(MENAFN- GlobeNewsWire - Nasdaq) Tokyo, Nov. 17, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global recycled metal market size was valued at US$ 67.6 billion in 2020. The rising investments in the development of infrastructure in developing economies, growing automotive sector due to the introduction of electric vehicles, rising demand for recycled metals from different end uses sectors such as electronic, aerospace, and defense, and rising awareness regarding the negative environmental impacts of excess metal mining are the several factors that boosts the growth of the global recycled metal market. Rapid industrialization and rapid urbanization are the major drivers of the recycled metal market.
Moreover, rising investments by the top players to set up recycling facilities and implementing improve waste management system will play a crucial role in the market growth during the forecast period. The rising government initiatives to reduce carbon footprint and reduce energy consumption has fueled the adoption of metal recycling across the globe. The recycling of metal consumes less energy as compared to the mining. Hence, the development of sustainable ways for the industrial and infrastructural development is a key factor that is expected to fuel the market growth in the upcoming years.
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Crucial factors accountable for market growth are:
- Rising investments in infrastructural development
- Rising urbanization and industrialization
- Development of improved waste management systems
- Rising awareness regarding the environmental impacts of metal mining
- Rising demand from the automotive sector
- Rapidly growing building and construction industry
- Government regulations on recycled plastic
Report Scope of the Recycled Metal Market
| Report Coverage || Details |
| Market Size in 2020 || US$ 67.6 billion |
| Growth Rate From 2021 to 2030 || CAGR of 4.2% |
| Fastest Growing Market || North America |
| Largest Market || Asia Pacific |
| Base Year || 2021 |
| Forecast Period || 2021 to 2030 |
| By Mental Type || |
| Companies Mentioned || Tata Steel, CMC, GFG Alliances, Novelis, European Metal Recycling, Norsk Hydro ASA, Sims Metal Management, Commercial Metal Company, Aurubis AG, Steel Dynamics, Nucor Corporation, ELG HanielGmbh and Schnitzer Steel |
Based on region, Asia Pacific dominated the global recycled metal market with a share of over 50% in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The Asia Pacific has the highest number of countries that are still developing and underdeveloped. The growing public and private investments in the development of sophisticated infrastructure in these developing nations is a crucial factor responsible for driving the growth of the recycled metal market. Further, Asia Pacific is among the top importers of recycled metal. The lack of advanced technology for recycling metal coupled with huge demand for the recycled metal has made this region a top consumer of recycled metal. The rising industrialization and rapid urbanization are expected to drive the growth of the recycled metal market in the region during the forecast period.
On the other hand, North America is estimated to be the most opportunistic market during the forecast period. The rising popularity of electric vehicles and demand for advanced electronic goods are the major factors of growth. Recycled metal is extensively used in the electronics and automotive industry and hence, the growth of these industries will propel the demand for the recycled metal in North America during the forecast period.
- Based on the metal type, the non-ferrous segment is expected to be the fastest-growing segment. The extensive usage of aluminium in the automotive, construction, aerospace, and various consumer goods industries is the major factor accountable to drive the segment growth in the upcoming future.
- Based on the end user, the construction segment is estimated to be the fastest-growing segment owing the rising investment in the development of infrastructure in the developing regions such as Middle East, Africa, Asia, and Latin America.
Driver - Increasing production of recycled metal owing to the increased demand from the manufacturing sector is boosting the growth of the global recycled metal market across the globe. Further, rising government initiatives to reduce the wastage of metal and develop sustainable solutions is fostering the market growth. According to the Bureau of International Recycling, the non-ferrous metals have witnessed an increase of around 6% in their recycling across the globe. Therefore, rising importance of non-ferrous metal recycling is expected to boost the market growth.
Restraints - Lack of proper government regulations and metal recycling technologies in the developing and underdeveloped economies is a key restraint that may hamper the market growth during the forecast period.
Opportunities - Rising government participation to boost the growth and development of recycled metal is expected to drive the growth of the market. For instance, the implementation of Draft Steel Scrap Policy in India is expected to boost the development of the market.
Challenges - The lack of funds in the hands of the government in the underdeveloped nations restricts the growth of the infrastructure in the country, which results in low economic activities. Therefore, the lack of infrastructure is restricting the growth of various industries such as transport, construction, and various others that may restrict the growth of the recycled metal market.
Segments Covered in the Report
By Metal Type
By End User
- Transport & Automotive
- Industrial Machinery
- Consumer Goods
- North America
- Asia Pacific
- Rest of the World
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