Market Overview
The Metal Recycling Market size is expected to reach a value of USD 88.5 Billion during the forecast period which was recorded at USD 54.1 Billion during the historic forecast period with a CAGR of 8.1%. Metal recycling is the process of repurposing scrap metal into useful items. This procedure aids in the reduction of greenhouse gas emissions, the management of energy use, and the conservation of natural resources. Metal recycling is the process of taking waste metal, processing it, and creating a new substance. The recovered metal is subsequently used to make ropes, poles, and bars, among other things. Metals are used in a wide range of industries, including packaging, construction, industrial machinery, shipbuilding, and automobiles. The rise in construction activity in places such as Asia-Pacific and Europe will boost the metal recycling industry's position in the future.
Due to the strict government measures in place following the COVID-19 outbreak, energy demand has dropped dramatically as a result of supply chain interruptions. This has resulted in a decrease in metal demand as well as output. Furthermore, due to the significant influence on the vehicle industry, metals such as zinc, aluminum, and copper are seeing a minor decline in demand, which has harmed the global market. On the plus side, as emerging countries' urbanization and industrialization rates rise, so does the demand for metal recycling. Rapid industrialization and urbanization result in increased consumer and government spending on infrastructure and residential projects, which will benefit the Non Ferrous Metal Recycling.
Market Segmentation
Based on the metal type, the market has been segmented into ferrous and non-ferrous.
Based on the scrap type, the market has been segmented into old scrap and new scrap.
Based on the end-user type, the market has been segmented into automobile, construction, packaging, shipbuilding, and others.
Based on the region, the market has been segmented into Europe, Asia Pacific, Africa, North America, and the Middle East.
Regional Classification
Due to expanding economic growth and population, the Asia Pacific region would have the biggest market share over the forecast period. Rising infrastructure and the automobile sector will also drive significant market expansion in developing markets like India and China. The second-largest market will be North America. Recycled technology developments are the reason behind this. The growing knowledge of the recycling concept, as well as the fact that most public and private sector businesses are seeking to provide environmental services and comply with the government's sustainable environment policy, has resulted in remarkable market growth.
Industry News
The major key players in the market are Aurubis AG, Commercial Metals Company, Norton Aluminium Ltd., Real Alloy, ArcelorMittal S.A., Dowa Holdings Co., Ltd., Kuusakoski Recycling, Tom Martin & Co. Ltd., Sims Metal Management, Nucor Corporation, European Metal Recycling, and Novelis Inc. It is critical to create a competitive atmosphere among the many main competitors at various market locations throughout the world to obtain a detailed and profound understanding of market insights. With the help and backing of government legislation, the major players are attempting to expand their manufacturing plants all over the world.
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