According to the latest report by IMARC Group, titled “Metal Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global metal recycling market reached a value of US$ 219.8 Billion in 2021. Metal recycling refers to the procedure of recovering and reprocessing scrap metal into useful products, while maintaining its original properties. Discarded pieces of metals are gathered from various sources, such as end-of-life vehicles, non-operational machines, and manufacturing and demolition wastes. These are then sorted, processed, shredded, and melted through electrolysis and powerful magnet systems. Metal recycling offers several economic and ecological benefits, including decreased carbon footprint, energy consumption, and production costs, along with the preservation of natural resources. Consequently, metal recycling is widely adopted across various industries as a cost-effective process.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Metal Recycling Market Trends:
The increasing demand for metals for various industrial applications, along with an enhanced focus on natural resource conservation and a significant reduction in greenhouse gas (GHG) emissions, are majorly driving the market growth. For instance, metals are extensively used in the automotive, commercial, and medical sectors to manufacture automobiles, electronics, and medical devices, such as pacemakers, and artificial cochlea. In line with this, rapid urbanization and evolving monetary and social conditions, particularly in developing regions, are creating a significant demand for precious metals, which is contributing to the market growth. Additionally, governments of various nations and private organizations are offering unique insurance solutions and adopting innovative methods to increase awareness regarding resource and waste management, which is acting as another growth-inducing factor. Apart from this, continuous advancements in recycling technologies, such as intelligent sorting systems that utilize artificial intelligence (AI), machine learning (ML), image processing, and sensors, to sort and upcycle non-ferrous metal scraps are fueling the market growth. Looking forward, the market is expected to grow at a CAGR of 5.4% during 2022-2027.
- Based on the metal type, the market has been divided into steel, aluminum, copper, and others.
- On the basis of the type, the market has been bifurcated into ferrous and non-ferrous metals.
- Based on the end use industry, the market has been classified into building and construction, packaging, automotive, industrial machinery, electronics and electrical equipment, shipbuilding, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being ArcelorMittal, Aurubis AG, Commercial Metals Company, Dowa Holdings Co. Ltd., European Metal Recycling Ltd (Ausurus Group Ltd), Nucor Corporation, OmniSource LLC (Steel Dynamics Inc.), Schnitzer Steel Industries Inc., Sims Limited and Tata Steel Limited.
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