Wilmington, Delaware, United States, April 29, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global recycled aluminum market stood at US$ 4.8 billion in 2022 and the global market is projected to reach US$ 10.3 billion in 2031. The industry is anticipated to expand at a CAGR of 8.9% between 2023 and 2031.
The market is expected to drive by the unique properties of metal. Metals do not lose their strength and usability when recycled this is one of the leading reasons for the growth of the recycled market, and due to this more and more industries starting to use recycled steel, iron, steel, and other ferrous metals for several applications like construction, industrial machinery manufacturing, appliance manufacturing, etc., there is a huge demand for recycled metal in the electronic industry.
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Recycling metal produces 36 times more jobs than delivering the same metal to an incinerator and 6 times more than transferring your metal to a landfill. Recycling industry earns a lot of money yearly for the economy. Products produced by the recycling processes are reused, whether this is going back into the shops, or being used in industries all over the place, this is creating a much more economically friendly cycle which is expected to increase the demand for recycled metal in the market.
Rising awareness among people regarding decreasing sustainable development, carbon footprint, and preservation of the environment, has changed the way companies used to work earlier now companies have become eco-friendlier and prefer recycled metal over fresh metal. Government policies have supported the use of recycled metal and several countries are now trying to incline more towards using more recycled metal, becoming an opportunity for the global recycled metal market to grow further.
A major reason for increasing the demand for recycled metal is rapid urbanization which leads to augmenting the customer and government spending on infrastructure and residential construction and increasing the metal recycling market significantly. The presence of government-enforced rules and regulations is anticipated to drive the market forward and further increase valuable opportunities for the market's growth rate.
Key Takeaways of Market Report
- Global recycled aluminum market to generate absolute dollar opportunity worth US$ 10.3 billion until 2031.
- Global recycled aluminum market from 2023 to 2031 is 8.9%
- Global recycled aluminum market is currently valued at US$ 5.21 billion in 2023.
- Market value of global recycled aluminum from 2018 to 2022 is 7.7%
- Global recycled aluminum market stood at US$ 4.8 billion in 2022.
- Recycling metal produces 36 times more jobs than delivering the same metal to an incinerator and 6 times more than transferring your metal to a landfill.
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Global Recycled Aluminum Market: Growth Drivers
- Aluminium and scrap iron metals are being used widely in the construction industry in a lot of projects for example, bridges and roads and bridges. Recycled metals are also used in the transportation industry, it can be used in the production of aircraft, automobiles, and other transportation. Detoxifying of industrial wastewater may also increase the demand for recycled metal in the market.
- Market trends in the recycled aluminum market say that the used beverage can (UBC) scrap type segment is anticipated to dominate the industry during the forecast period. Aluminium UBC scrap is one of the most common and highly paid grades of aluminum scrap. Increase in demand for aluminum cans as a preferred packaging material and the high recycling rate of aluminum are driving the segment.
Global Recycled Aluminum Market: Regional Landscape
- Asia Pacific is said to have a dominant value witness substantially witnessing market expansion in the near future due to the increase in demand for recycled aluminum that is firmly defined with distribution chains eventually helping the market players for having a strong foothold.
- Europe is expected to witness significant growth in the near future.
Global Recycled Aluminum Market: Key Players
- Arfin India Ltd.
Strategies
Company's focus is to become a major global player in Aluminum Recycling and Ferro Alloys segment. Company understands that while Steel and Power are the two basic consumers of Ferro Alloys, there are also a number of rural locales in India and surrounding Asian countries that possess enormous opportunities for Arfin's wide product portfolio.
Research and Development
Company's research facility continually incorporates all the necessary nuances that aid in automatizing the company's processes. Facility also monitors the recent quality trends to ensure that the company's innovative product portfolio is also at par with the latest global standards.
- Fervent Global LLP
Quality of products
- Right Production Equipments
- Continuous Training of Human Resources
- Well Defined Processes in Cold Refining, Melting, Degassing, Filtration, Inclusion Corrections, etc.
- Well Defined Quality Processes
- Good Quality of Scrap from Established and Reputed Sources
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Global Recycled Aluminum Market: Segmentation
Scrap Type
- Wire scrap
- Extrusion scrap
- Sheet scrap
- Used Beverage Can (UBC) scrap
- Turnings and Borings
Category
- New Scrap
- Old Scrap
End-use
- Building & Construction
- Automotive
- Electronics
- Machinery & Equipment Packaging
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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