Metal Recycling Market Segments, Size, Trend and Market Projections For Industry Forecast, 2014 – 2022
Fig: Metal Recycling Market
The metal recycling market has fast established itself as a lucrative avenue for several stakeholders including scrap traders, recycling companies, and forging companies. The process of recycling encompasses recovery of metals from a wide range of appliances and materials that are no longer in use and hence discarded. According to the American Iron and Steel Institute (AISI), steel forms the most recycled material worldwide. Other widely recycled metals are aluminum, copper, brass, silver, and gold. The recycling of scrap metal endows vast economic and environmental benefits to buyers, sellers, and end users. In terms of environmental benefits, it is useful in diverting metal scraps that would be otherwise discarded in landfills. Over time, these metals may seep into the soil and nearby water bodies and contaminate the environment. This would also lead to an increase in carbon footprint.
Metal Recycling Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $446,472 million, registering a CAGR of 4.5% during the period 2016 – 2022. Moreover, Asia-Pacific is expected to dominate the global market throughout the analysis period, registering a notable CAGR of 5.2%.
High rate of obsolescence, increase in energy savings with decreas ed GHG levels, accelerated industrialization and urbanization, and increased consumer awareness have driven the market growth. However, unorganized flow of waste metals and less scrap collection zones could have an adverse effect on the market.
Request TOC and Sample of the Report: https://www.alliedmarketresearch.com/request-free-sample/1732
The metal recycling reduces future scarcity of high-value resources, generates economic value, minimizes greenhouse gas emission levels, and limits other environmental damage. Therefore, various government initiatives have also been undertaken for creating a conducive environment for recycling metal waste. For instance, in Japan under home appliances recycling law, the consumers of appliances such as refrigerators, air conditioners, and washing machines should dispose them to retailers or scrap traders for further recycling. In terms of scrap metal, market is classified into ferrous metals and non-ferrous metals. Some of the sources of scrap include automobiles, railroad tracks, ships, household appliances, and consumer electronics. Ferrous metals are expected to generate $252,117 million, dominating the market during the forecast period. However, non-ferrous metals are the fastest growing segment and is anticipated to grow at a CAGR of 4.9% by 2022. According to European Aluminum Foil Association (EAFA), the recycling rate of aluminum closures in Europe has increased to more than 50% owing to the collection and recycling schemes.
Get Purchase Inquiry on Metal Recycling Market: https://www.alliedmarketresearch.com/purchase-enquiry/1732
The Asia-Pacific region is likely to dominate the metal recycling market throughout the analysis period. Increase in urban population in China and India, growth in infrastructure construction and automotive industry, and increase in environmental consciousness among individuals are some of the factors that have strengthened the growth of Asia-Pacific metal recycling market. Moreover, according to the Bureau of International Recycling (BIR), Asia produces more than 70% of stainless steel. Therefore, the region is anticipated to generate $212,118 million by 2022 and is estimated to grow at a significant CAGR of 5.2% during the forecast period.
Key Findings of the Metal Recycling Market:
- North America is projected to be the second fastest growing region, in terms of revenue, registering a CAGR of 4.6% during the forecast period.
- Building & construction industry, being one of the highest producers of waste material, had witnessed significant growth in 2014, and is anticipated to dominate the global market growing at the highest CAGR of 3.9%.
- Ferrous metal was the highest revenue contributor to the global market, with 57.6% share in 2014, and is expected to maintain its dominance throughout the forecast period.
- Market players have focused on adopting various strategies such as product launch, acquisition, and product innovation to expand their market outreach. For instance, on June 9, 2016, Nucor Corporation formed a joint venture with JFE Steel Corporation of Japan, to manage a plant in central Mexico for manufacturing and supply of galvanized sheet steel to the automobile industry. This joint venture helped Nucor Corporation to increase sales in the automotive market of Mexico.