As per the report, the global metal recycling market was valued at $300.12 billion as of 2018. It is evaluated to grow at a healthy compound annual growth rate (CAGR) of 7.5% during the forecast period of 2019-2025.The report is titled: “[URL=https://industryarc.com/PressRelease/978/Metal-Recycling-Market-Research.html]Metal Recycling Market[/URL]: By Type (Ferrous metals and non-ferrous metals); By End-User Industry (Construction, Industrial and others); & Geography Forecast (2019-2025).”
Metal Recycling Market: Leading Segments
American Iron and Steel Institute (AISI) states that steel is the most recycled material on the earth. Worldwide 40% of steel production is obtained from recycled steel. Augmenting investments in construction projects by both public and private sectors are creating numerous opportunities for the exposure of the metal recycling market. Thus, construction application is identified as the fastest growing application with a noticeable CAGR of 8% during the aforesaid forecast period.
APAC held a dominating demand share of 35% in the global metal recycling market as of 2018. Scrap metal plays a prominent role in developing the country’s economy and to maintain a better environment around. China, India, Japan, and Australia, are the developing countries in the APAC region which are boosting the growth and need for recycled metals. In 2018, India has imported ferrous waste and scrap; remelting scrap ingots of iron or steel (excluding slag, scale) for a value of $3,408,463 thousand. And also experienced a 3.9% annual growth in value during 2017-2018. Therefore, the APAC metal recycling market is projected to grow at a steady growth rate in the near future.
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Metal Recycling Market: Growth Drivers
Biotechnology, pyrometallurgy, and hydrometallurgy are the three effective metal sensing processes, which are mostly used in improving the metal recovery rates.
Growing usage of sensors in the metal detecting process, through infra-red scanning and x-ray, has been commonly found in large recycling facilities.
Increasing demand for metal recycling, for End of Life Vehicles (ELV) in the auto manufacturing and steel industry, is providing significant opportunities in the auto recycling industry.
The growth of productivity in the construction sector is raising the demand for recycled metals.
Extensive use of scrap metal has reduced the production costs for the automotive and shipbuilding industries especially in the APAC region.
Metal Recycling Market: Competitive Landscape
Some of the key strategic players were listed in the global metal recycling market report. They are Arcelor Mittal S.A, Nucor Corporation, Commercial Metal Company, Novelis Inc, Norton Aluminum Lts, Kuusakosi, European Metal Recycling, DOWA Holdings Co. Ltd., Sims Metal Management, and Tom Martin & Co. Ltd. which are holding a major market share of the global metal recycling market.
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