The scrap metal is referred as combination of waste metal and metallic materials which can be recycled and reused again and again. The scrap metal recycling is defined as the process of recovering metals from products which have reached the end of the product life cycle. The Scrap metals are divided into two types such as ferrous and non-ferrous categories.
The increase in technology, industrialization& urbanization is the key driving factor which is expected to boost the global scrap metal recycling market growth. Furthermore, the rise in per capita income and awareness is significantly driving the growth of global scrap metal recycling market over the forecast period. The recycling of metals leads to energy saving as compared to mining for new materials will positively influence the market growth. Moreover, the increase in public and private sector partnership which expected to support the market growth during this forecast timeline.In addition, growing government initiatives will fuel the global scrap metal recycling market growth.
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Unorganized metal waste collection in developing nations is the major restraint which expected to hamper the global scrap metal recycling market growth. Also, difficulty in the management of the supply chain will limit the market growth.
The Global Scrap Metal Recycling Market is segmented into type such as Ferrous Metals (Iron, Steel, Others), and Non-Ferrous Metals (Aluminum, Copper, Brass, and Others). Further, market is segmented into application such as Residential, Commercial, and Industrial.
Also, the Global Scrap Metal Recycling Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Aurubis AG, ArcelorMittal, American Iron & Metal, Sims Metal Management Ltd, Nucor Corporation, OmniSource Corporation, TKC Metal Recycling Inc., Metallon Recycling Pte Ltd, DBW Metals Recycling, etc.
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