Pune, India, Nov. 10, 2022 (GLOBE NEWSWIRE) — According to a Fortune Business Insights report, titled “The Global metal recycling market Size, Share and Industry Analysis and Regional Forecast 2022-2029” The global metal recycling market size is expected to grow owing to the growing awareness about the depleting metal reserves over the forecast period. The metal recycling market is driven by a high depreciation rate, improved energy efficiency with lower greenhouse gas emissions, accelerated industrial development in emerging countries and greater consumer awareness.
The growing shortage of rare earth metals presents an opportunity for the global market. However, the uncontrolled flow of scrap metal and the lack of scrap collection areas are expected to limit the expansion of the market. Nucor Corporation, for example, recycles scrap into hot-rolled steel, bars and rods which are then used in the automotive, construction, industrial and shipping industries.
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Report Scope and Segmentation:
|Region covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa and Rest of the World|
|Segments Covered||By type, end user and regional information|
|Metal Recycling Industry Growth Factors||Raising Awareness of Depleting Metal Reserves to Foster Growth|
|Rising economic conditions to promote growth in Asia-Pacific|
Manufacturers focus on R&D investments to strengthen their position
Several strategic methods including collaboration, mergers and acquisitions, growth and new launches are being implemented in the industry. Many important actors are actively involved in development initiatives. Established industrial companies are investing huge sums in R&D activities and accelerating their growth strategies.
What does the report offer?
The report forecasts revenue growth at the global, regional and country levels, along with an analysis of the latest market trends and prospects in each of the sub-segments.
Current and future trends are discussed to gauge overall attractiveness and identify profitable trends to gain a better footing in the market. The study includes data on key drivers, restraints and opportunities.
List of Key Players Featured in Global Metal Recycling Industry:
- ArcelorMittal SA
- Nucor Corporation.
- Trade Company of Metals.
- Sims Metal Management Limited.
- Aurubis AG.
- Norsk Hydro ASA.
- Tata Steel Limited.
- Kimmel Scrap Iron & Metal Co.Ltd.
- Schnitzer Steel Industries Inc.
- Dowa Holdings Co.Ltd.
Browse the detailed summary of the research report:
By metal, the market is segmented into ferrous and non-ferrous. On the basis of end-user, the market is divided into building & construction, automotive, shipbuilding, equipment manufacturing, consumer appliances, and others. Finally, by geography, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Drivers and Constraints-
Increase strict regulation of metal recycling to drive growth
The growth of the global metal recycling market is expected to increase due to the increasing focus on non-ferrous metals during the forecast period. The prognosis for the company looks positive, mainly due to the growing knowledge of the benefits of scrap metal.
Additionally, significant market trends include concerns over depletion of rare earth metals and stringent government laws and environmental protection standards. The technology should offer substantial opportunities. The implementation of circular economy policy recommendations as a priority for governments to reduce environmental problems strengthens market revenue. Emerging regions across the world offer unexplored potential for international industry and business due to favorable policy decisions.
Rising economic conditions to promote growth in Asia-Pacific
Asia Pacific is expected to hold the largest global metal recycling market share during the forecast period. The largest market share can be attributed to the growing urban population, which is driving the automobile and construction industries. Growing awareness of metal recycling and government infrastructure development programs are impacting the expansion of the region’s industry.
Europe expected to hold a significant share of the market. The region’s significant expansion in the automotive and construction management sectors is one of the most important elements supporting the growth of the region’s industry.
Impact of COVID-19-
Adverse impact of Covid-19 on the construction industry
The COVID-19 pandemic in 2020 disrupted the supply chain, leading to a substantial drop in metal production. Additionally, there has been a significant drop in demand due to the slowdown in major end-use sectors like construction and automotive. This should have an impact on the recycling sector in 2020. However, a strong return to industrial operations is expected in the coming years.
- October 2020: ArcelorMittal and Triple M have partnered to form Integrated Metal Recycling Inc. to provide support, services and options for consumers and suppliers.
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