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(Transportation-News.com, September 12, 2022 ) The global "Metal Recycling Market size is projected to grow from USD 52.1 billion in 2020 to USD 76.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast year. The growth of this market is attributed to the increasing demand for steel and the urbanization & industrialization in developing countries.
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In terms of value and volume, the ferrous metal type segment is estimated to be the fastest-growing type in the Metal Recycling Market in 2019.
The ferrous segment, by type, is projected to be a faster-growing segment in the metal recycling market, as recycling of ferrous metals helps to reduce the quantities of solid waste deposited in landfills. Moreover, it helps in reducing energy consumption, CO2 emissions, water consumption, and air pollution.
The building & construction segment is estimated to be a larger end-use sector in the metal recycling market in 2019.
The building & construction segment, by end-use sector, accounted for a larger market size for metal recycling in 2019, in terms of both value and volume. Manufacturing of new metals is a complicated and conventional method for construction companies. Hence, companies preferring to convert old scrap metals into reusable new metals to expand their exponential turnover and meet the demand of the rapidly increasing global population. Thus the dominant market position of the building & construction sector is attributed to the exponential growth of construction activities happening globally.
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Browse in-depth TOC on "Metal Recycling Market”
134 - Market Data Tables
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The Asia Pacific region is projected to account for the largest share in the metal recycling market during the forecast period.
The Asia Pacific region is projected to lead the metal recycling market, in terms of both value and volume, from 2020 to 2025. The development in the construction industry in emerging countries such as India and China is expected to boost the demand for recycled metal in the market. Furthermore, Asia Pacific is the hub of foreign investment and booming industrial sectors, largely due to the low-cost labor and cheap availability of lands. This, in turn, increases the growth of construction activities, which boosts the demand for metal recycling in the region.
ArcelorMittal (Luxembourg), Nucor Corporation (US), Commercial Metals Company (US), Sims Metal Management Limited (US), and Aurubis AG (Germany) are the key players operating in the metal recycling market. Acquisitions and investments & expansions are some of the major strategies adopted by these key players to enhance their positions in the metal recycling market.
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