Recycled metals are metals that have been reprocessed from scrap or waste metals and have been used in applications. Recycled metals have properties that are similar to primary metals and can be used in various applications such as construction, automotive, industrial machinery, and shipping. They help reduce the mining of raw materials and energy use associated with primary metal production processes.
The global recycled metal market is estimated to be valued at US$ 62.77 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising demand for sustainable materials from various end-use industries presents a major market opportunity for the recycled metal market. Environment protection and conservation of natural resources have gained increased importance globally. Industries are striving to reduce their impact on the environment by adopting eco-friendly practices such as using recycled materials. Recycled metals help reduce energy usage and greenhouse gas emissions compared to primary metal production. They also contribute to waste reduction. With the growing focus on sustainability, industries are actively sourcing secondary raw materials like recycled metals. This growing demand for sustainable materials is expected to drive significant growth in the recycled metal market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate because capital requirement and economies of scale are key factors. However, global shortage of raw material and increasing environmental protection regulations present opportunities.
Bargaining power of buyers: The power is high due to fragmentation in buyers and their preference for low prices. Recycled metal is a commodity and buyers can easily switch to alternatives.
Bargaining power of suppliers: The power is moderate as recycling industry consolidates and raw material shortages increase supplier control over pricing and quality standards. Supplier switching costs are also low.
Threat of new substitutes: The threat is moderate as no direct substitute exists, but manufacturers can optimize material usage to reduce copper, aluminum and steel needs.
Competitive rivalry: The competition is high due to low product differentiation and global shortage driving aggressive competition.
SWOT Analysis
Strengths: Established infrastructure and technologies allow efficient collection and processing. Regulations drive demand.
Weaknesses: Price volatility of raw materials and energy costs impact margins. Collection and sorting processes generate low profits.
Opportunities: Emerging technologies boost yields and qualities. Developing nations modernizing infrastructure and appliances spur volumes.
Threats: Protectionist measures and trade wars disrupt supply chains. Substitute materials and optimized designs curb material usage.
Key Takeaways
The Global Recycled Metal Market Size is expected to witness high growth. The market size for 2024 is estimated at US$ 62.77 million and projected to reach over US$ 84 million by 2031, registering a CAGR of 4.7% during the forecast period.
Regional analysis reveals that Asia Pacific dominates current demand and is expected to retain the top spot through 2031 due to rapid urbanization and industrialization in China and India. North America and Europe are other major markets driven by stringent regulations mandating recycling targets.
Key players operating in the recycled metal market are Novartis AG, Mylan N.V., Astellas Pharma Inc., Dr. Reddy's Laboratories Ltd., Pfizer Inc., Abbott, Senju Pharmaceutical Co. Ltd., Glenmark Pharmaceuticals Ltd., Lupin Limited, and Vibcare Pharma Pvt. Ltd. The market shows high competition with these global leaders employing organic and inorganic strategies like capacity expansions, M&As and collaborations to strengthen supply networks and product portfolios.
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The market for “Recycled Metal “is growing with the expansion of this Industry Sector Worldwide .
Analytical Research Cognizance (ARC) has added a new report titled “Global Recycled Metal Market Report 2018” which offers details about the current trends and analysis, as well as scope for the near future.
This research study also covers information about the production, consumption and market share based on different active regions.
Furthermore, an anticipated growth at a double-digit CAGR for the “Recycled Metal“sector is highlighted in the report which indicates a prosperous future.Download PDF Brochure on Recent Studies of 2018 @ http://www.arcognizance.com/enquiry-sample/94062The global Recycled Metal market report is a detailed study of the market where the customer can gain key insights into the market such as the performance of the market in terms of its market size and value for the global market as well as for its various segmentations such as by product, application, and region.
Each segment and sub-segment is analyzed in detail so that no stone is left unturned in ensuring that the customer receives the top quality information about the Recycled Metal market.Major Regions covered in the Market report includes: North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.
), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).Each segment and sub-segment is analyzed for their performance in the market, their value and volume sizes, growth rates, regional performance, and many other parameters.
