruded to register a market share of 25% with aggregating investment in recycling activities. The government is helping to advance the technologies used in the recycling procedures of the region. The multiplying requirement for the production of secondary metals generated from recycled materials is prophesied to sprout the trends in the market growth. In Europe, about 50% of portable batteries and accumulators that were sold were recycled by collecting them back in 2021.
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Metal Recycling Market Segmentation by Product
- Aluminium
- Copper
- Iron
- Steel
The aluminum segment of the metal recycling industry is assessed to secure a significant market share of 39% in the coming years owing to the popularity of aluminum across the world. The use of aluminum in various industries such as transport, building, cookware, packaging, and others is intensifying the market opportunities. Moreover, the market growth is attributed to the reusing of aluminum as it reduces nearly 95% of the energy compared to producing aluminum from core materials. Nearly 4 metric tons of secondary aluminum was generated from the recycling of primary aluminum in the United States in 2022.
Metal Recycling Market Segmentation by Industry
- Automotive
- Construction
- Electricals
- Manufacturing
- Consumer Goods
The automotive sector is expected to acquire a market share of 35% in the coming years as a result of the multiplying need for metal in the industry for the manufacturing of new parts and automobiles. The flourishing demand for automobiles around the world is soaring the market growth. The automobiles utilize various metals such as copper, steel, and aluminum during the production process which are recycled for further use after disposal. Every year about 15 million tons of steel is produced from recycled electric vehicles across the world.
Metal Recycling Market Segmentation by Type
- New Metal Recycling
- Old Metal Recycling
A few of the well-known market leaders in the global metal recycling market that are profiled by Research Nester are SIMS Metal Management Limited, SUEZ SA, ArcelorMittal S.A., Norsk Hydro ASA, Kimmel Iron & Metal Co., Inc., Schitzer Steel Industries, Inc., OmniSource Corporation, Nucor Corporation, Aurubis AG, and Commercial Metal Company.
Recent Development in the Market
- ArcelorMittal declared its idea to introduce a novel sustainability program in Europe to acquire a certificate of Responsible Steel site for all its product sites in Europe. The duration of the program was set for 12 months during which all the sites of ArcelorMittal will have to prove that their production process is strictly standardized in terms of social, environmental, and governance.
- Nucor Corporation introduced a capital investment in the vacuum degassing of its engineered bar capabilities at its Darlington location in South Carolina. The investment will allow the mill to generate engineered bar products with a quality standard of the industry.
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