(MENAFN- GetNews) Asia Pacific accounted for a major share of the scrap metal recycling market in 2019. Increasing expansion of the construction segment coupled with easy government rules and regulations are key factors expected to boost the growth of the scrap metal recycling market.
Transparency Market Research delivers key insights on the global scrap metal recycling market . In terms of revenue, the global scrap metal recycling market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global scrap metal recycling market.
The scrap metal recycling market is expected to improve with technological advancements in recycling. Development of recycling facilities in developed and developing regions, better waste collection systems, and promotion of metal recycling by manufacturers and governments are likely to help in business growth, and create new business opportunities and increase employment. The Canadian Association of Recycling Industries (CARI) states that the scrap metal recycling industry in Canada employs 160,000 people directly and indirectly. The usage of rare metals in various products and their shortage is also expected to boost the scrap metal recycling market.
The U.S. exporters of scrap metals, paper, and plastic witnessed increased demand in 2019, as growing shipments to Southeast Asia, the Indian subcontinent, and Northern Europe offset a 20.2 percent decline in volume to China, which remains the primary market for recyclables. However, export of recyclables came crashing down in early 2020, due to both supply and demand destruction caused by the COVID-19 pandemic. On the supply side, the global pandemic has idled key industries and services that generate scrap paper and metals. Plunging oil prices have made recycled plastics uncompetitive with virgin plastics. These factors have created a huge slowdown in the scrap metal recycling market in 2020. However, overall the scrap metal recycling market is expected to witness huge growth in 2021 and 2022. The price of scrap metal recycling products also decreased during the COVID-19 pandemic.
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Scrap Metal Recycling Market: Dynamics
Steel is the most recycled metal in the world. The growing consumption of steel in construction, automotive, electronics, and consumer goods industries is projected to fuel the demand for scrap metal recycling products during the forecast period.
Companies are increasing the usage of new recycled steel scrap and old recycled steel scrap, as it is available in good quality and low price. Moreover, small scale manufacturing units in automotive, oil & gas, construction, and other industries are increasing their overall budget for recycled steel procurement.
Factors, including the utilization of non-renewable resources, consumption of a large amount of energy, fluctuation in raw material prices, and regulations of mining ores have compelled manufacturers to adopt the Electric Arc Furnace (EAF) process over the Basic Oxygen Furnace (BOF) process for its utilization in crude steel production. This has led to increased demand for recycled steel across the world. The production of crude steel by the EAF process increased by 10.1% in 2018 in comparison to 2017, whereas the increase in total crude steel production was 7.04%.
Scrap Metal Recycling Market: Prominent Regions
Asia Pacific accounted for a major share of the scrap metal recycling market in 2019. Increasing expansion of the construction segment coupled with easy government rules and regulations are key factors expected to boost the growth of the scrap metal recycling market. Europe is the second largest scrap metal recycling market as a result of high consumer adoption rate.
Huge consumer demand for recycled metal products is also observed in developing countries, including India, China, and South Korea. Emerging countries will create new opportunities for the scrap metal recycling market in the upcoming years.
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Scrap Metal Recycling Market: Key Players
Key players operating in the global scrap metal recycling market are ArcelorMittal, Aurubis AG, Kuusakoski Oy, Nucor Corporation, AIM Recyclage, Inc., Sims Limited, Omnisource Corporation, Metallon Recycling Pte Ltd, DBW Metals Recycling, and TKC Metal Recycling Inc.
Technological Advancement in Scrap Metal Recycling Market: A Key Driver
The scrap metal recycling market is expected to improve with the advancement in recycling rates. Development of recycling facilities in developed and developing regions, better waste collection systems, and promotion of metal recycling by manufacturers and governments are likely to help in business growth, and create new business opportunities and increase employment in the scrap metal recycling market. The Canadian Association of Recycling Industries (CARI) states that the scrap metal recycling industry in Canada employs 160,000 people directly and indirectly. The usage of rare metals in various products and their shortage is also expected to boost the scrap metal recycling market.
Scrap metal recycling products are likely to be antiquated with the development of technology. Increasing industrialization & urbanization, rising disposable income, and awareness are projected to drive the scrap metal recycling market during the forecast period.
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