The increase in demand of metals in various end use industries such as construction, electronics and automotive has driven demand for the metal recycling. With the growth in infrastructural activities and the increasing industrialization, there has been an increase in the demand for metal products. The stringent rules and regulations for waste recycling and the increasing concern for the efficient use of natural resources, has led many private agencies and government bodies to actively participate in the recycling of the metals. This is leading to the growth of the metal recycling market.
One of the key drivers for the growth of metal recycling market is the increase in awareness about recycling of metals and efficient utilization of natural resources with the objective of saving them from depletion. The rapid industrialization and the increase in urbanization in developing countries are contributing to the growth of the global metal recycling market. Metal recycling also provides several advantages such as reducing the scarcity of the valuable resources in the future and saving the environment from various damages caused by the extraction of metals. These contribute to the growth of this market. Global metal recycling market is expected to cross USD 400 billion market by the end of 2022. Also it is expected to grow at approximately 7% CAGR.
The key players of metal recycling market are ArcelorMittal (Luxembourg), Baosteel Group Corporation (China) European Metal Recycling Limited (U.K.), Nucor Corporation (U.S.), Aurubis AG (Germany), Commercial Metals Company (U.S.), Linde AG (Germany), Tata Steel Limited (India), Sims Metal Management Limited (U.S.),Dowa Holdings Co., Ltd. (Japan) and others.
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Market Research Analysis
The market is highly application driven. Automotive sector is dominating the metal recycling market as it requires large volumes of metals for the manufacturing of the body of the vehicle and other components of the automobile. Also, with the increase in purchasing power of the consumers, the automobile industry is booming. This leads to the generation of a lot of metal scrap from the automotive industry. All these factors contribute to the growth of the automotive metal recycling material market.
Asia-Pacific region is expected to dominate the metal recycling market with the highest CAGR due to the rapid urbanization in countries such as India and China, along with the growth in the disposable income of the people here. The rising awareness for adopting the right waste management practices by industries, is also contributing to the growth of the global metal recycling market in the region.
Asia-Pacific accounts for the highest market share
Asia-Pacific region is expected to dominate the market owing to the increase in urban population in developing economies such as India and China and the growth in the construction and automotive industry. The growing concern for protection of the environment in this region is also contributing to its growth. Asia is also the largest producer of steel, which directly contributes to the metal recycling market in the Asia-Pacific region.
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