Chicago, July 01, 2024 (GLOBE NEWSWIRE) -- The Metal Recycling Market size is projected to grow from USD 551.9 billion in 2024 and is projected to reach USD 767.9 Billion by 2029, at a CAGR of 6.8%., as per the recent study by MarketsandMarkets™. Metal recycling involves converting ferrous and non-ferrous scrap into new products, preventing the loss of valuable materials, reducing energy consumption, and minimizing environmental pollution. The process typically includes stages such as collection and transportation, sorting, shredding, processing, and melting & purification. Metals can be recycled multiple times without losing their properties. Recycling metal scrap helps maintain a green environment and avoid landfill waste issues. Recycled metals are widely used in various sectors, including building & construction, automotive, shipbuilding, packaging, equipment manufacturing, consumer applications, aerospace & Defense, and industrial & commercial furniture and utensils.
The global metal recycling market has experienced significant growth over the past decade. There has been a notable increase in the collection of metal scrap, domestic recycling capacity, and the volume of recovered metal, supported by favorable regulations. Factors such as rising urban population, rapid industrialization, and growing concerns about the rapid depletion of natural resources are further driving the expansion of the global metal recycling industry.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=102425671
Browse in-depth TOC on "Metal Recycling Market”
391 - Market Data Tables
53 - Figures
298 - Pages
List of Key Players in Metal Recycling Market:
- ArcelorMittal (Luxembourg)
- Nucor (US),
- CMC (US)
- Sims Limited (Australia)
- Aurubis AG (Germany)
- Dowa Holdings Co., Ltd. (Japan)
- Tata Steel (India)
- Radius Recycling, Inc. (US)
- European Metal Recycling Ltd. (UK)
- Upstate Shredding – Weitsman Recycling (US)
Drivers, Opportunities and Challenges in Aerospace Composites Market:
- Drivers: Increasing urbanization and industrialization
- Restraint: Disorganized metal waste collection in developing countries
- Opportunity: Metal recovery from slag residue
- Challenge: Growing complexity of products poses challenges to recycling efforts
Key Findings of the Study:
- Ferrous Metals type segment accounted for the highest CAGR by volume during the forecast period.
- Automotive end-use industry segment accounted for the second highest CAGR by value during the forecast period.
- Europe is projected to be the second largest region in terms of value during the forecast period.
Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=102425671
Based on type, The non-ferrous segment, is projected to grow at the second highest CAGR during the forecast period. Non-ferrous metals, which do not contain iron, include aluminum, copper, brass, tin, nickel, lead, and zinc. Precious metals like gold and silver are also classified as non-ferrous metals. These metals are more malleable, lighter, and more resistant to corrosion than ferrous metals. They are recycled into products such as sewage and water pipes, packaging, furniture, roofing, and road signs. Due to their non-magnetic properties, non-ferrous metals are widely used in electrical wiring and electronic products. Aluminum, in particular, is one of the most recycled non-ferrous metals globally.
Based on scrap type, The new scrap segment, is projected to grow at the second highest CAGR during the forecast period. Metal scraps from manufacturing and fabrication processes are referred to as new scrap or home scrap. Similarly, scrap recovered from various stages of finished metal production is also classified as new scrap. This type of scrap originates from early production stages such as melting, casting, and rolling. Known for its high value due to its known composition, new scrap is also called circulating, in-house, revert, prompt-industrial, or processing scrap.
Get Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=102425671
the building and construction industry is a major driver of the metal recycling market due to several factors. The growing demand for sustainable construction materials has increased the use of recycled metals, which are more environmentally friendly and cost-effective than new metals. Rapid urbanization and infrastructure development worldwide require large amounts of metal, much of which can come from recycling. Stringent government regulations and green building certifications promote the use of recycled materials to minimize the environmental impact of construction projects. The industry's focus on reducing construction waste and enhancing resource efficiency further boosts the demand for recycled metals. The economic benefits of recycling, such as reduced material costs and energy savings, make recycled metals a preferred choice for builders and developers. Collectively, these factors drive the growth of the metal recycling market in the building and construction sector.
The metal recycling market is studied for five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa and South America. The Asia Pacific region accounted for the largest share in the market in 2023, in terms of value. It is also projected to be the fastest-growing market from 2024 to 2029.
The global metal recycling market has experienced significant growth primarily due to stringent waste management and recycling regulations, as well as increasing awareness about the efficient use of natural resources. The demand for recycled metal has prompted both public sector entities, like municipalities, and private sector companies offering environmental services, such as metal waste collection and recycling, to actively participate in recovering metal from scrap.
China is crucial to the growth of the metal recycling market in the Asia Pacific region, being the world's largest producer and consumer of metals. Its extensive manufacturing sector generates substantial metal scrap, driving the development of the recycling industry. Chinese government policies, such as restrictions on imported scrap and incentives for domestic recycling, further stimulate market growth by promoting local processing and utilization of scrap metal. China's role as a major exporter of manufactured goods leads to significant packaging and production scrap, increasing the demand for recycling services and technologies in the region. Overall, China's impact on metal recycling highlights its importance as a key driver of market expansion in the Asia Pacific.
Browse Adjacent Markets: Mining, Minerals and Metals Market Research Reports & Consulting
Related Reports:
- Furfural Market
- Global Chemical Industry Outlook, 2024
- Flooring Market
- Pharmaceutical Grade Lithium Carbonate Market
- Graphic Film Market
