The global metal recycling market size projected to reach USD 1.4 trillion by 2027 registering a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Increasing emphasis on circular economy and growing environmental awareness are the major factors that are likely to propel the market growth over the coming years. International efforts to enhance global recycling capabilities and the increasing availability of obsolete scrap is likely to promote industry growth in the long term. In terms of volume, steel is the most recycled metal than other materials. This is owing to the abundant availability of steel scrap. However, the outbreak of the COVID-19 pandemic is likely to cause a severe decline in the demand for 2020.
Metal Recycling Market Report Highlights
- Asia Pacific captured the largest revenue share of 67% in 2019, in terms of volume, as the region is the largest producer of metals in the world
- Steel is expected to register the fastest CAGR of 6.4%, in terms of revenue, from 2020 to 2027 owing to abundant availability of steel scrap from automobiles
- The construction application segment led the market with a volume share of approximately 47% in 2019, owing to high spending in the construction sector in emerging economies of Asia Pacific
- Consumer goods is expected to register the fastest CAGR from 2020 to 2027 on account of rising demand for metal products in this sector
- Aluminum was the second-largest recycled product in 2019 owing to the high demand for aluminum for the production of lightweight vehicles
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Furthermore, the growing consumption of metal in end-use industries is also likely to play a major role in driving market growth. For instance, steel is largely consumed in the automotive, construction, industrial manufacturing, and consumer goods industries. Aluminum recycling is also gaining significant momentum as recycling aluminum saves over 90% energy compared to its primary production.
Metal manufacturers are increasingly promoting recycling as an effective way to address the problem of resource scarcity and mitigate environmental impact associated with the production process. The industry is garnering significant pace as economically viable recovery of metals from the sorted recyclates is now feasible.
Asia Pacific is predicted to be the largest as well as the fastest-growing regional market from 2020 to 2027. Proper waste management and rapid urbanization are the major factors that are likely to trigger industry growth in APAC. The growing manufacturing sector in India, China, Vietnam, Thailand, Myanmar, and Indonesia is leading to increased production activities, thereby boosting the demand for metal recycling.
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We have segmented the global metal recycling market report based on product, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Metals are essential for the global economy as they find applications across numerous industries including equipment manufacturing, buildings, and automotive industry.
Using recycled raw materials cuts down carbon dioxide emissions in significant amounts.
According to the market research report from IndustryARC, the global metal recycling market size was 0.12 billion as of 2018.
Metals in the construction industry are considered as the raw material which provides the skeleton to an infrastructure.
As per the freshly compiled report from IndustryARC, construction industry in the metal recycling market is growing at a CAGR of 8% through the aforementioned forecast period.Global Metal Recycling Market AnalysisWaste Management: Chinese Nonferrous Metals Industry Association Recycling Metal Branch (CMRA ) is a firm from China which has achieved excellence in recycling metals.
Such an initiative has proved to tremendously improve the scrap management system of the country.Automotive: The recycled metals are profoundly being employed for the manufacturing and repair works of the marine fleet and shipbuilding all across the globe.
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Construction and demolition (C) waste account for 70 per cent of the total mass of solid waste produced in the UAE.Dubai itself generates almost 5,000 tons of building and demolition waste daily, which is about Seventy per cent of the total solid waste produced daily.
And this is why waste management in the UAE has become a problematic affair in the recent past.C wastes in Abu Dhabi account for 71 per cent of the overall waste generated in 2011.
Building and construction activities and related C waste generation in this area are expected to continue to grow.Thus, if not properly managed, the disposal of C is likely to be unregulated.
This will not only have an effect on the environment on the land, air and water and the local ecosystems but will also lead in limited resources being exhausted.Improper recycling in Dubai and other cities also generates societal and monetary strains for the community and the country.
The less you ought to change or reduce, the less cost you will generate – not to overlook saved time and effort.For example, framing configurations may be designed to use regular lengths of wood.
Find Your Local Recycling Center Local is the keyword here.
