New York, U.S., Nov. 08, 2022 (GLOBE NEWSWIRE) — Overview of the metal recycling market
According to a comprehensive research report by Market Research Future (MRFR), “metal recycling market Information by Metal Type, Scrap, End User and Region – Forecast to 2030“, the market is expected to grow at a CAGR of 8.1% to reach $88.5 billion by 2030.
Market summary
Metal recycling is the process of turning scrap metal into useful items. The procedure regulates energy consumption, reduces greenhouse gas emissions and protects natural resources. Recycling involves collecting scrap metal, processing it and turning it into new material. Bars, ropes and poles can all be made from this recycled metal. The building and construction, packaging, 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 transforming it. Ropes, poles and bars can then be made from recycled metal. Recycling used metals is a preferable option to landfills, which are primarily responsible for environmental deterioration. In order to grow their businesses, they adopt this process, which uses less energy and less money to produce metal.
Metals are used in a wide range of industrial sectors, including packaging, shipbuilding, industrial machinery and building construction. Future growth in the metal recycling business will be fueled by increased construction activity across the board. Although a wide variety of metals are recycled in the metals industry, the most popular are stainless steel, lead, copper, iron, aluminum and zinc. Their iron content serves as the main basis for classification. The market is expected to grow as the use of metals increases in various end-use sectors. The industry is expected to grow due to growing awareness of dwindling metal deposits. In addition, the qualities of the original metals are not altered or modified by recycling. Government restrictions on metal mining are expected to have a positive effect on market expansion.
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Report Scope:
| Report attribute | Details |
| Market size in 2030 | $88.5 billion |
| CAGR | 8.1% (2022-2030) |
| Year of reference | 2021 |
| Forecast period | 2022–2030 |
| Historical data | 2020 |
| Forecast units | Value (USD billion) |
| Report cover | Revenue forecasts, competitive landscape, growth factors and trends |
| Segments Covered | By type of metal, scrap, end user and region |
| Geographical areas covered | North America, Europe, Asia-Pacific and Rest of the World (RoW) |
| Key Market Drivers | Recycling scrap metal is a better alternative to landfills which is mainly responsible for environmental degradation. |
| Growing focus on reducing greenhouse gas emissions and conserving natural resources |
Market Competitive Landscape:
Competent companies in the metal recycling market are:
- Arce Aurubis AG
- Real Alloy
- Commercial Metallurgy Company
- Novélis Inc.
- Norton Aluminum Ltd.
- Kuusakosi
- European metal recycling
- ArcelorMittal SA
- Lor Mittal SA
- Nucor Corporation
- Dowa Holdings Co.Ltd.
- Metal Sims Management
- Tom Martin & Co. Ltd.
Covered USP market:
Market factors:
The main driver for the expansion of the market is the growing demand for metals, accompanied by an increasing focus on resource conservation and reduction of greenhouse gas emissions. Recycling metal allows companies to obtain raw materials without compromising the quality of the products they manufacture. Plus, it costs less than producing metal from scratch. The need to protect the environment also contributes significantly to the growth of the industry. The expansion of the global metal recycling market is expected to be fueled by an increase in construction activity across several continents, including Europe and Asia-Pacific.
Increased urbanization and industrialization lead to rapid economic growth, which increases the demand in the global metal recycling market. As a result, rapid urbanization leads to increased government and customer spending on infrastructure and housing, which has a huge impact on the expansion of the metal recycling business. The industry is expected to grow due to growing awareness of dwindling metal deposits. In addition, the qualities of the original metals are not altered or modified by recycling. Government restrictions on metal mining are expected to have a positive effect on market expansion.
Market constraints:
Iron and zinc are two ferrous metals that are extremely difficult to recover from scrap metal. Therefore, the recycling of ferrous metals is generally unsuccessful, a significant obstacle to the development of the spirit of metal recycling. The inefficiency of ferrous metal recycling can be attributed to two things: either inadequate technology or inappropriate recycling methods used to separate the ferrous metal scrap from the waste produced. However, replacement materials like plastics, polymers, composites and others are chosen because they are cheaper. Market expansion should be hampered.
Browse the in-depth market research report (111 pages) at Metal recycling: https://www.marketresearchfuture.com/reports/metal-recycling-market-2201
COVID 19 analysis
A disruption in the supply chain caused by the COVID-19 outbreak led to a significant decline in metal production. Additionally, there has been a significant drop in demand due to the slowdown in well-known end-use industries like construction and automotive. The recycling sector risks being affected. As manufacturing operations are allowed to continue from the second half, a rapid rebound is expected.
Market segmentation
By scrap, the market includes old scrap and new scrap. The market includes packaging, shipbuilding, automotive and end-user construction. By metal type, the market includes ferrous and non-ferrous.
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Regional outlook
The Asia-Pacific region will hold the highest market share throughout the projected period due to the increase in economic development, population growth and labor force. Moreover, the expansion of automotive and infrastructure sector in developing countries like China and India will lead to significant expansion of the market. The second largest market will be in North America. Recycled technological developments are the cause. Growing interest of public and commercial sectors in environmental services and compliance with government policies promoting a sustainable environment are further contributing to the explosive expansion of the market.
Due to its rapidly expanding economy, Asia-Pacific is expected to be the largest and fastest growing market. The need for the metal is likely to increase in developing countries like China and India, which is expected to strengthen the regional market. Europe is expected to experience significant growth due to a large metal recycling industry. Due to strict regulations by government authorities to prevent illegal exploitation of metal mines and reserves, North America is expected to experience significant growth. The mining industry will cause a moderate increase in Latin America. At the end of the forecast period, the Middle East and Africa will show slow development.
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