NEW YORK, USA, November 8, 2022 (GLOBE NEWSWIRE) — Metal Recycling Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “metal recycling market Information by Metal Type, Scrap Metal, End User and Region – Forecast to 2030”, the market is estimated to grow at a CAGR of 8.1% and reach USD 88.5 billion by 2030.
Metal recycling is the process of turning scrap metal into useful items. This procedure regulates energy use, reduces greenhouse gas emissions, and conserves natural resources. Recycling is the process of collecting and processing discarded metals and turning them into new materials. Bars, ropes and poles can all be made from this repurposed metal. The building, construction, packaging, automotive, industrial equipment and shipbuilding industries are just a few of the industries that use metal. Metal recycling is the process of processing used metals to create new materials. Ropes, poles and bars can be made using recycled metals. Recycling of used metals is a preferable alternative to landfills, which are the main cause of environmental degradation. To grow their businesses, they adopt this process to produce metal with less energy and less money.
Metals are used in a wide range of industries, including packaging, shipbuilding, industrial machinery, and construction. Future growth of the metal recycling business will be boosted by increased construction activity in all sectors. A wide variety of metals are recycled in the metals sector, but the most popular are stainless steel, lead, copper, iron, aluminum and zinc. Their iron content is the main basis for classification. The market is expected to grow as the use of metals increases in various end-use sectors. The industry is expected to grow due to increased awareness of declining metal deposits. Moreover, the original metal quality is not altered or altered by recycling. Government restrictions on metal mining are expected to have a positive impact on market expansion.
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|Market size in 2030||US$88.5 billion|
|Forecast unit||Value (USD Billion)|
|report coverage||Earnings forecast, competitive environment, growth factors, trends|
|Target segment||By type of metal, scrap metal, end-user, region|
|Target area||North America, Europe, Asia Pacific, Rest of World (Row)|
|key market drivers||Recycling metal waste is a better alternative to landfills, a major cause of environmental degradation.|
|Growing interest in reducing greenhouse gas emissions and conserving natural resources|
Market Competitive Landscape:
Competent companies in the metal recycling market are:
- Ark Orbis Ag
- real alloy
- commercial metal company
- Novelist Co., Ltd.
- Norton Aluminum Co., Ltd.
- your moon
- european metal recycling
- ArcelorMittal SA
- Rho Mittal SA
- Nucore Corporation
- DOWA Holdings Co., Ltd.
- Sims Metal Management
- Tom Martin & Company Limited
Target Market USP:
The main driver of the market expansion is the increasing demand for metals due to growing interest in resource conservation and reducing greenhouse gas emissions. Metal recycling allows companies to obtain raw materials without compromising the quality of the products they produce. Plus, it’s cheaper than making metal from scratch. The need to protect the environment has also contributed significantly to the growth of the industry. The expansion of the global metal recycling market is projected to be driven by increased construction activity in several continents including Europe and Asia Pacific.
Increasing urbanization and industrialization have led to rapid economic growth, increasing demand in the global metal recycling market. As a result, rapid urbanization has led to increased government and customer spending on infrastructure and housing, which has had a major impact on the expansion of metal recycling businesses. The industry is expected to grow due to increased awareness of declining metal deposits. Moreover, the original metal quality is not altered or altered by recycling. Government restrictions on metal mining are expected to have a positive impact on market expansion.
Iron and zinc are two ferrous metals that are very difficult to recover from metal waste. Recycling of ferrous metals is therefore usually unsuccessful and presents a major obstacle to developing the spirit of metal recycling. The inefficiency of ferrous metal recycling can be attributed to two things: inadequate technology or the inadequate recycling methods used to separate ferrous metal scrap from the waste produced. However, alternative materials such as plastics, polymers and composites are chosen because they are cheaper. This is expected to hinder market expansion.
View the detailed market research report (page 111) Metal recycling: https://www.marketresearchfuture.com/reports/metal-recycling-market-2201
COVID 19 analysis
Supply chain disruptions brought on by the COVID-19 epidemic have significantly reduced metal production. In addition, the recession in well-known end-use industries such as construction and automotive has led to a significant drop in demand. The recycling sector may be affected by this. A rapid rebound is expected from the second half, as the continuation of the manufacturing industry is permitted.
Scrap metal includes old scrap and new scrap. Markets include end-user packaging, shipbuilding, automotive, and construction. By type of metal, the market includes ferrous and non-ferrous.
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Asia-Pacific will maintain the highest market share throughout the forecast period, owing to economic development, population growth, and rising labor force. Moreover, expansion of the automotive sector and infrastructure in developing countries such as China and India will boost the significant expansion of the market. North America is the second largest market. The reason for this is the development of recycling technology. Growing public and commercial sector interest in environmental services and compliance with government policies that promote environmental sustainability further contribute to the explosive growth of the market.
Asia Pacific is expected to be the largest and fastest growing market due to its rapidly expanding economy. Developing countries such as China and India are likely to see an increase in the need for metals, which is expected to strengthen the regional market. Europe is projected to experience significant growth with a sizeable metal recycling industry. North America is projected to experience significant growth due to strict regulations by government authorities to prevent illegal exploitation of mines and metal reserves. Mining causes a modest uptick in Latin America. By the end of the projected period, development in the Middle East and Africa will slow down.
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