The trend of Metal Recycling Industry is consolidating across the globe and Market Research Future (MRFR), has recently published a comprehensive report on the global metal recycling market, covering key trends and patterns that are likely to impact the growth of the market over the forecast period of 2022-2030. As per MRFR's analysis, the metal recycling market is expected to reach a valuation of USD 54.1 billion in 2019 to around USD 88.5 billion at a CAGR of 8.04% by the end of 2022 and 2030.
Metal recycling helps to significantly reduce greenhouse emissions and conserve natural resources. It involves reprocessing of used metals to convert them into usable metals. Doing so not only reduces energy consumption but also provides economic advantages as recycling involves lesser cost than procuring metals from virgin ores. The trend of metal recycling is gaining momentum due to augmenting need for energy conservation and mounting awareness regarding the advantages associated with it. Metal recycling typically involves passing used metals through the stages of sorting, melting, processing, purification, and solidification. Stainless steel, copper, zinc, l;ead, iron, and copper are among the most recycled metals.
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Various factors can be credited for the growth of the metal recycling market. Surging awareness regarding metal recycling and subsequent actions taken by the governments of multiple countries to reduce environmental degradation are primary factors promoting the market growth. In addition, rapid urbanization and industrialization across the globe has triggered the need for metals at low cost. Escalating consumption of beverage is a notable trend that is likely to support the growth of the market. Surge in the consumption of beverages generates demand for aluminum cans which can augur the growth of the market in the coming years.
On the other hand, metal recycling is a tedious, labor-intensive, and time-consuming process. Moreover, the lack of proper metal recycling laws in various underdeveloped and developing countries can restrict the growth of the market over the forecast period.
The global metal recycling market has been segmented based on type, scrap metal, and end-user.
By type, the metal recycling market has been segmented into ferrous and non-ferrous. The ferrous segment captured the largest share of 59.2% of the global market in 2017 which was equivalent to USD 164,667.4 Mn. Ferrous metal is widely used in motor and electrical appliances application due to which the segment is having burgeoning growth. The segment is also anticipated to capture a higher CAGR of 8.26% over the forecast period.
By scrap type, the metal recycling market has been segmented into old scrap and new scrap. The old scrap segment captured the largest share of 66.8% of the global market in 2017, which was equivalent to USD 185,793.5 Mn. The segment is likely to expand at a CAGR of 8.43% over the forecast period.
By end-user, the metal recycling market has been segmented into construction, shipbuilding, packaging, automotive, and others. In 2017, the construction segment accounted for the largest share of 32.4% of the global market and garnered a valuation of USD 90,037 Mn. The construction segment is expected to register a CAGR of 8.27% over the forecast period.
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Region-wise, the metal recycling market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
APAC holds the foremost position in the global metal recycling market. In 2017, the market captured 35.6% share of the global market. The region is observing fast-track industrialization and economic growth, which is paving the way for the growth of the metal recycling market. Moreover, various policies aimed at curbing environmental pollution supports metal recycling activities. China, Indonesia, and India are the key contributors to the APAC market with China leading the pack. In 2017, China garnered a valuation of USD 45,209.7 Mn. Japan is the leading consumer of aluminum scrap.
Europe captured the second position in the global metal recycling market with a 29% share in 2017. The UK, Germany, the Netherlands, France, and Belgium are the top importers and exporters of non-ferrous and ferrous scrap. The European Union (EU) has laid down stringent waste management policies to curb environmental pollution, which also encourage the growth of the market.
The Americas account for 19% share of the market and is anticipated to exhibit noteworthy growth in the coming years. Increasing awareness regarding the use of recycled metals across various end use industries is boosting the growth of the market.
REAL ALLOY, Tom Martin & Co. Ltd., Norton Aluminium Ltd., European Metal Recycling, Commercial Metals Company, ArcelorMittal S.A., Nucor Corporation, Sims Metal Management, Novelis Inc., Aurubis AG, DOWA HOLDINGS Co., Ltd., and Kuusakoski Recycling are the key players in the metal recycling market.
August 2019 - Ward, a Derbyshire-based metal recycling company, invested £500,000 in material handling equipment to expand its metal processing capacity at its Immingham site.
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