BANGALORE, India, March 4, 2022 /PRNewswire/ — The metal recycling market is segmented by metal type (ferrous and non-ferrous metals), scrap type (old scrap and new scrap) and end user (building and construction, packaging, automotive, industrial machinery, electronic and electrical equipment, shipbuilding and others): Global Opportunities Analysis and Industry Forecast, 2021-2030.
The size of the global metal recycling market was $217.0 billion in 2020 and is expected to reach $368.7 billion by 2030, registering a CAGR of 5.2% from 2021 to 2030.
Major trends influencing the growth of recycled metal market
The global metal recycling market is expected to grow owing to an increase in construction activities in various regions such as Europe and Asia Pacific. Additionally, as people become more aware of rare earth metal depletion and government regulations become more stringent, the metal recycling market is expected to grow.
Additionally, increasing urbanization, industrialization, and the rapid growth of the automotive industry have increased the demand for metal recycling.
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TRENDS INFLUENCING THE GROWTH OF THE METAL RECYCLING MARKET
Rapid urbanization is leading to increased government and consumer spending on residential and infrastructure construction, which is driving the metal recycling market significantly. The strong acceptance by manufacturers of the process of obtaining raw materials to make finished products without affecting their properties, along with the presence of government-enforced laws and regulations, is propelling the metal recycling market forward.
The metal is also widely used in the automotive industry. Steel is used to make engine parts and a variety of other automotive parts, such as hoods, mufflers, base vehicle frames for doors, and fuel tanks. This, in turn, is expected to propel the metal recycling market forward.
The metal recycling market seems to have a bright future, due to the growing awareness of the benefits of scrap metal. Concerns over the depletion of rare earth metals, along with stringent government regulations and environmental protection guidelines, are all key trends in the metal recycling market. Metal recycling technology is expected to bring significant benefits to market players and the economy.
Technological advancement in scrap metal purification is another factor driving the growth of metal recycling market share.
However, market growth is expected to be hampered by an unorganized stream of scrap metal and lack of scrap collection areas. Conversely, increase in building construction due to increased construction waste disposal in landfills is expected to provide lucrative opportunities for the growth of the global metal recycling market.
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METAL RECYCLING MARKET SHARE
Based on metal type, in 2020, the ferrous segment generated the most revenue. Scrap metal and steel are among the most recycled ferrous metals on the planet. These scraps come from end-of-life products as well as scraps generated during manufacturing processes. The use of scrap metal in steel production has become common practice in industry.
Based on scrap type, the Old Scrap segment is expected to grow at the highest CAGR of 6.0%.
On the basis of end-user, automotive segment was the largest revenue contributor during the forecast period.
Based on the region, Asia Pacific held the dominant position in 2020 and is expected to grow at a significant rate during the forecast period.
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- Nucor Corporation
- Metal trading company
- SIMS Metals Management Limited
- Aurubis AG
- European Metal Recycling Limited
- Tata Steel
- Dowa Holdings Co., Ltd.
- OmniSource Company
- Schnitzer Steel Industries, Inc.
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- The Global automotive recycling market the size should reach $476,150 million by 2027, $149,470 million in 2020, at a CAGR of 18.0% over the period 2021-2027.
- In 2020, the world Electronic Waste Recycling Market the size was 14 billion US dollars and it is expected to reach 25090 million US dollars by the end of 2027 growing at a CAGR of 7.9% over the period 2021-2027.
- The Global glass recycling market the size should reach $4807.1 million by 2027, $3,013.2 million in 2020, at a CAGR of 6.9% over the period 2021-2027.
- The Global precious metals recycling market was rated at $15,310 million in 2020 and is expected to reach $20920 million by the end of 2027, growing at a CAGR of 5.1% over the period 2021-2027.
- In 2020, the world plastic recycling market the size was $31,340 million and it is expected to reach $44,540 million by the end of 2027, with a compound annual growth rate (CAGR) of 5.0% over the period 2021-2027.
- The Global Non-Ferrous Scrap Recycling Market the size should reach $143,400 million by 2027, $106,330 million in 2020, at a CAGR of 3.7% over the period 2021-2027.
- The Global construction and demolition waste recycling market was rated at $126,897.2 million in 2019, and should reach $149,190.9 million by 2027, registering a CAGR of 2.7% from 2020 to 2027.
- Global Scrap Metal Recycling Market Overview and Forecast to 2028
- Global Ferrous Metal Recycling Equipment Market Overview, Forecast to 2028
- Global Precious Metal E-waste Recycling Market Size, Status and Forecast 2021-2027
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