The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The outbreak of the coronavirus disease (COVID-19) is expected to negatively impact the market as most automakers and recyclers have shut their plants to comply with the lockdown directives in several countries.
The widespread adoption of metal scrap in the manufacturing of affordable, lightweight, and fuel-efficient vehicles is bolstering the market growth. Furthermore, the regulations implemented by various governments to reduce the negative environmental impact of the end of life vehicles (ELVs) and the associated disposable batteries, rubber, and oils are propelling the growth of the market.
One of the leading market trends is the utilization of sophisticated recycling tools and methods to extract polymers, fluids and natural materials from the vehicles. The market players are also using the latest technology, such as optical sensors, to identify small pieces of metal in the scrap.
Based on the type, the market is bifurcated into passenger cars and commercial vehicles. Passenger cars currently dominate the market, holding the largest market share.
At present, ferrous (steel and iron) and non-ferrous (aluminum and copper) metals, account for the majority of the global market share. Other major materials are rubber, glass, plastic, and others.
On the basis of the application, the market has been classified into the OEMs and aftermarket segments.
Region-wise, the market has been segmented into Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Among these, North America exhibits a clear dominance in the market.
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