According to the report, “Recycled Metal Market Size, Share & Trends Analysis Report By Product (Copper, Steel, Aluminum), By Region (North America, Asia Pacific, Central & South America, Middle East & Africa, Europe), And Segment Forecasts, 2019 – 2025”, the market growth is expected to witness a CAGR of 4.9% by 2025.
Metal manufacturers are focusing more on promoting recycled materials as an effective way to address issues of resource scarcity and lessen environmental risk during the production process. Therefore, the industry is anticipating in a significant recovery of metals from the sorted recyclates. Proper waste management and rise in urbanization are some of the major factors that will trigger the market growth in the global market.
Rising consumption of metals in the end-use industries is expected to play a significant role for market demand. For instance, steel and aluminum are highly consumed metals across various sectors such as automotive, electrical, consumer goods, etc. Hence, recycling of aluminum helps in saving around 90% energy as compared to its production.
Recycled Metal Market Report Highlights:
Asia Pacific captured the largest revenue share of 67% in 2019, in terms of volume, as the region is the largest producer of metals in the world
Steel is expected to register the fastest CAGR of 6.4%, in terms of revenue, from 2020 to 2027 owing to abundant availability of steel scrap from automobiles
The construction application segment led the market with a volume share of approximately 47% in 2019, owing to high spending in the construction sector in emerging economies of Asia Pacific
Consumer goods is expected to register the fastest CAGR from 2020 to 2027 on account of rising demand for metal products in this sector
Aluminum was the second-largest recycled product in 2019 owing to the high demand for aluminum for the production of lightweight vehicles
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Grand View Research has segmented the global metal recycling market on the basis of product, application, and region:
Metal Recycling Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 – 2027)
Metal Recycling Application Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 – 2027)
Metal Recycling Regional Outlook (Volume, Million Tons; Revenue, USD Billion, 2016 – 2027)
Central & South America
Middle East & Africa
List of Key Players of Metal Recycling Market
European Metal recycling
Utah Metal Works
Norsk Hydro ASA
Kimmel Scrap Iron & Metal Co., Inc.
Schnitzer Steel Industries, Inc.
Sims Metal Management Limited.
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