The rising demand for recycled metals in automotive along with building and construction sector are driving the market.
NEW YORK, NY, UNITED STATES, June 24, 2022 /EINPresswire.com/ -- The global Metal Recycling market is forecast to reach USD 86.11 Billion by 2027, according to a new report by Reports and Data. An increase in energy savings with decreased greenhouse gas emission levels and increasing consumer awareness regarding it are driving the market for recycled metal.
The metal recycling market is growing due to the high demand for steel and rapid industrialization and urbanization in emerging nations. Moreover, increased concerns towards the exhaustion of natural resources at a faster rate have led governments across the globe to formulate favorable regulations concerning the metal recycling industry, which is further boosting the metal recycling market.
Furthermore, there is a growing scarcity of rare-earth metals, which provides a growth opportunity for the market. Factors that will restrict the global market are the unorganized flow of waste metals and less scrap collection zones. The increasing cost of raw materials is also hindering the demand along with high labor charges.
Impact of COVID-19
The global supply of the recycled metals fell down during the first half of the year 2020 due to the COVID-19 coronavirus. The demand plummeted in China, and then the rest of the world as the pandemic led to industries and factories shutting down. It also hit a pause button on consumer spending. The infrastructure sector is not expected to witness any growth in the wake of the virus. The consumer’s all around the world are faced with reduced or lost income.
The market is expected to have a fairly rapid recovery (or V-shaped) after the COVID-19 pandemic. This is possible based on pent-up consumer demand after stay-at-home orders are rescinded. That scenario is not guaranteed as there is an element of recovery involving not only the return of positive household consumer sentiment but also the ability and willingness of governments around the world to inject money into infrastructure and other public works projects.
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Key participants include Nucor Corporation, Sims Metal Management Limited, Arcelormittal, Aurubis AG, Tata Steel Limited, Dowa Holdings Co Ltd., Commercial Metals Company, Totall Metal Recycling, Inc., Norton Aluminium, and American Iron & Metal (AIM), among others.
Further key findings from the report suggest
• The demand for ferrous material in metal recycling is growing. The usage of it in several products are high. For instance, in the year 2018, the recycling rates for ferrous scrap in cars was 106%, for appliances: 90%, for steel cans: 66.8%, for structural steel: 98%, and for reinforcement steel: 70%.
• The dominant end user of the recycled metal was the building and construction industry. It held the largest market share of 35.1% in the year 2019. The increased ongoing construction activity all across the globe in the past few years and growing conscious of sustainable development has encouraged the segment's end users to use more recycled metals.
• The demand for steel was slow in China in the year 2018, but it witnessed a rise in the rest of the world, mainly due to the United States strong economy. Increased consumer spending, as well as business confidence, has led to a solid product demand. This boosted the demand for recycled metals in the North American region.
• Manufacturers are witnessing an increase in price for copper, steel, and other raw materials, mainly due to the COVID-19 pandemic. This is going to make the recycled metal more appealing as the process of recycling is far less expensive than mining for ore.
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For the purpose of this report, Reports and Data have segmented into the global Metal Recycling market on the basis of type, scrap type, end users, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
Scrap Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
• Old Scrap
• New Scrap
End Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
• Building and Construction
• Equipment Manufacturing
• Consumer Appliance
Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global Metal Recycling market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The Global Metal Recycling Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.
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To summarize everything stated above, the report offers key insights into the Metal Recycling market to allow the reader to gain a complete understanding of the Global Metal Recycling Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Metal Recycling Market.
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