The report “Metal Recycling Market by Metal Type (Ferrous, Non-Ferrous), Scrap Type (Old Scrap, New Scrap), End-Use Sector (Construction, Automotive, Equipment Manufacturing, Shipbuilding, Others), Equipment (Shredders, Granulating Machines, Others) – Forecast to 2020″, the metal recycling market size is projected to grow from USD 277.12 Billion in 2015 to reach USD 406.16 Billion by 2020, at an estimated CAGR of 7.95%. With accelerated urbanization, growth in infrastructural activities, and increasing industrialization, there is a rapidly increasing need for metal products.
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The increasing income and spending capacity of people in developing economies and increasing demand in various end-use sectors such as building & construction, metal fabrication, electronics, medical & health care equipment, automotive, and packaging are the major factors driving the growth of the metal recycling market. The strict laws pertaining to waste management & recycling, increasing awareness of the efficient use of natural resources, and demand for recycled metal have led the public sector bodies such as municipalities and private sector which involves companies offering environmental services such as collection and recycling of metal waste to take active part in the recovery of metal from scrap.
Ferrous metal recycling to gain maximum traction during the forecast period
Ferrous metals are metals with iron and magnetic properties. Iron and steel scrap are some of the most widely recycled ferrous metals in the world. This scrap comes from end-of-life products and scrap generated through manufacturing processes. The use of scrap in steel production has formed an integral part of the steel making industry. According to the Bureau of International Recycling, 40% of the steel production is made from scrap. One ton of recycled steel saves 642 Kwh of energy, 1.8 barrels of oil, 10.9 million Btus of energy, and 4 cubic yards of landfill space.” Apart from these advantages, recycling ferrous and non-ferrous metals enables the efficient use of earth’s natural resources.
Asia-Pacific to play a key role in the metal recycling market
Factors such as the increasing urbanized population in China and India along with the growth in disposable income, and the spreading awareness regarding the importance of waste management and resource efficiency in these countries are driving the growth of the Asia-Pacific metal recycling market. Rapid industrialization and imposition of strict laws pertaining to waste management and recycling are also major factors contributing to the growth of the metal recycling market.
The scope of the report covers detailed information regarding the major factors influencing the growth of the metal recycling market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, joint ventures, and recent developments associated with the metal recycling market.
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