New Tools and Technology Development will drive Metal Recycling Market in coming years
Author : Jenny reddy | Published On : 17 Sep 2021
Metal recycling is the method of recovery and processing of scrap metal from products or structures. It is the optimum method for reintroducing raw material to industries and lowering carbon footprint in the process. Continuous efforts for recycling of metals as well as its benefits in end-use sectors can lead to its eventual position in the procurement process of products in the long run. The global metal recycling market size is deemed to touch USD 434,551 million by 2023, according to the latest report by Market Research Future (MRFR). It can display 8.04% CAGR over the forecast period (2018-2023). MRFR offers premium and well-curated reports on various industries by assessing various performance metrics, economic indicators, and government policies.
The global metal recycling market is estimated to register strong demand over the forecast period owing to awareness of climate change and impending need for energy conservation. The increasing demand for metals can drive the market in the coming years. Cheap costs of recycled metal and demand for crude steel can influence the trajectory of the market. According to World Steel, China accounted for largest demand in the market. Large number of scrap processing plants and collection centers in the country coupled with ban on induction furnaces can spur the market.
The COVID-19 pandemic had disrupted the supply chain of various scrap metal producers causing a significant decline in market demand. The slowdown of industries such as automotive and food & beverage has negatively affected the market. But a sharp rebound in early 2021 can revitalize the global metal recycling industry. The Institute of Scrap Recycling Industries (ISRI) have passed certain resolutions for its divisions in the states of Tennessee, Alabama, Georgia, Indiana, and Massachusetts. This is directed to the use of recycling for producing sufficient parts and components for the battle against COVID-19.
Moreover, fluctuations in steel prices and inefficiencies in recycling process are challenges estimated to face the global market.
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By metal type, the ferrous segment is expected to lead the global metal recycling market at 8.26% CAGR over the forecast period. The opportunities in recycling and high consumption rate of scrap metal can drive the segment growth. Large-scale utilization of steel in construction, automotive, and consumer goods sectors can drive the segment demand.
By scrap type, the old scrap segment can generate revenues for the metal recycling industry at 8.43% CAGR over the forecast period.
By end-user, the construction sector can contribute the most to the global market at 8.27% CAGR over the assessment period. Infusion of funds by governments, rise of infrastructural projects, and rapid urbanization can facilitate market growth.
Asia Pacific (APAC) is anticipated to lead the global metal recycling market owing to rapid economic development, large laborforce, environment conservation policies, and contribution from Indonesia, China, and India. Rapid urbanization and waste management approaches are likely to induce demand in the region. Increasing population, awareness of the environment, and resurgence of the construction sector can bode well for the market.
The Americas is likely to gain a considerable share of the global metal recycling market owing to the U.S. being a huge producer of crude steel and aluminum. Cost benefits of recycling and efforts to save on production costs can drive the market growth in the region.
Sims Metal Management, Kuusakoski Recycling, Commercial Metals Company, Aurubis AG, Novelis Inc., DOWA HOLDINGS Co., Ltd., European Metal Recycling, Tom Martin & Co. Ltd., Norton Aluminium Ltd., Nucor Corporation, ArcelorMittal S.A., REAL ALLOY, and others are key players of the global metal recycling market. Acquisitions, collaborations, and alliances are major strategies employed by players in the market. Supportive policies by governments can aid the players in their endeavor.
A unit in steel producer, China Baowu Steel Group, has reached an agreement with Yichang Yimei for developing a supply chain integrating the processes of metal recycling, examination, storage, and delivery. This can ease its dependency on iron ore and cater to steel-depending clients.
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