Scrap Metal Recycling market is poised to amplify at a CAGR of 6% over 2022-2030, thereby amassing a valuation of USD 516.4 billion by end of the assessment timeline.
Recycling scrap metal is an eco-friendly process that can meet the need for ferrous metals from major end-use industries including building and construction, transportation, and shipbuilding.
Recycling of metal is the process of turning scrap metal into useful items. The procedure is used to regulate energy usage, lower greenhouse gas emissions, and protect natural resources. Recycling metal involves collecting discarded metal, processing it, and turning it into a new material. Bars, ropes, and poles can all be made from this repurposed metal. The building and construction, packing, automotive, industrial machinery, and shipbuilding industries are just a few of the industries that employ metals. The expansion of the worldwide metal recycling market is predicted to be fueled by an increase in construction activity across several continents, including Europe and Asia-Pacific.
The demand for metals in producing parts and residential structures is being driven ahead by the developing automotive and construction sectors. However, in order to fulfil demand, the market for scrap recycling is being stimulated by the restricted supply of earth metals and the high cost of mining earth.
The demand for metal recycling is also rising as people's worries about greenhouse gas emissions and deteriorating air quality in cities grow. To achieve global goals, it is crucial to utilise the particular qualities of metal recycling, such as pollution reduction, energy conservation, and the preservation of priceless raw materials.
Increased urbanisation and industrialization lead to swift economic growth, which raises demand for the world's metal recycling market. As a result, rapid urbanisation leads to more government and consumer spending on infrastructure and housing, which has a large positive impact on the expansion of the metal recycling business. Additionally, recycling metals promotes job growth in the sector and boosts the national economy.
Segmental analysis of the Market:
Based on Metal Type
- Ferrous Metal
- Non-Ferrous Metal
Based on Scrap Type
- Old Scrap
- New Scrap
Based on End Users
- Building Construction
- Packaging
- Automotive
- Industrial Machinery
- Electronics Electrical Equipment
- Shipbuilding
Competitive Landscape:
Some of the prominent companies operating in the market are ArcelorMittal, Nucor Corporation, Commercial Metals Company, SIMS Metal Management Limited, Aurubis AG, European Metal Recycling Limited, Tata Steel, Dowa Holdings Co., Ltd., OmniSource Corporation, and Schnitzer Steel Industries Inc.
Major questions answered in this report:
- What is the growth rate of the global scrap metal recycling market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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